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Might want to think about a balance transfer on the 5500. Many CC companies offer 0% BT. You will still have minimum payments but 0% interest will save you in the long run.
Dave Ramsey actually says ignore interest rate and pay lowest to highest debt
Focus on the 22% interest until you get close to the end of the 18 months of 0% interest and then Re-evaluate based on the new interest rate after the 18 months of 0%.
Transfer the balance to zero interest cards and pay off over 18 months
This is literally the only right answer. All cc companies have an option to do a balance xfer. For 3% of the balance as a fee or if your lucky sign up for a promo cc where there is no fee.
At the end of it all you still have debt but won’t pay interest. I did this for years and ended up paying off a good chunk of my student loans via credit cards and 0% interest lol
Dave Ramsey says pay the smallest balance first regardless of interest rate. Your smaller balance is also your highest interest rate so I think I'd start there. Pay down that $5,500 as quickly as you can while you aren't accruing interest on the other account.
What is the interest rate on the second card when the 0% period ends?
If you can’t transfer balance, pay minimum required on the 0% and as much as you can pay on the 22%
Been there done that (for the same reasons) . Pay off as much as you can to the 5500 card, with minimum paymentd (or slightly above minimum) to the other card. As soon as it's paid off the interest card, keep the same payment amounts and switch to the other card. If you don't pay these off within 2 years you will wind up never paying them down.
If you have a 7,600 balance and 18 months at 0% APR, then I would focus on the other card where you are currently paying interest at this time. There isn't really incentive to pay down a 0% interest item any earlier than you need to, since you shouldn't be incurring any additional costs on the money you borrowed.
I’ve previously used that app Tally which would give you a line of credit at a lower APR to pay off the debt.
Determining how much interest you’d pay over time based on what payments you make can be calculated. So really the only consideration would be qualitative factors
Open an interest free credit card and transfer both amounts over. Cancel the two cards. This gives you time to pay it down without interest. You will pay it quicker. I did this with a card that had an introductory offer for 18 months and was able to pay off in 12 because of the no interest
canceling the other 2 cards would damage credit.
You have 18 months to pay the other off. Get rid of the debt your paying interest on then start cutting down the interest free one