Monthly Archives: February 2015

I have a dilemma

We have been paying off smaller debts now we are getting into the larger debts. I have a $13,200 Sony CC that is closed but has an interest rate of 21.24% and they will not work with us so right now every $400 min. payment we pay $240 goes to interest so not getting anywhere fast. We have 6 debts that are smaller that range from $2,500 to $7,500 with interest rates of 4.99% to 9.99% with only Sears $5,500 at a higher interest rate. I know Dave says the snowball should be lower to higher. But where there is such a difference in the interest rate we are then wasting a lot of money on interest. $240 in interest on that 1 card just pains us and if we could get that down and gone there would be so much extra money not going to interest only.

I know this might be opening a flood gate but if you were in our shoes would you do it exactly like Dave says and hand over that $240 in interest to a company that is so hard to work with oh by the way it is Capitol One. They bought the Sony cards used to be Chase.