I need to come up with a plan for how I want to tackle my remaining debt. I'm planning on paying $1000 toward my CC debt every month. My minimum payments are now $570.
Since I just freed up $140 a month in minimum payments (by paying off 3 cards) and am planning on putting an extra ~$290, I'm trying to decide if I should apply a little bit to each card or if I should focus on one card for now. Any thoughts?
I think my initial response is a hybrid plan. I think I'll pay the suggested amount on my statements which is slightly more than the minimum payments (you know the one that tells you to pay $X more and you will pay it off in 3 years and save thousands). Anything left over, will go to the card with the highest interest rate which is the Citicard. If my math is right, I'll pay about $135 more to each card and have about $300 to put toward the Citicard which almost doubles my monthly payment.
In the meantime, I'm trying to see if I can transfer any balances (even partial ones).
Plan
August 1st, 2011 at 07:21 pm