simple questions about debt

I would pay the higher interest rate cards first, but that is just me. I am thinking if you are paying the lower interest rate one, the higher interest ones are still accruing their high interest. The best thing would probably be to sit down and figure out how much extra you can send then figure out which way would save you the most money.

Definately pay higher interest rates first pybasj but I think they mean they are using the low rate card to make payments on the higher rate cards... then paying actual cash into the lower rate balance so they free room up on the lower rate credit line. Robbing Peter to pay Paul?

Am I right Abdotone?

Honestly, I wouldn't worry about the interest rates. You really won't save that much more money by doing so. What I would recommend is, list you debts smallest to largest. Pay minimum payment on all of them except the smallest one. Attack that smallest one with a vengence. Once that one is paid off, take what you were paying to that one and apply it to the next one in the list plus what ever else you can scrape up. Then continue this process until all of your debt is paid off. This is called a debt snowball.

I agree with Pybasj-pay off the highest interest rate first. Paying the smallest one the most is ok but you are still paying a large minimum on a high finance card. I'd want to get the largest one away.

hntr8541's approach will best benefit your credit score and I would take that approach! Your score vastly improves when you have 30% or less of your balance charged on any one card.

Interesting...I thought it'd be the other way around...paying on the highest card first & bringing that one down would be a better benefit than paying the smaller balances, but I see what you are saying VBM. You learn something new every day :)

Tackling the smaller cards will give you a greater yield of smaller balances quickly.