Question by Mandy: Credit Card Debt–ADVICE NEEDED!!!?
Over the past 3-4 years, since living on my own (I lived with my bf for 8 1/2 years before leaving that relationship), I have accumulated some pretty good credit card debt. About $ 18k worth to be exact. I know that it’s bad, but right now, I feel it’s not too late to pull myself out of the mess I have found myself in. I have four (4) CC that I owe on. Two have smaller balances ($ 300 and $ 900) and two have larger balances ($ 6k and $ 11k). I need help!!!! Someone that can give me advice on paying this debt down relatively fast. I appreciate any advice that anyone can offer.
Best answer:
Answer by pajaisen
The best thing would be to consolidate the credit cards into a single loan payment. You will probably get a better interest rate. If that’s not possible, then I would start with card with the highest interest rate and pay it off as quickly as you can. Definitely pay more that the minimum due or it will take “forever” to pay it off. I would probably pay the minimums on the lower rate cards and put all the extra money into the highest interest card. When that card is paid off, move on to the next highest and put all the extra money on that one.
That’s what I would do, but if anyone has a better way speak up!!
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