Finding Freedom

How quickly can a fool find his money again?

I currently have a whole bunch of debt. Hmm...I wonder how much I could get for my kidneys?
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Wednesday, May 17, 2006
Several Options
I need to know a bit more about my current situation, but, as I see it now, there are a couple of different options for paying off my debt.

The way that seems to make the most sense is to evaluate which cards have the highest interest rates and pay those down first. The benefit to this would be that I would be saving money in interest rates, theoretically. However, some of my higher balances have lower interest rates, and so it seems like whatever money I would save by paying off the higher rates would be eaten up by the interest on the higher sums.

The next is to pay off the lowest balances first. I believe that the main benefit to this would be seeing my work paying off more quickly. A lower balance is not nearly as motivating as a zero balance. However, I would still be paying more money in interest thataway as I would not be tackling the higher balances.

A third way would be to tackle the biggest amounts first. By doing this, I would eventually be left with just smaller and small accounts to tackle. As you can tell by the list below, the last couple are almost mountains to climb, while the first one, especially, is a lot more of a mole-hill.

I'm sure that there are other methods, but I think that these make the most sense (and cents) for me, at least as far as I can tell now. It is most likely that when I compile all of the interest rates for the various cards that I will have a better idea of how to proceed.
posted by shamedsteven @ 4:12 PM  
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Name: Steven shamedsteven
Home: San Diego
About Me: Well, boys and girls, I, like a whole bunch of other people, made a series of "conscious, deliberate mistakes" and have ended up with a buttload of debt. What is chronicled here are some musings about the journey out.
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