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I clicked on "pay off debt with highest APR first". I am currently working on doing this. Sometimes it seems endless, but when I look back over the past few months, I've made real progress.
Paying off a low balance will give you instant satisfaction, and as some of my cc's have gotten really low, I may just do that.
However, I made a little excel spreadsheet and put each debt and the amount of interest I pay monthly and made myself face just how much money they are getting off of what I owe. My highest rate credit card is now my sworn enemy, and I am chipping it down while paying minimum plus interest on the other cards, and I make payments every two weeks because I get paid every two weeks--that way I am also guaranteed NEVER to have a late payment.
In the end, paying off the highest interest rate debt will cost you less money.
If it's going to take you a few years to pay off your CC debt the Ramsey method does not make sense to me. An extreme example...You could have a 20% 15K balance on one card and a $8K 9% rate on another. The Ramsey method would of course have you pay the smaller more afordable rate first.
Just be an adult and pay the one that's killing you first.
If it's going to take you a few years to pay off your CC debt the Ramsey method does not make sense to me. An extreme example...You could have a 20% 15K balance on one card and a $8K 9% rate on another. The Ramsey method would of course have you pay the smaller more afordable rate first.
Just be an adult and pay the one that's killing you first.
To each their own, but millions have been helped by this method. I don't have any debt, so this really doesn't affect me either way.
To each their own, but millions have been helped by this method. I don't have any debt, so this really doesn't affect me either way.
Well he tells us why he does this. So his followers will get a sense of accomplishment from paying off a card and become more motivated.
That's all fine and dandy when you are talking balances of less than a thousand Dollars.
But if it's high balances and high rates then you better just get your act together and start paying off the one that's killing you.
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