You have $500. Would you pay off one credit card completely OR pay down one credit card with a high balance?

[Date_a_Snob]

pay off credit card A (complete)

pay down credit card B (partial)

[WindAtMyBack]

Make the minimum payment on both cards. Use the rest of the money to pay the card with the highest interest rate.

If you don't have enough to make the minimum payment on both cards, call the card companies and try to work out a deal. If they refuse, start considering bankruptcy. Because if you can't make the minimum payments on both cards bankruptcy is where you are heading.

In the meantime, unless this is hypothetical, cancel all your cards and stop using them. Because if you can't pay off the full balance every month, then you should not be using cards.

[Lynx122]

I don't know I like to avoid debt altogether. I only have a credit card that is prepaid so I can't take on debt and only spend money I transferred onto it. If I was in this situation I'd just try to pay off the one that's costing me more in interest. I don't know how the system works exactly in the U. S. though we don't even use credit score and things like that.

[Sirenboobzilla]

Normally I'd say partial. However, with the finish line that close and the existing funds present to cover it, I'd actually pay that first one off completely. It's one less payment next month, and the money initially allocated to the smaller card is now free to go to the higher balance card to pay off faster.

[Date_a_Snob]

Thanks for the advice. I really appreciate it. I think the feeling of finally having the card paid off will be worth more than the extra interest I will pay on card B

[midnightmoon05]

Pay off one completely then cut it up.
use a credut card for your advantage..

dont use it to get into debt.
if you want t some help … listen to Dave Ramsey on YouTube…

[matchrestore]

Paying off one card eliminates a monthly minimum payment, which should make it easier to stay on top of paying off your credit cards. It might not eliminate the highest amount of interest paid over time, but if you're carrying a balance its likely that you need to worry first about your monthly payments before worrying about interest over time.

[Sharkstealth]

Pay off one. Don't buy anything unless you already have the money then pay off right away. All excess money should be going to stop compound interest. No life until finished. Easier for a girl though. I have an 802 credit score and thats what I do. I have never paid interest on credit cards. My house is a different story but I'm juggling retirement currently anyways.

[OfMiceandMen]

I would pay the first one to get rid of it completely. The satisfaction of paying it off would roll over into paying of the 2nd card which has the higher balance.

[Bklynbadboy12]

I'd pay it off. Look at it like this even though you don't have the money in your hand you still have you credit card to get what you need if you have to have something and if you don't need anything then you building you credit cause now it's paid of with no late payments

[TopShelfMan]

Pay off whatever card sends a 0% interest balance transfer offer and then transfer the remaining balance of other cards to that one to avoid interest and pay it down quicker with the same monthly payments.

[b_lova]

Start with high interested or APR and work your way low. While it will feel good to not owe that other credit card interest overtime is what is draining your money.

[patois]

You always pay down the highest interest debt first so long as you're not defaulting on your other debts.

[MisterWack]

Pay off, just sounds like the logical approach.

[CrabCakes11]

It’s a better financial decision to pay part of the very high one

[exitseven]

I would pay down the one with the highest interest rate.

[DrPepper12]

Psychologically pleasing to get one less statement.

[Date_a_Snob]

very true

[Staximus]

Sounds like you have too many credit cards, pay off one and don't get another

[Date_a_Snob]

you are not wrong

[Anonymous]

one credit card completely. it eliminates all interest on that one credit card. and then less to worry about for the others.

[Anonymous]

I only have $500? Omg. I'm not even thinking about credit cards. Shit. I'm broke! I know what the question meant. I would use 250 for one, 250 for the other.

[midnightmoon05]

Pay off the smallest first. Then cut it up.
Then pay off the next… soon.. u will be left with one card… and limit yourself with only spend 40% - 60% of your net income … so the goal is to be debt free.
Don’t be a slave to credit cards/bank/momey.

[DJB72]

Clear one completely. It's one less bill cumulatively costing more.

[genericname85]

i think it's smarter to split. pay both a little. rises your credit score.

[Alex-Snow]

I would pay off the credit card that had the highest interest rate

[SotiCoto]

I'm not stupid enough to use credit cards in the first place.

[Iron_Man]

I would pay off the other credit card company and be done with them

[woahhh152]

I don't use a credit card. Don't wanna fall in that scam cause you end up in debt

[gorydetails]

How much do you owe on the high balance? How much are you paying towards it currently?

[nawtee_me]

Pay off the one and double up on the other after cutting up the card that was paid off.

[Anonymous]

Neither, I'd keep it. My creditors can all go to hell

[Anonymous]

Pay whichever card charges you a higher rate!

[jamesgoldman]

Highest interest first

[msc545]

I would just buy tacos...

[OfMiceandMen]

That's a lot of tacos.🌮🌮🌮🌮🌮🌮🌮🌮

[OddBeMe]

What’s the interest rates?

[elizamichale1]

Pay 1 fully