I am in a situation with multiple credit card debts and want to pay it faster. I am a very conscious spender but I have accumulated some debt. On one card, I have almost $6873 debt and on another card, I have $4600, on another card I have $1580 debt, and in another one, I have $1925. Now the $6873 has 0% APR till January 2021 but I am getting a high interest of approximately $86 a month for my $4600 card due to the unpaid balance and the 0% APR was over in May of this year 2020. I am also getting monthly interest in my $1580 and $1925 card. I have savings of approximately $2500 in my different bank accounts. I have a job where I earn approximately $2500 per month. I contribute 1% of my income to my employee's 401k matching fund in Vanguard. These are the only debts I carry and I do not have any other debts at all. I regularly save $300-$400 per month even after all my bill payments and debt payment. Is it wiser to pay the $4600 debt first (paying more than other cards)? I want to pay $600-$650 monthly for this card and want to get rid of it and pay the minimum payment in others. Is my decision correct? Also, is my financial strategy correct overall? Any advice will be really appreciated and I am hoping to get rid of all of these credit card debts in 1-1.5 years and I believe I can do it. Thanks in advance.
