Question

What should we work on first? Since January we have paid off over $1400 of thos debt which is huge for us!  

Answer 1

If you don't pay off your Lowe's card in 12 months you will be charged the interest that would have been accrued on the loan. Just keep that in mind, they also make your monthly payments less than what you would need to pay in the 12 months to pay it off. (I used to work as a Credit Coordinator at Lowes)

Comments

Interest would be 24. 99% (depending on the card and if the rates have gone up since I left)

Answer 2

I think highest interest

Answer 3

I did mine lowest balance first then to the second without looking at the interest rate. It worked for me because I was able to get at least one done and paid off every 2 months.  

Answer 4

I am doing highest interest lowest balance

Answer 5

If you are doing lowest balance I would do it in the order you have them in. If interest is a factor I would start with meijer. But also make sure to pay off Lowe’s before the interest kicks in

Answer 6

You just have to decide what will keep you motivated. If you want bigger wins quicker, pay off your lowest balances first (the snowball method). And if you want to get rid of those high interest rates first, pay those (the avalanche method).  

Answer 7

You could attack the smaller balances first and once those are paid off roll the money dedicated to those into the next smallest. I feel like you can make a dent faster and by the time you get to the bigger ones you’ll have a large chunk of money dedicated to those.  

Answer 8

Make sure you pay the 0% interest before there 12 months is up or you incur all back interest.  

Answer 9

I would pay that Lowe’s first before it accrues interest, then I would hit those high interest rate cards. You don’t see as much progress at first, but I prefer the avalanche method in the long run.  

Answer 10

Lowe’s Big R Meijer Cafcu Old navy Ikea Windows Discover.  

Answer 11

Lowe’s has no interest, leave Lowe’s go for now, smallest to largest debt, zero interest can wait

Comments

@yogi in 12 mo all of it might get added on. May need to check on that.  

Answer 12

Lowest amount order. It will feel great to get a card paid off. Then roll over that payment to the next card

Answer 13

I would snowball all the debts with over 20% interest. Leave the lower interest loans for last unless the rate changes then add them to the snowball.  

Answer 14

Highest interest

Answer 15

For me, snowball method (lowest amount first) worked better because it kept me motivated and I was able to pay off things quicker. But it depends on what would keep YOU motivated.  

Answer 16

What’s going to motivate you more? 1. Quicker $0 balances? Start with the smallest & work your way up. Snowball method. 2. Saving the most in long term interest payments? Start with highest interest rate and work your way down. Avalanche. With Lowe’s, make sure to take into account how much time is left on that 12 months and what the interest rate would be if you don’t have it paid off by then.  

Answer 17

I would snowball them smallest to largest so you can make sure the Lowe’s is paid off before the 0% expires.  

Answer 18

Undebt. it allows you to plug both snowball and avalanche methods and you can see which one will give you faster and/or will save you more.  

Answer 19

I like doing a mix of avalanche/snowball method. I would just pay the minimum on lowes and focus on Big R then Meijer

Answer 20

I pay debt snow ball you have listed smallest to largest so that's good pay minimum payments on all the the smallest. you will find as I have when you pay one off it gets easier to pay the next one stay on your budget but make sure you celebrate each card or loan you pay off I read it's not about numbers it's about your actions. you do what you want but I am winning my way but I'm living on scorched earth no life but work and sleep till mine is paid off.  

Answer 21

You can do debt snowball (smallest value first) or avalanche (highest interested rate first) methods, Either way. you will continue to make the minimums on all of them, and you will throw all excess savings towards one of the debts above. Then after you complete that one reassess and maybe switch to another. or just then continue to follow the trend. Either way one step forward which is what you are doing will eventually get you there! Congrats on your success thus far

Answer 22

Talk to a credit union about refinancing to a personal loan. But only if you can do that and not rack up more credit. I did this and got my higher interest switched and combined to a 7% loan. You are paying thousands in interest each year so it would help.  

Answer 23

I’d do the top two lowest amounts so you get them done first (and before Lowe’s interest is added) and you see some momentum. Take those monthly payments after they’re paid off and add to the next highest !  

Answer 24

Lowe’s and Big R since they’re the smallest. You can get those done the quickest and feel more motivated

Answer 25

I’m the weird person that attacks the APR’s.  

Answer 26

So I would start with Old Navy however. I would be careful with your Lowe’s you need to take the remaining balance and decide by however many months you have left in your 12 month grace period and pay that each month so that you don’t incur any more interest! Then Meiser, Discover. I’m a firm believer in attacking higher interest rates however if you are one who gains momentum by seeing the bill go away start with paying smaller tag items off first such as your first three listed!  

Answer 27

I was going to message you and check in with you last night to see how you were doing, and got side tracked. Way to go @ovary! What will Lowe’s be when the intro APR is up? I would maybe start with Big R and go down the list. If you think you can clear Lowe’s in a month or so, jump back to it and start on it to where you will have it paid off before it start collecting interest.  

Answer 28

I am so thankful for all of you♡♡♡