Which card do I pay off first? Do I pay them both down equally?

card1: $1500 @ 19.50 annual
card2: $999 @ 19.75 annual

Once I get back to work for the summer, do I pay down card2 and make the minimum payments on 1 until I card2 is down to $0?

Because the APR's are so close, there are two main options:

1. Pay off the smaller card first because it would be easier to do so, and therefore provide a psychological boost on your way to managing your debt - hooray, I paid one off, now the next!

2. Pay off the larger card because you are paying more interest because of the larger sum.

Either way, I'd recommend focusing on paying off one card first rather than both together.

ARom, I completely agree with your debt payoff strategy. Take care of the smaller debt card entirely and then you will be able to throw everything at the other.

That is one of the best and effective ways to pay off debt. Start with the smallest first while paying minimum on the other. If you can pay extra on the smaller, then do so. Then once it is paid off, apply your payment to the other bill.

I'm going to have to agree with everyone on this one.. Brian (Admin) pretty much put it all out there for you. The psychological boost is very important as well.. A lot of people I deal with are so mentally drained from being overwhelmed they almost always are very close to giving up and about ready to stop paying their bills (even mortgages and car payments) which people normally would never consider doing.

Just think of a budget for yourself and plan your finances out and STICK TO IT and you will be fine.

i also have to agree .. slow and steady re-payment.. though i would call the visa card and request to have the interest lowered.. there might be a promotion going on.. you might be suprised!
Lisa

I would request a lower interest rate as well. That is extremely high! However, once you start working again you'll be able to pay it off in no time.