Ask Your Finance Question. Finance Experts Answer You ASAP.

(Not a Finance Question?)

paying off credit cards/loans

Sent to Finance Experts June 9 2005 at 4:39 AM
   

i have a lump sum of money. should i pay off one big credit card bill or pay down a few bills instead

Customer (name blocked for privacy)
Status:  Closed   Value: $5
Answer
June 9 2005 at 4:42 AM (2 minutes and 51 seconds later)
         
REPLIEDCheck Mark

You should pay the bill that has the highest interest rate. If that's a credit card (and it usually is) then you should pay the credit card.

Regular loans and medical bills can be paid off within a fixed amount of time and credit cards cannot.

So - pay the CC first. Then you can work on the others.

Let me know if you still have questions.

Tammy F. -- Not an active Expert -- 100% Positive Feedback on 5 Finance Accepts
Not an active Expert
Reply
June 9 2005 at 4:56 AM (14 minutes and 18 seconds later)
         
Reply to Tammy Falkner's Post: thanks
Customer (name blocked for privacy)
Answer
June 9 2005 at 4:59 AM (3 minutes and 39 seconds later)
         
THIS ANSWER IS LOCKED!
You can view this answer by clicking here to Register or Login and paying $3.
Tammy F. -- Not an active Expert -- 100% Positive Feedback on 5 Finance Accepts
Not an active Expert
Think you can answer this question?
Login or Become an Expert

Related Answers

 

DISCLAIMER: You acknowledge that any information you may obtain from individuals you contact through use of the JustAnswer service comes from those individuals, not from JustAnswer, and that JustAnswer is not in any way responsible for any of the information these third parties may supply. The site and services are provided "as is" with no warranty and no representations are made regarding the qualification of an Expert. Responses and comments on JustAnswer are for general information and are not intended to substitute for informed professional advice (such as medical, legal, investment or accounting) and do not establish a professional-client relationship. JustAnswer is not intended or designed to address EMERGENCY QUESTIONS which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service.

JustAnswer > Financial Questions and Accounting Help