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Tammy F.
Tammy F., Not an active Expert
Category: Finance
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Experience:  Not an active Expert
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paying off credit cards/loans

Customer Question

i have a lump sum of money. should i pay off one big credit card bill or pay down a few bills instead
Submitted: 11 years ago.
Category: Finance
Expert:  Tammy F. replied 11 years ago.

You should pay the bill that has the highest interest rate. If that's a credit card (and it usually is) then you should pay the credit card.


Regular loans and medical bills can be paid off within a fixed amount of time and credit cards cannot.


So - pay the CC first. Then you can work on the others.


Let me know if you still have questions.

Customer: replied 11 years ago.
Reply to Tammy Falkner's Post: thanks
Expert:  Tammy F. replied 11 years ago.

You are very welcome! Don't forget to accept my answer if it was helpful to you. If it wasn't, let me know if you have more questions.


Accept an answer will not cost more money but will only move your deposit over to my account.