Pay off first?

[Anonymous]

Both options are viable and in this instance since the balances are so close to each other it won't make much difference interest wise which one you do.  I normally lean to paying highest APR first, but since you would get the FICO bumps sooner by doing lowest balances, go for it.

Good luck!

[Anonymous]

I agree with the idea to pay off the smallest balances first while paying at least the min balance on the others.

[Anonymous]

It can be confusing.  However, it also depends on certain factors:

1.  Can you afford to pay more than the minimum on one of your cards?

2.  Can you make consistent payments?

3.  Can you cease using these cards while you pay them down?

If you answer YES to all three, then as a matter of bottom line economics, you will do best by paying the minimun payment on all but a single card.  Then pay as much as you possibly can on the lowest balance card.  Once that card is PIF, then add the amount you were paying to the PIF card to the next lowest balance card.

Rinse and repeat.

This process has been modeled in spreadsheet analysis and tested enough that it is safe to say that in the end, you will save the most and pay your debt off the fastest with this method.