So I have three credit cards as stated in the title:
- Personal: $1000, 20.24% APR
- Second Personal: $5120, 11.49% APR
- Balance Transfer card with vet fees: $5275, 0% APR until 4/2019, 20.24% APR
So I was just gifted $1000 from my parents to help out with the debt that I recently incurred because of my dog. He needed two surgeries which is why I opened the third card so that there would be no interest while I try to pay it down as quickly as I can.
My question is, where should I put the $1000? I am leaning towards my first credit card since it would mean paying it all off (and I would cease to use it), which would give me the boost and motivation to pay off the others (Snowball Method). I then could make two larger payments on the other two cards, rather than three smaller payments across all three cards.
My other thought was putting the $1000 towards the third card, since the reason I opened it was to pay it all off ASAP anyway. The only reason I haven't gone with that choice is because then I'm only saving myself from future interest, not the current interest I'm trying to avoid.
Thoughts would be very appreciated!
Edit: Formatting
Submitted February 20, 2018 at 09:53AM by wine-not http://ift.tt/2GuDgBO
