Question

If you have any credit card debt, what is your payoff plan? Are you going to pay the minimum, more, in which order? Describe the plan to me.

Answer 1

Credit card payoff plan will depend upon the interest rate prevailing in the market at which i can avail loan to offset my current credit card loan,. suppose my credit card loan is at the rate of 10%.

interest on credit card interest on alternative loan option Type of action

10% 12%       Pay off at maximum at it is beneficial until other loan rate decline to 10% or lower

10% 8% Pay less and avail loan to offset the credit card loan

10% 10% remaining on the credit card loan paying minim

or maximum according to the expectation of

interest rate of loan in future