SRTurbo04 Posted January 18, 2012 Report Share Posted January 18, 2012 Well i need a few honest opinions on here(no bullshit please or ill ban your ass ) this is the suitation have a few cards that need payed off. the larger balances i have seem to have lower payments while the lower balances have higherpayments (assbackwords i know) same aprs. would you pay off the lower balances first so you can free up monthly cash so then you can put the extra $ to put twords the higher balances after? i know in theory you want to pay the higher balances first but with paying off the lower you would free up more $ monthly to pay twords the higher there for paying off the ccredit cards faster...or woudl you try to pay off the higher balances first? am i on crack for thinking this? whats your opinions on the best way posssible? Quote Link to comment Share on other sites More sharing options...
nurkvinny Posted January 18, 2012 Report Share Posted January 18, 2012 Pay highest balances first because you're paying interest on more money. How much difference in min. payments are we talking? Quote Link to comment Share on other sites More sharing options...
BrianZ06 Posted January 18, 2012 Report Share Posted January 18, 2012 You got it right > pay off the lower balances first so you can free up monthly cash so then you can put the extra $ to put twords the higher balances after? Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted January 18, 2012 Author Report Share Posted January 18, 2012 Pay highest balances first because you're paying interest on more money. How much difference in min. payments are we talking? 75 to a 100 You got it right > pay off the lower balances first so you can free up monthly cash so then you can put the extra $ to put twords the higher balances after? thats what im thinking. all i know is young and dumb sucks when your trying to fix ur self now ughh FML Quote Link to comment Share on other sites More sharing options...
Cordell Posted January 18, 2012 Report Share Posted January 18, 2012 Doesn't matter as much how you do it, just pay them off. I'd get the lower balances paid first so you can throw more money at the higher ones sooner. asshole Quote Link to comment Share on other sites More sharing options...
Bam Posted January 18, 2012 Report Share Posted January 18, 2012 Balances/payments don't mean jack. It's all about the rate. If the rates are all identical then I would 'snowball' the payments. Meaning pay off the smallest cards first and use the payments you were paying on those towards the other cards once you have them paid off. Quote Link to comment Share on other sites More sharing options...
Rocky31186 Posted January 18, 2012 Report Share Posted January 18, 2012 Yeah pay off lower bal and put that towards paying off the higher ones. Quote Link to comment Share on other sites More sharing options...
KillJoy Posted January 18, 2012 Report Share Posted January 18, 2012 Personally, I would pay off the smaller one(s) first. Knocking out a bill or two is a good feeling, and you could then dump larger amounts on the big one(s). KillJoy Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted January 18, 2012 Author Report Share Posted January 18, 2012 Balances/payments don't mean jack. It's all about the rate. If the rates are all identical then I would 'snowball' the payments. Meaning pay off the smallest cards first and use the payments you were paying on those towards the other cards once you have them paid off. Yeah pay off lower bal and put that towards paying off the higher ones. yea aprs are the same. i use to just pay in full each month but things got out of hand quick and idk im a tard, trying to make up for my mcsteaks. btw not behind or over at all so im not a douche who isant paying there bills just want to find the best, fastest way possible Quote Link to comment Share on other sites More sharing options...
nurkvinny Posted January 18, 2012 Report Share Posted January 18, 2012 I think you'll feel better seeing the littler bills disappear, but I think you'll come out ahead to throw more money at your higher balances first. I'm no financial adviser though. Quote Link to comment Share on other sites More sharing options...
KillJoy Posted January 18, 2012 Report Share Posted January 18, 2012 yea aprs are the same. i use to just pay in full each month but things got out of hand quick and idk im a tard, trying to make up for my mcsteaks. btw not behind or over at all so im not a douche who isant paying there bills just want to find the best, fastest way possible Also, have you looked into getting ANOTHER CC that ALL of the balances can be transferred to, preferably one that has 0% APR on transfers??? Then, ALL your $$$ goes to the Total... KillJoy Quote Link to comment Share on other sites More sharing options...
