What are my options when trying to pay off 2 credit cards?
I have two credit card with a high balance that both have a limit of $5000
1. Balance is 4800 with interest of 27.99
2. Balance of 5100 with interest of 26.99
I have 5200 this month to pay on those credit cards, how can I use then wisely?
Tags: Cards, Credit, Options, Trying
I would pay off completely one of the cards, then start putting big chunks of payment on the other next month.
Pay off the 27.99% credit card first. Then use what’s left to start paying down the other credit card. Cut your expenses and work on paying the whole thing off.
Pay off the balance on the highest interest rate card first which is the $4800 card. Use the other $400 to pay on the lower interest rate card to lower the balance to $4700. Then pay off the $4700 balance as quickly as possible.