Comments for Credit Card Counseling http://www.credit-card-counseling.org Get information and referrals to credit card counseling services. Mon, 29 Aug 2011 19:45:05 +0000 hourly 1 http://wordpress.org/?v=3.3.1 Comment on Consumer Credit Relief by Able http://www.credit-card-counseling.org/consumer-credit-relief/#comment-2 Able Mon, 29 Aug 2011 19:45:05 +0000 http://www.credit-card-counseling.org/?p=6#comment-2 I have 4 credit cards, 2 with approx 500.00 each on them w/ min. monthly payments of between 15.00 and 30.00. I send them each 50.00. (both store cards, 1 @ 17% 1 @ 0% for 6 more months) The other cards have approx 5000.00 each on them with min. payments of approx 200.00 I usually can only make the minimum payment on these. (Major c/c's w/ average APR's) My budget currently allows me to take approx. 500.00 each month to dedicate towards debt reduction. My question is, is it better to pay off the lower balance cards (I won't really notice the difference of the 100.00 per month I will save) or am I better off to send large chunks of cash towards the high balance cards to reduce their monthly payments.(and then continue to pay on top of that the 200.00 @ I am already putting there.) ? I have 4 credit cards, 2 with approx 500.00 each on them w/ min. monthly payments of between 15.00 and 30.00. I send them each 50.00. (both store cards, 1 @ 17% 1 @ 0% for 6 more months)
The other cards have approx 5000.00 each on them with min. payments of approx 200.00 I usually can only make the minimum payment on these. (Major c/c’s w/ average APR’s)

My budget currently allows me to take approx. 500.00 each month to dedicate towards debt reduction. My question is, is it better to pay off the lower balance cards (I won’t really notice the difference of the 100.00 per month I will save) or am I better off to send large chunks of cash towards the high balance cards to reduce their monthly payments.(and then continue to pay on top of that the 200.00 @ I am already putting there.) ?

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