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Which credit card should we tackle next?

1K views 6 replies 6 participants last post by  MsMarieH 
#1 ·
Just finished paying off our one credit card, we have 3 left to go. But I am not sure which one to go after next because 2 of them are at 0% for the next year. Any input is appreciated. Thanks!

1. Balance $2,945 -- 0% until March 2017 then 18.24% -- payment $30

2. Balance $7,500 -- 0% until February 2017 then 14.24% -- payment $80

3. Balance $7,100 -- 7.50 fixed -- payment $184
 
#3 ·
#1 first because if the end of the zero-percent interest period comes before you pay off, all the interest that would have occurred during that period becomes suddenly due. At 18% interest, that could be a hefty fine for not making the deadline. For the same reason, you could hump on #2 to get that out of the way quickly, too.
 
#4 ·
February and March 2017 is not that far away. Based on the interest rates, I would pay them off in the order that you have them listed: Get rid of the smallest one first, as next year it will have the most usurious interest rate of the bunch. Then work on #2, as it will be twice the interest rate of #3. #2 & #3 are such similar dollar amounts that I would save the 7.5 Interest Rate debt for last, so that I wouldn't risk paying 14 or 18 percent on the other balances.
 
#7 ·
How much do you have to put towards this every month? I agree with the comment to divide out the number of months to have it paid off by the March and February dates (i.e. March 2017 is ten payments away, so $294.50 per month on that one) and put the excess towards #3.
 
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