How would you approach this? I have all my credit card balances and APRs listed. Thanks for any advice!
The best way would be to pay minimums on everything except your highest APR card. Throw every extra dollar you have at that one (your platinum card). Once it’s paid off, move on to the next highest interest card—quicksilver, discover, apple.
@Willoughby
Avalanche that Platinum card first!
@Willoughby
I’d go with snowball.
Top down, start with the highest interest rate.
I might be the odd one out here, but it depends on your situation. How much do you bring in each month? Personally, I’d go smallest debt to largest (snowball). Start with the apple card while paying minimums on the others. Once that’s done, you’ll free up some funds to attack the discover card faster. You already have debt, so knocking out one fast will give you the boost of confidence to handle the rest. Good luck!
You already know—tackle the one with the highest interest rate first, then work your way down.
You’ve got a mix of advice here—some suggesting snowball, others suggesting avalanche. It really depends on what motivates you. Avalanche is mathematically better because you pay less in interest, but snowball gives quicker wins by knocking out small debts. If you’re disciplined, avalanche might be best for you. If you need a boost of confidence, snowball could be more helpful.
@Maverick
Thanks! I was confused by all the mixed advice. I appreciate you breaking it down.
Wow, I didn’t realize how high interest rates are on credit cards these days. That’s crazy.
I’d kill for handwriting this neat!
Oaklan said:
I’d kill for handwriting this neat!
Best comment of the day 
I had six cards and now I’m down to one. I paid them off from smallest balance to largest, and it kept me motivated!
Pay minimums on everything except the smallest balance. Throw every extra dollar at that one, regardless of the interest rate. Once it’s gone, move on to the next smallest one. Maybe consider a side job to speed things up. Check out the Ramsey forum for more advice.
Snowball method: smallest debt first, then roll those payments into the next one. Make extra money where you can, and cut unnecessary expenses.
But without knowing more about your situation, that’s about all I can say.
@Rowan
Make a detailed budget. Track all expenses, get minimum payments on these cards, and include your income. People here are assuming you have money to pay extra, but cutting unnecessary spending and budgeting will be key.
Could you provide more details about your monthly income and spending? With that info, I could give better advice.
For those asking for more details:
I’m a single mom with an income that varies, but it averages around $4,400 per month. Here’s a breakdown:
Rent: $1,380
Car: $450
Insurance: $220
Daycare: $400
Gas: ~ $200
Internet: $50
Electric: $120-$200
I don’t have much wiggle room, but I’ve cut down on excessive spending. I had a decent savings but have been dipping into it every month. I’m now down to $500 and would love to build that back up to at least $5k for emergencies.
Thanks for all the advice. I really appreciate it.
If possible, take on a second or third job and pay down the highest interest rate card ASAP. If that’s not an option, try to get a credit card with a 0% interest promo and transfer the balance, paying it off within the promo period.
If you have good credit, look for a 0% interest credit card with a balance transfer offer and pay off your cards within that timeframe.