Which is better to do when paying off credit cards?

Discussion in 'General Chat' started by melbel, Jul 26, 2007.

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Which scenario is better?

  1. Scenario A

    2 vote(s)
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  2. Scenario B

    0 vote(s)
    0.0%
  1. #1
    Lets say you have three credit cards and you are paying them off. Which is the better way to pay it off:

    Scenario A: Make the minimum payments on two of the cards and making a higher payment on the third until it's paid off.

    Scenario B: Paying equal amounts on each card.

    I am faced with this problem right now and I am wondering which is the best way to do it so I can dig myself out of the hole faster.

    Thank you for your answers.
     
    melbel, Jul 26, 2007 IP
  2. cool_78

    cool_78 Guest

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    #2
    I'd go for scenario a. The sooner you finish a card the better you save money on interest payments.
     
    cool_78, Jul 26, 2007 IP
  3. jdR!pper

    jdR!pper Peon

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    #3
    I'd also go for A. It might take you 10 years before you can pay off all three if you make equal payments as each credit card incurs interest monthly.

    --Joe
     
    jdR!pper, Jul 26, 2007 IP
  4. BoutiqueMusic

    BoutiqueMusic Peon

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    #4
    A

    As long as the card is the one with the highest interest rate.
     
    BoutiqueMusic, Jul 26, 2007 IP