advice needed

[Anonymous]

I need opinions on what I should do. I have a Best Buy Credit card account with a balance of $1700 and an APR of around 26% because of previous late payments I have exceeded my credit limit. My min monthly payment is $51 but I pay $100 and because my APR is so high my balance is not going down very much.

I also have a GE Money bank account that  was in Jan of 07 with balance of $3270 but the account was sold to ARROW Financial. I have been paying them $150 a month since last June.

My question is what account do I attack first? The GE money bank is the one that I think is really hurting my credit (575 experian). Should I call and make a settlement? or should I keep making monthly payments and pay off the Best buy first. Please help.

[Anonymous]

The classic advice is to pay the account with the highest interest rate first, because paying that off will give you more bang for your buck, so you can more easily pay off the others.

[Anonymous]

Yeah... What he said!

That is would I would do. Pay off the one that is costing you the most money. With rates like that, you may want to look into consolidating with a BT to another card.