Credit card debt
Hello!
I have about three thousand dollars that can go towards my debt. Should I pay a thousand to each card to get the amount down, pay one card off then wants left over pay towards another card, get a transfer balance credit card, or get a loan to pay them off and use that money to pay that off? If you have a better way, I’m all in to read about it. I have five thousand in credit card debt. Thank you for your time.
Terry Says
I would pay down the balance on the credit card with the highest interest rate first. Then I would put $500 aside in savings — and NOT SPEND IT. Then I would split the balance between the two remaining cards — unless the remaining money would pay down a second card in full. If that’s the case, do it. Then put those cards away so it doesn’t happen again! And if you can double the current minimum monthly payment and pay that same amount every month — and not charge another penny — on the third card, it will be paid off in less than 3 years! Do it– You’ll love the feeling of being debt free!
