by Tricia
I am starting to wonder what the heck is wrong with me. I have had plenty of time to think about what to do with a refund from my credit card. I received some great comments when I posted my dilemma earlier on my blog, and I had the $5,600 all set and ready to go to Credit Card #4. The payment was scheduled for tomorrow.
Then today, I got real nervous. I almost wonder if I was starting to have a panic attack. Doubt filled my mind and then I started thinking of all of these reasons why I should pay Credit Card #2 instead.
Ugh. This is annoying. I don’t think I have ever been so indecisive in my life. Wait – who am I kidding? I’m about as indecisive as they come sometimes.
I don’t want to bore everyone with the thoughts that run through my (what I now believe to be) crazy mind. But I think what I am going to do is flip a coin. Let fate fall where it may because I cannot come to a decision.
Times like these, I wish I had a Magic 8 Ball handy 🙂
Tough call. While there is a difference in the interest rate, the difference is not that much. We’re talking about less than 2% here. I think you will feel GREAT if you pay off #4 and just make it gone. It will feel FANTASTIC. You will do the “I Paid Off a Big Credit Card Dance!” Then take that money you would normally spend on your #4 payments and start piling it against #2.
But either way, whichever way you go, you will be $5600 (+ interest) closer to debt-free!
Good luck!
Don’t think of it as one credit card over another. It’s one big debt load and it’s going to pay down your overall debt. Stop stressing about it and transfer the money! 🙂
Just like Lisa said…there is very little difference between the interest rates on CR2 and CR4. By paying off CR4, you can then apply those payment to CR2 and work your way towards getting rid of it. Plus you have the short-term offer of transferring the balance (or part of it) of CR2 to CR4 for a lower interest rate. Even if it is only for a short time, you also get the benefit of CR2’s overall lower interest rate. I would try to get the fee waived though. One way or the other, it is dangerous having the cash sitting around. Good luck!!!
Thanks everyone for your words of support. The decision has been made and as that one boy band sings, I’m gonna be saying “Bye, bye, bye” to Credit Card #4.
It’s about time the relationship ended 🙂