[mage lang="en|fr|es|en" source="flickr"]debt payoff calculators[/mage]
Paying credit cards over time vs. lump payment?

Here’s the situation: I am on an aggressive savings plan and have set aside an extra $400/month to pay off my debt (around $8000 total).

Snowballing your debt is best. Make a compete list of all debt, interest rates and minimum payments. Make the minimum payment on all but one use your entire 400 extra on that one until it is gone. So if it was 100 a month at 29% interest and a balance of 1,000 you will pay 500 a month for two months and a little more. Then choose your next card and put the regular amount plus $500. If you are worried about them being messy pay off all the tiny ones first if not pay the high interest ones first.

For example

2,000 29% 40 minimum
500 10% 20 minimum
400 0% 20 minimum
1,000 0% for a year but then goes to 15%
5,000 10% 100 minimum

It would save money to pay off the highest rate but might feel really good to get rid of the smallest two saving $40 a month and making your bookkeeping easier but saving the biggest to last so when you pay off all the smaller ones you have your extra $400 plus the 100 plus the 40 and two 20s so you would have 580 a month and it would be gone in 10 months or less.

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