Need guidance on what to do

[KinoNM]

I want to rid myself of credit card debt once and for all! Here are my debts:

 

Debt #1 - 0% until Nov 2013, Bal: $1600.00

Debt #2 - 9.9%, Bal: $1775.00

Debt #3 - 11.9%, Bal: $9000

Debt #4 - 12.24%, Bal $10000.00

Debt #5 - 10.65%, Bal $18000.00

 

Amount I have to put towards these every month: $1700 until Jun 2014, then $800 thereafter.

 

Should I try and pay these off using the snowball method or will a debt consolidation be better? Thank you all, in advance, for your help.

[stroked89coupe]

If it were me I would start with debt number 2 and knock them out smallest to largest. This will give you that satisfaction of actually paying something off. Obviously this would not be a good idea if you wanted to save every penny due to intrest rates. Remember if you were paying the minimum each time you pay a card off you can use what ever you were normally paying on that card and put it towards others to help speed the payoff process.

[KinoNM]

Makes sense. Why not pay off #1 first? Also, I should have posted my min payments.

 

Debt #1 - min paymt: $25.00

Debt #2 - min paymt: $78.00

Debt #3 - min paymt: $155.00

Debt #4 - min paymt: $220.00

Debt #5 - min paymt: $370.00

[jolla]

I would snowball focusing on highest rates first. You didn't say what the rate of #1 will be after Nov, so until then:

 

Debt #1: $25

Debt #2: $78

Debt #3: $155

Debt #4: $1072

Debt #5: $370

 

When #4 is gone, focus on the next highest rate.