Which Order Should I Payoff My Credit Cards?

The first time I was in six figures of debt I followed Suze Orman's advice and started with my highest interest rate credit cards. I would say the the majority of financial guru's out there would say do to do the same simply because the math makes sense. High interest rates will kill you and you won't feel like you are getting anywhere. You also may begin to feel like paying off your debt is hopeless.

This go around with my latest bout with six figures of debt, I decided to give Dave Ramsey's way a go. As Dave says, "Personal finance is 20 percent head knowledge and 80 percent behaviour." Making some quick decisive strikes against your debt will motivate you to continue going and get that debt paid off. When you are able to see the credit cards paid off one after the other you'll begin to see results and think, "I can do this."

Ironically for me following this method is causing me to payoff my higher interest rate cards first. Since the majority of my high balance credit cards have been put on balance liquidation programs (BLP), they now have zero to five percent interest rates, so I am paying the lower balance cards first, but they happen to be the higher interest rate cards at the same time.

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

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