I know about snowballing, and we have been working on getting our balances down, slowly, for over two years now. We've just come into a nice windfall, and although half of it needs to go to our EF (stormclouds), we are planning on sending about 10k to the credit cards. The thinking is that by sending in this huge snowball, it will minimize our monthly expenses, which frankly, are painful.
Up to this point, we have been paying off highest interest rate first. However, it occurs to me that it might make sense to go a little out of order. Yes, obviously, the point is to make a dent in the balance...but having the minimums go down is the other goal (in case of a gap in employment).
So (and sorry if this is a stupid question...). If I send in $1000 to pay off a card at 14.25%, I am "free" of a $25 minimum payment. If I send in that same $1000 to a cc with a 12.5% rate but that has a HUGE balance (like $35k huge), wouldn't that extra payment have a greater impact on my minimum payment that is due every month? Or would that balance due only go down about $25 too?