Repaying multiple cards/accounts

[Anonymous]

Over the holidays and just being irresponsible I have managed to max out all four of my CC's.  Granted three of the are 700 and one is 500 so it's not the end of the world, but I'm unsure of the best approach to paying all of these down to zero.  One at a time, or a couple hundred bucks on each every paycheck?

Thanks in advance

Alaska8979

[Anonymous]

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@Anonymous wrote:

Over the holidays and just being irresponsible I have managed to max out all four of my CC's.  Granted three of the are 700 and one is 500 so it's not the end of the world, but I'm unsure of the best approach to paying all of these down to zero.  One at a time, or a couple hundred bucks on each every paycheck?

Thanks in advance

Alaska8979

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I would paydown the one with the highest APR first.

[LS2982]

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@Anonymous wrote:

Over the holidays and just being irresponsible I have managed to max out all four of my CC's.  Granted three of the are 700 and one is 500 so it's not the end of the world, but I'm unsure of the best approach to paying all of these down to zero.  One at a time, or a couple hundred bucks on each every paycheck?

Thanks in advance

Alaska8979

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How much money do you have to work with?

[Anonymous]

List all 4 of the cards with their: (1) Balances (2) Credit Limits (3) APR's

[webhopper]

Figure out how much you can put towards these cards and pay them in order from smallest to largest, paying only minimum payments to the ones with larger balances. Pay the most to the one with the smallest balance  Also, you could try picking up some extra money by mowing grass or babysitting for a neighbor... 

[LS2982]

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@Anonymous wrote:

List all 4 of the cards with their: (1) Balances (2) Credit Limits (3) APR's

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+1

[oracles]

@webhopper wrote:

Figure out how much you can put towards these cards and pay them in order from smallest to largest, paying only minimum payments to the ones with larger balances. Pay the most to the one with the smallest balance  Also, you could try picking up some extra money by mowing grass or babysitting for a neighbor... 

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Actually, i would do the total opposite. Pay the large balances first and pay the minmum on the small accounts. You save more money

[webhopper]

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@oracles wrote:

@webhopper wrote:

Figure out how much you can put towards these cards and pay them in order from smallest to largest, paying only minimum payments to the ones with larger balances. Pay the most to the one with the smallest balance  Also, you could try picking up some extra money by mowing grass or babysitting for a neighbor... 

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Actually, i would do the total opposite. Pay the large balances first and pay the minmum on the small accounts. You save more money

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What you save in money you lose in momentum of paying them off.  Once the smaller balances are paid, you apply the minimum payment from those to your larger balances, so. For people with debt, they may need some wins to keep them going psychologically.

[LS2982]

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@oracles wrote:

@webhopper wrote:

Figure out how much you can put towards these cards and pay them in order from smallest to largest, paying only minimum payments to the ones with larger balances. Pay the most to the one with the smallest balance  Also, you could try picking up some extra money by mowing grass or babysitting for a neighbor... 

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Actually, i would do the total opposite. Pay the large balances first and pay the minmum on the small accounts. You save more money

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I think the APR is going to weigh heavy on this one, as the OP's cards with the current limits are probably high APR.

[Anonymous]

Neither approach is right/wrong, it's a YMMV situation.

It all depends on the OP's psychological makeup. If he gets a psyche boost from paying down one balance, then he should do it the way webhopper mentioned (which seems to fall in line with Dave Ramsey)... but if the psychological boost is something that is ignorable to the OP, then he should just pay off the largest APR card first.

It just depends on which kind of a person the OP is and what he thinks would benefit him the most.