Credit Card help, which should I pay off first?

[Gannikus]

Ok so I have a new personal line of credit that has $5000 with 18% APR $25 annual fee and I want to use it to pay off some of my credit cards. For now I can use a maximum of $150 on credit cards, the rest goes to other bills. I'm working only part time because I am still in school. So basically I want to get rid of the interest rates I pay every month. I’ll start with the highest balance cards.

Please don’t judge, I'm almost graduating college so I will eventually pay everything off.

Which card or cards should I pay off first? I’m thinking Chase #1 and Wells Fargo #1 because I pay such high interest fees per month due to an old balance but I just want other peoples opinions.

Chase #1

APR 18.99%

Balance 2,402 out of 2,500

Interest $39 fee every month and we usually pay $65 minimum payment (old balance, that’s why it’s high)

Wells Fargo  #1

APR 17.15%

Balance 2340 out of 2400

Interest $34 fee every month with a $50 minimum payment

Chase #2

APR 22.24%

Balance 1,136 out of 1,300

Interest $14.21 fee every month with a $45 minimum payment

Wells Fargo #2

APR 17.85%

Balance 263 out of 300

Interest $4 fee and $15 minimum payment

Sadly most of these are from buying books and other college expenses

Any help would be appreciated

 

[CAGkrazy]

You are not gonna pay of the cards if your only paying minimum for each of them. You are basically paying your interest each time. I suggest paying that $263 in full 1st then the chase 1 since it has the highest %. Its better to clear out one card at a time imo so youll not stressed in managing multiple bills per month

 

[GBAstar]

Man... I thought the trick in college was to take out extra money via something like Sallie Mae (tuition plus) on your education loans... so even though they have higher then normal interest rates (7-10%) it's still much better then running up CC debt while in college...

but regardless you're already in this situation. As the above poster mentioned I would start by paying off the $263. Don't close the card, as even just by having it open you'll build credit. Then attach the card with a balance of $1,136; I would pay minimum balance on the others so you don't incur fees and then pay as much as you can on the $1136 card. Even a $100 a month would have that closed out in ~ a year leaving you with just the remaining two which IMO is a much more manageable situation.

Then.. and most importantly... stop spending until you get that post college job

 

[frostybroc]

Like everyone else said pay the Wells Fargo #2, then start on Chase #2. After that go Chase #1, and WF #1. As for books, stop buying from the bookstore. CHeck out dealoz.com. Lifehacker had an article on cheaper books by looking for instructor textbooks, and other versions of text.

Lifehacker Article #1

Alos look into renting if it is a class that you have no real interest in. Like general ed. I'm in the camp if the book is part of your major/career field start a reference library.

Hope that help, I know went on a tangent there.  Lastly, look at your school for Full time work where they may offer free education (Not FWS). I went to a state school, as a Full time employee I got 6 credits a semester free.

 

[confoosious]

some will say pay off higher interest ones first.

pay off Wells Fargo #2 first (obviously). Then Chase #2.

By knocking out two whole cards' balances, you'll feel better.

Then take on the first two.

And stop buying video games.

Also don't cancel the cards if you pay them off if they don't have an annual fee. Keep them around for your credit score and use them one a quarter to buy a coke or something.

 

[dohdough]

Yeah, makes no sense to pay off the cards with a lower interest rate than your line of credit. Consolidating your debt is a good idea and hopefully, you won't reload your credit cards with additional debt. I don't know how the hell you're keeping up when you only have $150 a month to pay $180 in bills. You're bleeding like a mofo.