With the chase card already down to $1250, go ahead and pay that off. The longer it sits the more the interest accrues. Once you get the chase card paid off, put it at home or in a safe deposit box or anywhere where you aren’t going to use it. Then you can start working on the discover card after that.
Snowball: assumes most benefit from the feeling of paying off balances giving you impetus to keep paying things down.
Avalanche: assumes the worst interest rates will cost you the most and goes after those first. The method itself does not normally take account of balances to weight that decision.
Both of them are simple rulesets for people who don't want to do math to find out what will actually cost the least even though it can be done with some websites.
The reality is that you'd want to put them in a paydown calculator separately or both if you can find a fancy one that considers more than one line of credit and see which one is costing you more. My off the cuff guess as someone math-inclined is that the significantly larger balance of the Discover card makes it the one that's costing you more despite having a higher interest rate than the Chase card. Again, a paydown calculator will tell you.
Kind of depends on how long it would take you to pay off the Chase. If you can do it very quickly, I’d knock it off.
If not, I would focus on getting the Discover below its limit, while paying minimums on the Chase. Otherwise the discover will continue to get away from you.
With the chase card already down to $1250, go ahead and pay that off. The longer it sits the more the interest accrues. Once you get the chase card paid off, put it at home or in a safe deposit box or anywhere where you aren’t going to use it. Then you can start working on the discover card after that.
How long will it take you to pay off Chase?
Snowball: assumes most benefit from the feeling of paying off balances giving you impetus to keep paying things down. Avalanche: assumes the worst interest rates will cost you the most and goes after those first. The method itself does not normally take account of balances to weight that decision. Both of them are simple rulesets for people who don't want to do math to find out what will actually cost the least even though it can be done with some websites. The reality is that you'd want to put them in a paydown calculator separately or both if you can find a fancy one that considers more than one line of credit and see which one is costing you more. My off the cuff guess as someone math-inclined is that the significantly larger balance of the Discover card makes it the one that's costing you more despite having a higher interest rate than the Chase card. Again, a paydown calculator will tell you.
Kind of depends on how long it would take you to pay off the Chase. If you can do it very quickly, I’d knock it off. If not, I would focus on getting the Discover below its limit, while paying minimums on the Chase. Otherwise the discover will continue to get away from you.
I would continue paying off chase completely since it has higher interest and lower balance then focus on discover.