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Who to Pay First? - Debt Consolidation

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Tjourney11
New Contributor

Who to Pay First? - Debt Consolidation

Before the check clears, I’m seeking advice on where I should allocate the $15k personal loan.  I initially wanted to pay off the first four and put the remainder towards Discover but open to more experienced suggestions. Thanks!

 

  • Capital One @16.65% - 1438/1550 - 93%
  • Chase Freedom @ 24.74% 1639/6500 - 25%
  • Chase Amazon @ 23.99%- 2830/3000 - 94%
  • Citi Simplicity @ 0% until March 2019 then 23.24% - 3268/4900 - 67%
  • PenFed Platinum @ 14.74%- 3416/15000 - 23%
  • Discover IT (Purchase 14.74%; BT 4.99% until June 2019) - 9533/14500 - 66%
Message 1 of 4
3 REPLIES 3
Medic981
Valued Contributor

Re: Who to Pay First? - Debt Consolidation

Start with paying off your cards that have the highest APR and work your way down.







Your FICO credit scores are not just numbers, it’s a skill.
Message 2 of 4
Anonymous
Not applicable

Re: Who to Pay First? - Debt Consolidation

^ This. Pretty sound approach. 

Message 3 of 4
Zolomon
Regular Contributor

Re: Who to Pay First? - Debt Consolidation


@Tjourney11 wrote:

Before the check clears, I’m seeking advice on where I should allocate the $15k personal loan.  I initially wanted to pay off the first four and put the remainder towards Discover but open to more experienced suggestions. Thanks!

 

  • @Anonymous One @Anonymous.65% - 1438/1550 - 93%
  • @Anonymous Freedom @ 24.74% 1639/6500 - 25%
  • @Anonymous Amazon @ 23.99%- 2830/3000 - 94%
  • @Anonymous Simplicity @ 0% until March 2019 then 23.24% - 3268/4900 - 67%
  • @Anonymous Platinum @ 14.74%- 3416/15000 - 23%
  • Discover IT (Purchase 14.74%; BT 4.99% until June 2019) - 9533/14500 - 66%

Your plan sounds the best. It would leave PenFed and Discover at 25% or below while bringing the rest to 0.

Personal cards:

Business cards:

Message 4 of 4
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