New here! Advice!

[KTanner12]

Hello everyone. My name is Kyle. I am new here. For a couple of years I have been looking for a site like this. I am always curious how others manage their finances, through budgeting, automated finances,number of accounts, debt plans, etc. I'm currently posting this because I am looking for some advice. I am in the process of working on paying down debts of course starting with my credit cards. I just am not sure which method to start with. (Debt snowball or highest interest). My info;

CC1 - $2,760 at 0.00% until 5/2014 - 16.99% after - min $27
CC2 - $8,411 at 17.99% min- $154

Which should I focus on first?

I am getting married in October so a lot of spare money is going to pay for that. My plan was to target the smaller debt first (a small win may be good for me) because I believe inspite of the wedding I might be able to pay this off within the next 6 months. Then once it's payed off I can do a balance transfer for the larger debt to a 0.00% card and tackle that. Any advice or thoughts on this plan? Thanks in advance!

[cardtrick]

Hello everyone. My name is Kyle. I am new here. For a couple of years I have been looking for a site like this. I am always curious how others manage their finances, through budgeting, automated finances,number of accounts, debt plans, etc. I'm currently posting this because I am looking for some advice. I am in the process of working on paying down debts of course starting with my credit cards. I just am not sure which method to start with. (Debt snowball or highest interest). My info;

CC1 - $2,760 at 0.00% until 5/2014 - 16.99% after - min $27
CC2 - $8,411 at 17.99% min- $154

Which should I focus on first?

I am getting married in October so a lot of spare money is going to pay for that. My plan was to target the smaller debt first (a small win may be good for me) because I believe inspite of the wedding I might be able to pay this off within the next 6 months. Then once it's payed off I can do a balance transfer for the larger debt to a 0.00% card and tackle that. Any advice or thoughts on this plan? Thanks in advance!

I would start with the 18% debt and pay that down. Remember that other card is not accumulating any interest. Why pay more than the minimum. Even if I had the money, I'd just put it in a savings account and make 0.75% APR. I know it isn't much but why pay off something that is interest free. Then in May 2014, I'd just pay it off in full

Chase Slate currently has a 0% BT for 15 months with no balance transfer fee. I'd see if I can get that and transfer all of the $8400 to it immediately. That way you are not paying any interest.

[snafu]

17.99% is an extremely high interest rate. Have you looked at your credit rating from one of the four reporting agencies and noted your credit score? I suggest asking for a lower interest rate if you're up-to-date on $ 8,411. CC. To avoid getting hit by 16.99% on $2,670. next May, you need to make monthly payments of about $ 250. each month.

With your wedding fast approaching, I suggest working out cash flow, what's coming in, net; what is going out like rent, utilities, cell, food/eating out etc. Categories for car payments/insurance/ operations /maintenance, Student Loans, Credit Cards, entertainment etc. It's your money and it's really important to know where it's all going.

There are some really brilliant people on SA who can help if you post your figures.

[bjl584]

I'd look at a balance transfer or ask for a lower interest rate from the cc companies.

I'd start with the higher interest rate.

How are you paying for the wedding?

[Tree0164]

Are you still charging?

I would try to do a balance transfer as well.

I would focus on getting the 2700 paid off first and then snowball your minimum payment to the larger credit card.