I currently have about $5700 in credit card/personal loan debt that I'm trying to tackle. I know the balances are high, but credit was how I survived in college and I'm now learning from my mistakes by only using my debit card, one credit card for gas, one for Netflix, and one for Spotify. I'm able to pay them off each month.
- Citi: Total, $83.57. Minimum, $50.
- Best Buy: Total, $92.00. Minimum, $27.
- Bank of America: Total, $325.99. Minimum, $25.
- Chase: Total, $1000.00. Minimum, $25.
- Prosper Loan: Total, $1825.94. Minimum, $100.
- Visa: Total, $2330.00. Minimum, $30.
So, from what I understand, when I pay off Citi, that $50 per month, would get added onto my Best Buy payment, making my payment to Best Buy a total of $77 a month. And when I pay off Best Buy, that $77 a month will get added onto Bank of America, for a $102 monthly payment, and so on and so forth. Am I following that right? Also, if I'm able to pay a little more one month, the payment would go to the lowest balance, right (according to the snowball)? Thanks!
(I'm leaving my student loan debt out of the equation right now - I'm chipping away at one by making a bit more than the minimum payment (payoff ~$4800) and the other (~$46000) is on an income based repayment plan at $0/month. When I'm able to pay more here, I definitely will. Just trying to catch my breath on credit cards first.)
Submitted December 16, 2018 at 12:18PM by DryNeighborhood7 https://ift.tt/2PDx5iZ
