I’ve read that there are two schools of thought on paying off credit card debt: (1) paying off the credit cards with the smallest balances first so as to get the satisfaction of seeing a zero balance sooner and (2) paying off as much as possible on the higher interest cards first and leaving just enough to make the minimum payments on the ones with a lower interest rate.
I used to do the first. Not smart, not smart at all. I am now paying on the ones with the higher interest rate first. (And this is after having called all the companies and asked for a lower interest rate. Often they comply.) We’ve got debt on nine credit cards. One with a temporary 0%; three at around 14%; two at 18%; one at 20%; one at 26%; and one at 29%. I’ve just got $800 left on that last monstrous-rate card. I’m about to pay it off in a minute. Next I’ll wipe out the other two in the 20 percentiles ($3,200). And then I’ll take on the ones in the high teens.
Focus. And I’m happy to report that as of this morning, I just got my credit card debt under $100,000.
It’s highest was about $107,000 in November 2017 and now just two months later it is $98,342. Progress!