Seeking advice for Credit Card Repayment

[kat90912]

Hi Thanks in advance,

As the title suggests, i need some advice on my repayments.

I have three credit cards with the as tabulated below:-

CC A: Installment balance 1800 (monthly is about 200), Zero Outstanding balance.

CC B: Installment balance 2800 (monthly is about 500), Zero Outstanding balance.

CC C: Installment balance 6,800 (monthly is about 500), 6,500 in outstanding balance.

Its pretty obvious that im using CC C as my main card. i only used the other two for longer installment purchases (2-3 years).

Coming back to the issue, is i have a bonus coming in that would pretty much clear up both the instalment balances for A & B but none for C. The obvious answer to me is that i should probably use the bonus to cover a portion of C's outstanding balance given the continuous late interest fees. but i do think it would lighten the burden with two credit cards paid off and i can just use the 700 to pay C.

Also.. if there was no bonus, do u think i should just stop using C, and use one of the other 2 cards.

 

[larphylh]

@kat90912 Pay off A and B with the bonus then use the extra 700 a month to pay down C as quick as possible.

I’d stop using all the credit cards until you pay them off, because right now that’s a lot of money immediately gone each month from your income.

 

[ltcajh]

@kat90912 Stop carrying balances on credit cards completely.

 

[krii]

@kat90912 Interest rates on the balances matter but if you have that much revolving debt across different cards, you probably don't have the discipline to manage your CC use.

Use the psychology and get the first two to 0 balance and never use them again