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Author: runninhorn Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308232  
Subject: HELP! WHich card should i pay off first?? Date: 5/22/2001 12:51 AM
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Thanks all for the replies on the other topic, yall have been a big help. I just found out today that im getting $5000 dollars next week from an insurance claim. Now i need yall's expert advice on which one i should pay off first. I just want to make sure i dont spend it on the wrong credit card. Here are the cards i owe on:
1)Visa balance- $9000 int rate- 16.9%
2)Visa balance $7500 int rate 12.9%
2)Discover $8500 int rate 9.9%
2)Mastercard $2400 int rate 19.9%
3)Mastercard $2600 int rate 17.9%

My only problem is id like to pay off the highest interest rate first, which also happens to be the biggest balance- but there is one problem.
Visa #1 w/ the $9k dollar balance, is a fixed payment loan i got. No matter how much i pay down toward the principal, the payment will remain $260 a month until its payed off. So if i put 5k toward that one, my payments will still be the same. So which card should i put the $5k toward? OR should i put it toward trading my car in? My car payment with insurance is $1093 a month and my car is only worth $33k for trade in. I owe $39k on it. Should i try and scrape up another grand and sell it back to the dealership or an individual or put the $5k toward a credit card balance? thanks all for the help....
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