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My Discover Card balance is $2885.00 with a interest charge of 16.24%. My Amex Card balance $714.00 with a interest charge of 12.74%.
I have about $800 dollars coming my way in 5 weeks and wanted to know should I end the balance for Amex and then start working on the Discover Card balance? Or do I send the $800 to Discover Card since it has the highest interest?
My Discover Card balance is $2885.00 with a interest charge of 16.24%. My Amex Card balance $714.00 with a interest charge of 12.74%.
I have about $800 dollars coming my way in 5 weeks and wanted to know should I end the balance for Amex and then start working on the Discover Card balance? Or do I send the $800 to Discover Card since it has the highest interest?
Thanks
I always pay higher interest first. Some people pay lowest balance because it's more rewarding emotionally. I think saving money on interest is rewarding financially and emotionally!
I always pay higher interest first. Some people pay lowest balance because it's more rewarding emotionally. I think saving money on interest is rewarding financially and emotionally!
Yeah the interest charge for Amex is only $7.60 a month but Discover's is $39.00. So I probably could save a lot of money if I can bring down that high interest for Discover. I may do that because it's not hard to erase a $700 debt. Better for me to chop down that $2885 balance.
Which would make you feel better? It would be nice to be rid of one debt completely, plus I do not trust amex, recently I paid a small balance, off with them, & on the next bill I got a demand for another $2, so now I won't use the card ever again. Or you could split it, pay $400 on each. Which ever way you go, you are headed in the right direction.
Which would make you feel better? It would be nice to be rid of one debt completely, plus I do not trust amex, recently I paid a small balance, off with them, & on the next bill I got a demand for another $2, so now I won't use the card ever again. Or you could split it, pay $400 on each. Which ever way you go, you are headed in the right direction.
Probably that $2885 debt since that is the card I had to live off when I lost my job. Once the balance gets under $2000 I would probably feel better. lol
I would pay a little to the discover ASAP so you can bring down the average daily balance.
basically there are 3 approaches.
I would normally just pay off the smaller balance and then concentrate on the larger balance, others would pay off the higher percentage and the 3rd way is to pay off both.
You didn't say if you would be getting a regular cashflow or if it's a onetime injection.
I would pay a little to the discover ASAP so you can bring down the average daily balance.
basically there are 3 approaches.
I would normally just pay off the smaller balance and then concentrate on the larger balance, others would pay off the higher percentage and the 3rd way is to pay off both.
You didn't say if you would be getting a regular cashflow or if it's a onetime injection.
Yeah I will have a regular cash flow but just wanted opinions on what debt to attack first with the $800 that's coming soon.
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