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Reply to "How to spend an unexpected student loan refund"
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[quote=Anonymous]If you list your credit card balances and interest rates, we can help you prioritize. I think it often makes sense to balance the lowest balance and highest rate approaches. For example, if you have a bunch of cards with small balances that you can knock out, that makes sense even if the rates are not that high, because it will give you a sense of accomplishment and less to track. But if that 40k is $15k at 9% and 25K at 22%, I’d put it towards the high interest because either way you have two balances left and the interest difference is substantial. But the bigger question is what caused the debt and is that resolved? Hopefully with loan payments complete, you can now put that money towards cards. But all the advice about which cards to pay off first only matters if you won’t turn around and run up balances again. [/quote]
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