No. of Recommendations: 4
So, I feel like the credit card is dirty debt and I want it gone. Eliminated. Sleeping with the fishes.

But...$582 is $582....I'll think about this.


Well, the sleep at night factor is worth something, too. It's up to you to determine if it's worth $582.

However, money is fungible, and the fact that you have debt from stuff that you don't feel so good about vs. debt from stuff that you feel good about doesn't change the fact that it is all debt, and costing you some of that fungible money. So, from a strictly mathematical standpoint, it makes sense to pay off the highest rate debt first.

For another possibility, I've been seeing some 0% - 3% until mid/late 2015 offers on credit cards lately. Do you have any offers available on either of your empty cards? Or would you be willing to sign up for a new card to get a promo rate? Transferring the signature loan to a 0%/low rate card would probably cost you $400 or so (4%). But if it will save you, say $1500 in interest, plus allow you to pay down the other credit card debt faster, it's probably worth it.

AJ
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement