What will pay off a credit card faster? $50 a month on 9% or $100 a month on 23%?

i have just successfully paid off a credit card! (yay for me!) but i have more to go all ranging in interest from 1.9% to 24% the one i just paid off was 24% with a small balance. now here%26#039;s my question. i paid $50 a month on that card like clockwork every month even though my payment was only supposed to be $15. i%26#039;m now used to spening $50 a month on this bill. i have another card offer for a fixed rate of 8.99 %. should i get this card and transfer a small amount from one of my high interest cards (like $300 at a time) and pay $50 a month on that to pay off each transfer in about 6-7 months and keep repeating it till done with my goal(i won%26#039;t use this card for anything else). or should i just take that $50 and add it to another existing card to make that payment $50 higher? i would still continue to pay all my other cards on schedule (and i always pay a little extra on each one as best as i can) i have approx $22K in credit debt on various cards thanks to my ex-hubby. i make 30K/yr!

What will pay off a credit card faster? $50 a month on 9% or $100 a month on 23%?

Myself, I like to get rid of the smaller-debt cards first, because it makes me feel like I am getting somewhere with my debt. It also allows me to snowball the payments to the next card. So if I had three cards at $300, $600 and $900, I would go in that order for paying them off, regardless of the interest rate. I would continue making payments to the larger balances (minimum payment), then I would take the extra payment from the card before and apply it to the payment going to the larger one. This is what works for me. Because if I were to try and tackle the $900 one first I may fall off track. So getting some %26quot;quick wins%26quot; works for me.

What will pay off a credit card faster? $50 a month on 9% or $100 a month on 23%?

you want to pay off the higher interest cards first! you mention a 1.9% interest card, that would be a good card to actually transfer the balances from your highest interest rate cards, depending on how long that 1.9% is good for. credit card companies charge %26quot;compounding interest%26quot; which means they charge you interest upon interest. so by getting the highest interest rate card balances either paid off as quickly as possible or transferred to lower rate cards will help you over the long run.

What will pay off a credit card faster? $50 a month on 9% or $100 a month on 23%?

You should try and get all of your debt on the lowest interest rate credit cards possible. If you can do a balance transfer to a lower rate card and that lower rate is good for long enough for you to pay off the balance, go for it. A book that I recommend for you is Young, Fabulous %26amp; Broke by Suze Orman. It really helped me to set a budget and figure out how to maximize my budget each month and get my debt paid off. She has other great books as well, and they are packed full of advice and ideas. Using her techniques I was able to get my debt paid off and raise my credit score over 150 points.