When paying off credit card debt

I find it easier to pick your lowest debt card and pay it off...then pay the next lowest off with the addition to the amount you were paying off the lowest. IE

BEFORE:
$340 balance card.......$15 a month
$500 balance card.......$35 a month
$800 balance card.......$50 a month

AFTER:
$340 card is paid off
$500 balance card.......$35 a month + $15 a month^^^^
$800 balance card.......$50 a month

Do that untill all of you debt is gone. You will not feel a difference in your budget (YOU SHOULD HAVE ONE!!!) and you will get you debt paid off sooner
Tags: creditcard
Geplaatst op 03-09-2008 21:15 | 2 Commentaar | 0 Keer als favoriet toegevoegd | 0 keren gemarkeerd als ontoepasselijk
 

Commentaar

#1     I gotta say, I've never understood why Americans seem to have more than one credit card.
That said, your tip seems to be good advice!
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omfg
Geplaatst op 01-10-2008 08:27
#2     Good advice. I intend on using a similar strategy with my student loans.
Geplaatst op 01-08-2009 22:18

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