Ash (cathubodva) wrote in thequestionclub,
Ash
cathubodva
thequestionclub

I've got two credit cards that we ran up balances on when my husband lost his job. We're now in a position to pay off a lot of it. One card has a balance of $2000, and the other a balance of $1000. We've got $2500 to put toward the cards.

Should I pay all of the $1000 balance and $1500 toward the $2000 balance, or all of the $2000 balance and $500 toward the $1000? The interest rates are almost the same, and it might be about three months before I'll be able to pay off the other $500 (though I'll be able to make whatever the minimum payments end up being, and hopefully more).

And before anyone says anything, both cards have been cancelled already. We're never doing the credit card thing again. :(
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