Quote:
Originally Posted by Radiance
This is my current debt, in the order I want to pay them off, I am doing it by balance
Amex
Balance: $542
Interest: 27.24%
Available balance: $1600
Monthly interest fees: $15
Annual Fee: None
Visa
Balance: $2800
Interest: 12.99%
Available balance: $4200
Monthly interest fees: $31
Annual Fee: None
Personal, non revolving loan
Balance: $5890
Interest: 16.45%
Monthly payment 360, out of which 85 is interest, 275 goes to principal
Monthly interest fees: 85
Car loan
Balance: $9410
Interest: 5.95%
Monthly payment 297, out of which 49 is interest, 248 goes to principal
Monthly interest fees: 85
Paid for accounts
Care Credit
$5000 available credit @ 23% (only for health services)
Annual Fee: None
Master card
$1000 available credit @ 24%
Annual Fee:19
I think that is the correct sequence for paying them off.
Now, which cards would you keep after all is said and done.
I think I will cancel the Master card since it was an annual fee
What do you think?
|
How much do you have to pay on your debts every month?
Once you either pay off the AMEX or when you have enough available credit on your Visa, I would think about paying off your personal, non-revolving loan with your Visa at 12.99% so that you reduce your interest payments. It would probably also reduce your overall minimum monthly payments so more could go to principle.