How can I pay off my $14K credit card before the intro rate ends?

T

TrubeaMeldspar

New Member
Please give me some advice.

Cc: $14,064
Cc: $2,083
Window loan: $12,460
Home equity: $33,650
Car loan: $22,691
Mortgage: $138,013

That $14,064 cc—its intro rate runs out in May, and I have to admit, it’s stressing me out to the max.

Here’s what I’m tentatively thinking for that one, though I’m not fully certain it’s the right route:
$4,000 income tax
$1,200 from our checks this week
$2,000 (extra check end of April)
$800 from first check in April
$1,000 from bonus

That would bring it down to around $5,000, I think. Then I’d look into a balance transfer to get 0% interest until it’s paid off.

I usually can put around $500–800 a month extra on a cc, or more if there’s overtime. I really, really want to get this cc paid off before August, because my youngest starts pre-k and that’s about $325 a month.

Am I making the right choice throwing everything at the highest cc? And then once that’s paid off what do I go to next?
 
I'd put half f the income tax into the lowest card. That gets it fully paid off. Then it won't earn interest, and you'll only have one credit card payment per month.

After that, start committing to paying off the larger one. That would leave it at about $7k still better than where you are now.

If anyone has better advice, feel free to add on. And personally, I wouldn't tap into your home equity unless it's an emergency.

You're making good strides. Keep it up!
 
Minimum payments and interest rates. I need them to better understand the debt order. Intuition says: smallest cc, then biggest cc. That clears the smallest balance, frees its minimum. Then the biggest remaining interest rate. The rest, I’m unsure.
 
You're thinking about this the right way, truly. There may be a more efficient way to structure it one that not only gets it paid off, but leaves you in an even better position afterward.
 
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