Debating how to do this.
by, 01-20-2009 at 11:39 AM (1091 Views)
I have a dumb debt on a a high interest cc. Dumb I know, I was under the impression it was lower.
If I go by balances, I'll end up paying nearly $3000 more in interest. However, if I pay it first, I'd save that $3000. It doesn't lengthen or shorten the amount time paid, we're looking at Feb/mar no matter which way. However, there's no instant gratification in paying things off fast.
I'm thinking i'm throwing all extra money at this one first. It'll take 7 months to get rid of it, and the balance of the snow ball pays off the next one the same month.
I'm really annoyed by the high interest, I did call to see if they'd lower the rate and they refused.
I have the option to also transfer part of that balance to lower interest. That would pay it off 3 months sooner, saving even more money.
I'm not sure what to do, I do think i should lower the rate if I can, if it means transferring then I will do that. It makes more sense, less interest to pay means more principal paid.