Iowe2much
12-09-2008, 11:24 AM
Hi, new here... hope someone can help with a decision.
We have about 6500 in cash. We were originally going to pay off our son's HS tuition payment (the monthy pmt is about $1100 to be paid off entirely in April). But we also have a $13000 BOA CC we need to pay down, which is over limit by about 400, plus we are late on our last payment.
So, would you pay off the tuition payment and be done with it, freeing up $1100 a month. Or we were thinking of paying 3500 on the tuition now and just pay the rest off the next few months.... and pay down the BOA CC by the other $3000 left, bringing us well below our credit limit, then whittling down the card from there.
Side note: BOA wants to put us on a program that will reduce our interest, but we are to make set payments every month for 5 years which will pay off the card (of course they say we cannot use the card either). But somehow this does not sound good to me, like it will really screw up our credit.
Hope that makes sense. If you need more info just ask. ..... Thanks.
We have about 6500 in cash. We were originally going to pay off our son's HS tuition payment (the monthy pmt is about $1100 to be paid off entirely in April). But we also have a $13000 BOA CC we need to pay down, which is over limit by about 400, plus we are late on our last payment.
So, would you pay off the tuition payment and be done with it, freeing up $1100 a month. Or we were thinking of paying 3500 on the tuition now and just pay the rest off the next few months.... and pay down the BOA CC by the other $3000 left, bringing us well below our credit limit, then whittling down the card from there.
Side note: BOA wants to put us on a program that will reduce our interest, but we are to make set payments every month for 5 years which will pay off the card (of course they say we cannot use the card either). But somehow this does not sound good to me, like it will really screw up our credit.
Hope that makes sense. If you need more info just ask. ..... Thanks.