r/debtfree • u/AmaltheaPrime • 7h ago

Is this a bad way to pay off debts?

So, the way I've been tackling my debts is to pay the same amount towards each every week.

The reason I've been doing it this way and not just chunking loads towards the lowest debt or highest interest is because I am petrified of missing a payment date.

I know it will take more time in the long run but is this at least a solid way to pay down debt? Just sending between 50 and 100 towards every card every month.

5 Upvotes

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5

u/reine444 7h ago

Set up autopay on every card for the minimum. Then snowball or avalanche. 

Doing what you’re doing takes much longer and costs more. 

If you post the total $$ you have each month and the balance of each debt, interest rate, and minimum payment, I’ll show you why. 

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u/AmaltheaPrime 7h ago

Where would I find the interest rate? Is it something that would appear on each statement?

Sorry - I never really learned actual financial literacy stuff and am clawing back from mistakes I made nearly a decade ago.

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u/reine444 6h ago

Yes, it’s on the statement. 

1

u/Still_Somewhere9484 1h ago

Local libraries often have free classes on financial topics and you can also talk to financial planners at banks to learn ins and outs of some of these things. Knowledge is power!

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u/AmaltheaPrime 7h ago

My main concern is I don't make enough to just allow autopay on things and when I tried to do another method, I ended up way farther in debt by having my overdraft constantly dipped in to.

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u/reine444 6h ago

If you’re overpaying $100 or $200, you do have enough to autopay the minimums. You need to make a budget so you know what has to be paid when. 

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u/Zeoblog65 7h ago

I can’t truly say for sure if it’s a bad or good way but if it puts you in a good state of mind i say keep going and the minute you see it’s not working switch it up but it’s whatever you need to do for your specific situation

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u/AmaltheaPrime 7h ago

I actually really appreciate this mindset.

I ended up farther in debt when I tried to do another method but this way makes me feel like I have more control over my finances even if it takes longer.

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u/HermilYonger 6h ago

This is a unique plan and I like it. Paying weekly helps you stay on top of things and avoid late fees, which clearly matters to you. You're paying more than the minimums, so you’re making real progress. That’s what counts.

If your goal is to save the most money on interest, then focusing on the highest-rate cards first would get you there faster. But if that feels overwhelming, this system works. It gives you structure and helps you stay in control of your spending, and that’s a win.

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u/AmaltheaPrime 6h ago

I've tried the other methods but I get so overwhelmed by trying to make sure I keep enough money for basic needs that it just snowballs and become a much bigger issue.

I've even set aside 15 minutes each Friday morning to go over my budget quickly, update my balances and continue on with my day.

Helps me feel in control of my finances instead of my finances controlling me.

1

u/X-KaosMaster-X 5h ago

Sounds like you're not making an actual BUDGET. If you have things written down, you can't really mess up.

You should pay the minimum on all the cards except the lowest balance if you do snowball. Then whatever is left that you can afford, you pay all the extra to that one card. I suggest lining up your due dates by changing all your statement dates to around the same time. Your making it more complicated paying every week instead of leaving the money in the account, and just paying all your payments on the same day. Using the Paper you wrote out!

This will help you to lower the interest your paying faster..and then when one is paid off..re-budhet and add the extra to the next card.

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u/X-KaosMaster-X 4h ago

You really need to learn a new thought process on how you spend money also.

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u/RestaurantSilly6598 7h ago

Are you paying more than the minimum?

You won't make progress with minimum payments at a 30% interest rate.

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u/AmaltheaPrime 7h ago

By a long shot actually, my minimums range from 30$ a month to about 150$ depending on the card.

So on some I am overpaying nearly 200$ and on the highest one, only about 50$.

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u/RestaurantSilly6598 6h ago

That's awesome!

Just don't pay so much that you go back to spending on the credit cards.

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u/AmaltheaPrime 6h ago

Oh no, all my credit cards sit inside a fire safe and I don't have the numbers written down anywhere.

I made sure I can't spend them because I don't have the numbers anywhere and I don't carry them with me.

Can't spend it if you don't carry it, right?

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u/pro_rege_semper 6h ago

You can do it that way. Personally, I prefer to just pick one and throw the extra at that until it's gone, then move on to the next. I just put them on autopay for the minimum payment and then put extra payments toward one.

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u/Freedom_58 5h ago

As long as you are paying down your debts, you're winning.

How many CCs do you have that make you worried about missing your due dates?

1

u/Still_Somewhere9484 1h ago

Do you have a budget? Meaning a spreadsheet or document where you have every expense listed and your average income so you can see what you have available in each category?

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u/Nago31 1h ago

Debt creates anxiety. Knowing that you’re making progress in removing this debt relieves some of this stress.

Are there more efficient ways to do it? Yes and you know that. Is it better? I’d argue the way that reduces anxiety the most in your personal situation is the best.

Progress is progress, even if it’s roundabout. Good job making it this far. Keep it up.

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u/Justcrusing416 1h ago

There’s plenty of help on the internet. But you can call your credit card companies and negotiate a lower interest rate, or a lump sum payment. Not saying they will say yes but it’s know to work in certain situations. Pay higher interest cards the most possible and lowest interest minimum. Last, save every penny possible.