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 Paying off Debt 
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Hold the door!

Joined: Sun Jun 01, 2014 10:26 pm
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Post Paying off Debt
Calling all financial experts. If you had 17k in debt at 5% APR and 21k in debt at 10% Apr, would you pay all the extra payments to the 21k at 10% and only pay the minimum on the 17k?


Sat Apr 20, 2024 2:05 pm
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Superfreak
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Post Re: Paying off Debt
At quick glance, yes; $21k is more than $17k, and 10% is higher than 5%...

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Sun Apr 21, 2024 1:28 pm
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Devil's Advocate
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Post Re: Paying off Debt
zwackerm wrote:
Calling all financial experts. If you had 17k in debt at 5% APR and 21k in debt at 10% Apr, would you pay all the extra payments to the 21k at 10% and only pay the minimum on the 17k?

What's the minimum for each?

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Sun Apr 21, 2024 5:09 pm
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Hold the door!

Joined: Sun Jun 01, 2014 10:26 pm
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Location: Where they shot Knock at the Cabin
Post Re: Paying off Debt
Shack wrote:
zwackerm wrote:
Calling all financial experts. If you had 17k in debt at 5% APR and 21k in debt at 10% Apr, would you pay all the extra payments to the 21k at 10% and only pay the minimum on the 17k?

What's the minimum for each?

$400 something for the 21k, like $200ish for the 17k


Sun Apr 21, 2024 10:04 pm
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Devil's Advocate
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Post Re: Paying off Debt
I've never been in debt but I can't really think of any reason not to pay the bigger one with more interest.

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Sun Apr 21, 2024 10:23 pm
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Extraordinary
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Joined: Tue Oct 12, 2004 12:25 am
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Post Re: Paying off Debt
Maybe you can do a balance transfer to a new credit card that has no interest for x amount of months if your credit allows you to open another card.


Sun May 05, 2024 1:25 pm
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