debt question

[bonnie&clyde]

dont know if its been covered before but i could not find it

which one of these is better to pay off first, debt with the highest interest, Debt withe the highest balance, or debt with the lowest balance?

[talisman]

Highest interest.

[Cooter]

why would common sense have to be covered?

[Roscoe]

For improved credit score, highest balance.
For anything else, highest interest.

[Vertnut]

According to Dave Ramsey, he says to get the lowest possible rate on the big balance cards, and pay off some small balance stuff to get you started. It gives a sense of accomplishment and eliminates a credit card. Then focus on the high balance cards. Of course the low balance cards should be done pretty quickly. When we did it, we consolidated a few smaller ones to a 0% card (6 months) and paid it off first.

[bonnie&clyde]

why would common sense have to be covered?

how is it common sense covered? if i have a balance of 1800 with 24% interest but 4000 with 15% interest does it not make more sense to pay off the 4000 since i will end up paying more on it?

[Vertnut]

For improved credit score, highest balance.
For anything else, highest interest.

Credit score is a lot about "available credit". Even if you owe $18k on a $20k limit, it's better than having a $2k card limited out. Funny...

[Roscoe]

how is it common sense covered? if i have a balance of 1800 with 24% interest but 4000 with 15% interest does it not make more sense to pay off the 4000 since i will end up paying more on it?

Holy fuck. Get those bitches paid off and never use them again.

[Vertnut]

how is it common sense covered? if i have a balance of 1800 with 24% interest but 4000 with 15% interest does it not make more sense to pay off the 4000 since i will end up paying more on it?

Focus on the $1800. It's an obtainable goal. Try to renegotiate the $4k.

[Vertnut]

Holy fuck. Get those bitches paid off and never use them again.

This. Don't ever use a card again. I know you guys have a new baby, and it's easy to put diapers and nursery items on cards, but don't do it.

[Roscoe]

Credit score is a lot about "available credit". Even if you owe $18k on a $20k limit, it's better than havinf a $2k card limited out. Funny...

Lol. Ok.

Those would be one in the same. It's most desired to have less than 30% utilization. 90%, max, it's all the same....

[Vertnut]

Lol. Ok.

Those would be one in the same. It's most desired to have less than 30% utilization. 90%, max, it's all the same....

Yeah. I'm no guru. Just a comment for Bonnie and Clydes sake.

[bonnie&clyde]

Holy fuck. Get those bitches paid off and never use them again.

yeah i dont plan on it, i used them to build my car with and just trying to pay them off

Focus on the $1800. It's an obtainable goal. Try to renegotiate the $4k.

naw im just going to pay it all, its my kay's account i bought my ladies engagement ring with so i have to pay it now that i have it, i cant renegotiate knowing from the get go how much it was

This. Don't ever use a card again. I know you guys have a new baby, and it's easy to put diapers and nursery items on cards, but don't do it.

all the diapers and stuff is paid cash, we only charged the bed room furniture and that is closed to being paid off

i just downloaded this app on my phone called debt payoff planner and i input all my data and it says that if i use all my spare money that i can be debt free by Feb of 2012, those were the choices i had on how i wanted to pay them off with the app

[SVTNorthTexas]

yeah i dont plan on it, i used them to build my car with and just trying to pay them off



naw im just going to pay it all, its my kay's account i bought my ladies engagement ring with so i have to pay it now that i have it, i cant renegotiate knowing from the get go how much it was



all the diapers and stuff is paid cash, we only charged the bed room furniture and that is closed to being paid off

i just downloaded this app on my phone called debt payoff planner and i input all my data and it says that if i use all my spare money that i can be debt free by Feb of 2012, those were the choices i had on how i wanted to pay them off with the app

If it were me, I would focus on paying off the $1800 first because it has a higher intrest rate.

[Ruffdaddy]

Whatever you do, clear this debt up before even thinking about a boat. The payment and slip fees are only a portion of ownership costs.