OMG UPDATE: Question? Answer.

Updated on Saturday, December 28

#5626

QUESTION: I have 2 credit cards with $1000 owed on both cards. I have received $1000. Should I pay off one card fully or split the money between the two? They both have the same interest rate.

9 comments

  1. pay the minimum on both.

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  2. If you split for each or pay off one you still pay the same interest.

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  3. You need to pay the mininum charge per month on each credit card. You will be paying interest on $2000 dollars so it doesn't matter which you pay off.

    But the best cure is prevention so it is best to avoid paying money you do not have. 20% interest charges are killers.

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  4. Since interest rates are the same, it doesn't matter. However, make sure you pay the minimum payment on both (i.e. something like $990 to one, $10 to the other, assuming $10 is the minimum payment -- check your statement, it might be a few dollars more).

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  5. Wow, really? Good god...

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  6. I would try online poker first its pretty easy to double your money in a night then you can pay off both cards!

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  7. As people said, pay at least the minimum on both. I want to point out that paying 1 off completely will at least free up the card so that you get your interest-free grace days again. (Although if you can't afford it right now, I wouldn't put more charges on credit cards)

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  8. Contrary to what others have said, it DOES make a difference how you pay it off. Credit rating is based on how long you leave big charges on your account (in combination with other things). Splitting 500/500 is the best option because it will bring your account total back down and keep your credit score okay.

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  9. Pay off one entirely + cancel the card, pay the minimum on the second. If you're unwilling/unable to do that, just pay they minimum on both.

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