The interest rate you get with the debt is not the interest affecting your credit. It is the interest rate you pay back the money owed. The best way to attack any debt is to consolidate all debts into one (including your mortgage) and aggressively attack the debt per paycheck (not per month). The worst is to pay each debt – minimum payments – one at a time. To verify, multiply a previous year’s monthly interest percent paid by 12 to see the real annual percentage rate (APR) you paid for the year, and compare it to the interest on your statement.
You can see from my 2021 credit card activity (pictured), the true effect of my payments on the interest. I use my credit card for all expenses, because credit is built by using credit. We have created some simple tools to assist in debt management and credit repairs. We are here to support you.
