rootninja

Lifehacker recently ran an article titled, Should You Pay Off A High Balance or High Interest Rate Credit Card First? and it shocked me to find out they’re suggesting that it does not matter which one you pay off first. Unless the interest rates are the same, this just isn’t true.

What ever your situation may be, consult a financial expert who can advice you in your particular financial situation. The goal is all the same - to free yourself from debt.

Pay off the credit card with the highest interest rate first. Ignore the balance when determining which account to start paying off.

Should you pay off the one with the lowest balance first? It might affect that credit score faster to close an account completely, but I’m looking further down the road at a point where they’re all paid off and fixing that credit score for good.

You might want to look at opening another card with %0 interest on balance transfers for a period of time - but only if you’ve got it planned out and you’re going to pay off the balance. If you have bad habits and find yourself spending and sinking further down into the credit card sarlacc monster, opening more credit cards is probably not a good idea.