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Now, the Question is…Who Should Get the $5,600?


I received my overpayment refund from Credit Card #3. Now, the question is … who should get it?

Credit Card #2 appears to be the logical choice. There’s $22,041.93 sitting on that card at 16.49% (the highest rate of all of my cards). You may be wondering why I am even contemplating another choice.

Well, my overpayment refund combined with my tax refund will be enough to pay off Credit Card #4 completely. That balance is sitting there at 14.9%.

What I am thinking of doing is using my refunds and paying off Credit Card #4. As they have always done in the past, they have offered great balance transfer offers (usually around 2.9 – 4.9% for 6-12 months) when my balance is low. They “should” do that again if the card is paid off.

So, the two scenarios are

$8,000 at 4.9%
$14,000 at 16.9%.


$8,000 at 14.9%
$14,000 at 16.9%

But what if Credit Card #4 doesn’t offer a great balance transfer rate? Is it a good enough chance to take?

Any advice for the debt-fighting newbie?

Technorati Tags: credit+card, debt, credit


  • Reply debt monster |

    I am doing what Dave Ramsey suggests. List your debts from smallest to largest and pay in that order, no matter what the interest rates are. I got rid of 3 accts and almost done with #4, then I only have 2 more go go! Keep up the great work!

So, what do you think ?