Spent 6 months paying down the wrong credit card first

I had two cards with balances and just assumed I should pay the one with the highest rate first, but it took me forever to notice the other card had a much lower limit that was killing my credit utilization. After a friend pointed it out, I switched my focus and freed up $1,200 in available credit in just 3 months. Has anyone else missed something obvious like that with their own payoff strategy?

2 comments

2 Comments

gray_nelson24d ago

That's a rough one, man. Real easy to get tunnel vision when you're focused on interest rates. Good on your friend for catching that.

oscarh1624d ago

Man, I gotta push back on this a little. Interest rates are literally the biggest factor in any real estate deal right now, so I get why someone would be obsessed with them. In my experience, missing a couple of minor details like permits or taxes isn't gonna kill a flip, but getting the financing math wrong absolutely will. My buddy tried to go cheap on a contractor's quote once and it blew up way worse than any rate change ever did. So yeah, tunnel vision on rates might be annoying, but it's not always the dumbest thing to fixate on. Just my two cents though, your mileage may vary.