Cordell Posted January 18, 2012 Report Share Posted January 18, 2012 file bankrupcy and keep your car, pay back pennies on the dollar, stick it to the man. j/k Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted January 18, 2012 Author Report Share Posted January 18, 2012 I think you'll feel better seeing the littler bills disappear, but I think you'll come out ahead to throw more money at your higher balances first. I'm no financial adviser though. i know it would be smarter to do the higher first but i just cant see it getting payed down faster that way. idk thats why im posting to get some honest opinions. i know it will be more interest on the higher cards but if i can pay down the small ones ina few months then start throwing gobs of $ at the bigger balances to get them payed off. hmm btw yea feels good to pay them off..payed off the fiances ring last month wooohoo Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted January 18, 2012 Author Report Share Posted January 18, 2012 Also, have you looked into getting ANOTHER CC that ALL of the balances can be transferred to, preferably one that has 0% APR on transfers??? Then, ALL your $$$ goes to the Total... KillJoy all the offers i get arent for a big enough credit line and its not worth it to to open it PAY the 3 or 5% to transfer it and then have another card open. i am exploring this option though file bankrupcy and keep your car, pay back pennies on the dollar, stick it to the man. j/k yeaa not over this little of debt. my brother did that a few years back and screwed over my mom in the process. my moms still trying to fix his fuck up lol Quote Link to comment Share on other sites More sharing options...
Cordell Posted January 18, 2012 Report Share Posted January 18, 2012 all the offers i get arent for a big enough credit line and its not worth it to to open it PAY the 3 or 5% to transfer it and then have another card open. i am exploring this option though yeaa not over this little of debt. my brother did that a few years back and screwed over my mom in the process. my moms still trying to fix his fuck up lol Hence the j/k, I went down that road and it wasn't fun. Too bad you don't have something to refinance and absorb everything. BTW Are you going to go to BW3 every tuesday now? Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted January 18, 2012 Author Report Share Posted January 18, 2012 Hence the j/k, I went down that road and it wasn't fun. Too bad you don't have something to refinance and absorb everything. BTW Are you going to go to BW3 every tuesday now? not every but yea we have been going on tuesdays. Quote Link to comment Share on other sites More sharing options...
Rally Pat Posted January 18, 2012 Report Share Posted January 18, 2012 I'm trying to figure this out myself Paul. I'm in a position where my tax return will pay off my 3 credit cards. After that I plan on getting rid of them and use the Dave Ramsey style "emergency fund" credit card, where basically you set aside $1000 or however much, and use that as an interest free credit card of sorts, where if you have to dip in to it you pay yourself back ASAP. Quote Link to comment Share on other sites More sharing options...
OneRunnin72SST Posted January 18, 2012 Report Share Posted January 18, 2012 Dave Ramsey snowball done and done. -Erik Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted January 18, 2012 Author Report Share Posted January 18, 2012 Dave Ramsey snowball done and done. -Erik english? Quote Link to comment Share on other sites More sharing options...
Rally Pat Posted January 18, 2012 Report Share Posted January 18, 2012 english? http://www.daveramsey.com/home/ Quote Link to comment Share on other sites More sharing options...
Aaron Posted January 18, 2012 Report Share Posted January 18, 2012 Balances/payments don't mean jack. It's all about the rate. If the rates are all identical then I would 'snowball' the payments. Meaning pay off the smallest cards first and use the payments you were paying on those towards the other cards once you have them paid off. That is how we do it, and it builds more confidence and drive to continue to pay them off. Quote Link to comment Share on other sites More sharing options...
Farkas Posted January 18, 2012 Report Share Posted January 18, 2012 ^^ this is what I do as well... Quote Link to comment Share on other sites More sharing options...
OneRunnin72SST Posted January 18, 2012 Report Share Posted January 18, 2012 http://www.daveramsey.com/home/ Thank-you -Erik Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted January 18, 2012 Report Share Posted January 18, 2012 Balances/payments don't mean jack. It's all about the rate. If the rates are all identical then I would 'snowball' the payments. Meaning pay off the smallest cards first and use the payments you were paying on those towards the other cards once you have them paid off. Bingooooo. Don't undermine the concept of percentages. Quote Link to comment Share on other sites More sharing options...
airwg2189 Posted January 18, 2012 Report Share Posted January 18, 2012 Don't you work for a credit card company, Paul? SHOULDN'T YOU BE ABLE TO ANSWER THIS QUESTION? Quote Link to comment Share on other sites More sharing options...
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