Which way would be easier to pay off $1,800 in debt?

Question

save up my bi-weekly paycheck of approx. $750 until it ads up to 1600 or more... saving $1,000 a month

or pay approx $100 to each debt (4) each paycheck ($750) subtracting 100 dollars in gas and 100 misc leaving me with 150 to live on for two weeks...

this debt is accumulated between 3 credit cards and a dentist fee.

GUH!!!

i hate credit cards.

Answer 1

I'd attack them one at a time, starting with the smallest debt.  Throw everything you can at the smallest one until it is paid off, and then move on to the next one.  Here a few other tips for getting out of debt, and staying out:

1. Stop charging

2. Pay debts off smallest to largest, regardless of interest rate

3. Divide credit card minimum payments in half and pay that amount twice a month.

4. Make micro payments (commonly referred to as snowflakes) any time you receive extra money.

5. Don’t waste time with balance transfers, unless you owe more than $10k.

6. Find part-time work.

7. Close out your newest accounts as you pay them off.

8. Get angry! Make debt repayment your top financial priority and focus all your energy on getting out.

Answer 2

The credit cards are an easy choice - pay them off as quickly as you can, unless you are getting a low "teaser" interest rate.  You'll never earn enough interest in a savings account to make it worth your while to save up until you can pay in full.

The dentist bill is less clear, since you may not be getting charged any interest at all on that bill.  Still, it's best to maintain good relations with your dentist rather than let the bill slide while you are tackling higher priorities.  Talk to the dentist's office manager and negotiate a mutually agreeable payment schedule, then stick to it.

Incidentally, things aren't quite as dire as you make it sound.  Credit card bills only come once a month, whereas you get paid biweekly.  If you simply can't afford $100 toward each credit card from each paycheck, you can always cut back a little.  Just make sure you pay as much as you can in order to cut down the principal each month.

Answer 3

attack 1 card at a time ...  start paying extra (as much as you can) with whatever has the highest interest and only pay the minimum on the others ...  when that is paid, pay extra on the next highest interest ...  and so on and so forth ...

if they are at the same rate, start with the smallest balance and pay that off first ...