I am new here, but have been reading a ton of post's in this forum and got all kinds of info. My wife and I are expecting our first child in December and it made us take a long hard look at are spending habits and debt. We are both on board to attack our debt, start saving money so that we can provide the best life we can for our child. We know it is going to be a long hard process, but we are iin this for the longrun. I will list our debts and have a few questions on what we should do.
Debt owed:
Old Navy (24.99%) - $75.00
Lowes (0%) - $475.00
Bank of America (17.99%) - $1750.00
US Bank Visa (0%) - $7200.00
Chase Visa (13.24%) - $12,200.00
US Bank Credit Line (11%) - $12,800.00
As of this friday, old navy will be paid off. I will also ahve an extra $1600-$1700 to put on my bills within the next week. Should I put all of that towards Bank of america since it has a 17.99 interest rate, or should I pay off Lowes and put the remaining $$$ toward bank of america? I am thinking put it all on B of A and get that gone since Lowes has 0% interest. Thanks in advance for your help. I wouldn't know what to do or where to begin if it wasn't for this site and all the helping members posting there stories.
Thanks.
Chris.
Debt owed:
Old Navy (24.99%) - $75.00
Lowes (0%) - $475.00
Bank of America (17.99%) - $1750.00
US Bank Visa (0%) - $7200.00
Chase Visa (13.24%) - $12,200.00
US Bank Credit Line (11%) - $12,800.00
As of this friday, old navy will be paid off. I will also ahve an extra $1600-$1700 to put on my bills within the next week. Should I put all of that towards Bank of america since it has a 17.99 interest rate, or should I pay off Lowes and put the remaining $$$ toward bank of america? I am thinking put it all on B of A and get that gone since Lowes has 0% interest. Thanks in advance for your help. I wouldn't know what to do or where to begin if it wasn't for this site and all the helping members posting there stories.
Thanks.
Chris.