Credit card pay-down

Terry Says

It's hard to answer that question blindly, not knowing your entire situation and whether you are late on any of the cards.  One data point you forgot to include with the "longest held card" -- because that is a significant part of your credit history and credit score.  So you would likely want to pay most on that card.  Then compare:  Could that money let you pay off two cards completely?  Do that, and then put them away!  You don't have to close the accounts but take the cards out of your wallet and hide them from yourself! Next step, now that you have some breathing room, is to wait a month and then go to Bankrate.com and check for balance transfer cards.  You may be able to transfer the balance from that high rate card (if it is one of the ones that didn't get paid off), and move to a lower rate, and maybe even get a grace period -- zero interest. But don't stop there.   Whether you do the transfer or not, redouble your efforts to pay down the remaining card balances.  Here's the secret: Take the current minimum payment, and double it.  And write that number down.  Pay that same amount every month (even if the new minimum is lower each month) and do not charge another penny.  That way your balance will be paid off in less than 3 years! It's a math secret/interest secret that makes card issuers rich and keeps you in debt for 25 years or longer, if you don't use it!