drunkenlovesong
New member
I'm horrible with math and percentages so I come to you, wise Yahoo users!
I have three credit cards:
#1: Balance of $350, 20% interest rate. Pay $50/month on it ($15/month minimum)
#2: Balance of $500, 12.99% interest rate. Pay $50/month on it ($15/month minimum)
#3: Balance of $1,900, 7% interest rate. Pay $70/month ($56/month minimum)
How can/should I shuffle those three payments ($50, $50, $70) to pay them off quicker and with less accumulated interest? I am in good standing with all three cards. I understand the concept of snowballing which I plan on doing once one is paid off. I would prefer to keep the total amount paid ($170) per month the same.
BONUS QUESTION! Is it possible to transfer one of the balances to the other card? None of the cards have the option to pay with credit cards, so a balance transfer is the only way. Can you do that with a pre-existing card?
I have three credit cards:
#1: Balance of $350, 20% interest rate. Pay $50/month on it ($15/month minimum)
#2: Balance of $500, 12.99% interest rate. Pay $50/month on it ($15/month minimum)
#3: Balance of $1,900, 7% interest rate. Pay $70/month ($56/month minimum)
How can/should I shuffle those three payments ($50, $50, $70) to pay them off quicker and with less accumulated interest? I am in good standing with all three cards. I understand the concept of snowballing which I plan on doing once one is paid off. I would prefer to keep the total amount paid ($170) per month the same.
BONUS QUESTION! Is it possible to transfer one of the balances to the other card? None of the cards have the option to pay with credit cards, so a balance transfer is the only way. Can you do that with a pre-existing card?