It really all depends on the interest rates. Are any of your cards 0%? Also, do you have offers for BT’s on Citi or Discover? And if so, what are the rates? And what are the credit lines on those cards?
Best option would be to pay off the Freedom & Sapphire cards first and foremost. That'll free up $240/mo to put on other cards.
Also, that minimum on the Credit One is the same as the Sapphire and the balance is less than half. If you paid that down, you could potentially knock it out in a few months, freeing up another $130/mo to pay others off faster.
@dunsplus wrote:
yeah that credit one is a killwr i reslly wanted to pay off that one since it has such a high minimum payment for such a low balance compared to other cards
Well, if you paid Credit One and the Sapphire off, that frees up $260/mo to start. Then you pay the Freedom down with the remainder of your budget, and you would free up a little over $300/mo off the bat. Then in a month or two, not sure what your monthly budget for credit card payments is, the Freedom will be clear, and then tackle the Slate, and BOA after that.
Oh, the Sapphire is only 15%? Not bad. But yes, pay off the Credit one, the Slate, and the Freedom. That would even leave you something left over to start on the Sapphire. Although, you could pay off the Best Buy card because I know they have higher interest than your Sapphire does.
@dunsplus wrote:
im looking to pay off several cc but not sure which ones to do so.
i have 10k to throw at my cc debt.i was thinking of paying off all the smaller ones and continue paying off the 3 big ones
slate,freedom and sapphire they all have largest balance and worst interest rates 25%
or perhaps try to may off as much of the big 3 with high interest?
my list of cards
merrick balance $1652 monthly payment min is $56
citi 946 minimum $40
credit one $2137 minimum $130
capital one $700 minimum $40
quicksilver $611 mininum $30
discover $1400 minimum $52
best buy $777 minimum $40
BOA $2085 minimum $70
slate $2826 minimum $90
freedom $3300 mininum $110
sapphire $4786 minimum $130
Since all the cards are high interest, you should just use the snowball method:
1. Stop using the cards.
2. Use the 10k to pay off as many of the smallest balances as you can. You'll be freed from those monthly payments and can apply the money you save towards the remaining accounts. On other cards pay minimum + something each month.
3. Pay off smallest remaining balance first, then next smallest, and so on.
4. On other cards pay minimum + something each month.
As each balance turns to zero, that will free up your remaining monthly cash to apply to the next smallest balance.
