Submitted by Electronic-Aide-7822 t3_10aafdr in personalfinance
I have 32,221 in credit card debt
Discover it $4688 APR 22.99%
. Discover it 2 $5919 APR 22.99%
. PayPal $818 APR 26.99%
. Amazon $3,468 APR 22.4%
. Capital One Quicksilver $3,075 APR 22.99%
. Wells Fargo $2,429.82 APR 24.99%
. Freedom unlimited $2,803 APR 22.99%
. Freedom flex $2,439 APR 22.99%
. Amex $1113 APR 23.99%
. Citi $926.24 APR 29.99%
. Capital One Platinum $553.28 APR 24.99%
My goal was to pay them down by highest APR, but my family told me paying off the highest balance would save me the most money. Can someone explain to me which one is the better choice and why?
If I only pay the minimum on high balance then my entire payment only goes towards the interest and not towards the principal, will this hold me back?
Thank you for your help! ☺️