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| Paying off Debt http://www.worldofkj.com/forum/viewtopic.php?f=10&t=90505 |
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| Author: | zwackerm [ Sat Apr 20, 2024 2:05 pm ] |
| Post subject: | 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? |
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| Author: | Excel [ Sun Apr 21, 2024 1:28 pm ] |
| Post subject: | Re: Paying off Debt |
At quick glance, yes; $21k is more than $17k, and 10% is higher than 5%... |
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| Author: | Shack [ Sun Apr 21, 2024 5:09 pm ] |
| Post subject: | 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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| Author: | zwackerm [ Sun Apr 21, 2024 10:04 pm ] |
| Post subject: | 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 |
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| Author: | Shack [ Sun Apr 21, 2024 10:23 pm ] |
| Post subject: | 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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| Author: | publicenemy#1 [ Sun May 05, 2024 1:25 pm ] |
| Post subject: | 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. |
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