ok so I am in debt trouble. I owe about 12,000 dollars. The balances is divided into 6 credit cards. Fortunately, I am receiving a 5,000 dollars payment that I am thinking of using to payoff some of these balances. Is it better to completely payoff 2 or 3 of my credit cards so I can concentrate on the others, or should I put an equal amount of money to pay some of each account. Please note that the interest rates are almost identical. Also, would it be better to maybe use some of this money in some kind of investment??
2006-12-03 19:15:47 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Pay off as many as you can. Then you can deal with the other card's . If you pay off on or two your credit score will increase also that will a few less bills each month but make sure to pay the min. on the other cards. I Always pay one off as soon as I can.It gives you a better cash flow each month.
2006-12-03 21:19:35 · answer #1 · answered by ? 6 · 0⤊ 0⤋
cut up that little plastic very own loan shark, and close the account. never purchase on credit. Then, so what if your credit drops some factors while you at the instant are not buying on credit? Why complication approximately some thing you do no longer use? Use debit enjoying cards. ignore the $six hundred month motor vehicle money - get what motor vehicle you are able to with funds. in case you honestly could desire to borrow for a house, get not extra homestead than you will pay a minimum of 20% down, and not extra advantageous than 25% of your take homestead pay in money for a optimal of 15 years.
2016-12-29 21:01:03 · answer #2 · answered by radosevich 3 · 0⤊ 0⤋
Put some in saving - in case of emergency. Pay off the card one by one so then you can avoid interest on it. Good luck with paying it off and don't be late on payment. Even though you pay 1 by 1, don't forget to pay the minimum on the others. Good luck !
2006-12-03 19:23:25 · answer #3 · answered by a9113257311 3 · 0⤊ 0⤋
Any credit cards that charge you an annual fee should be paid off and then cancelled; however, don't cancel cards that don't charge you annual fees. You can clip them up to make plastic confetti but keep the accounts open to build and maintain your credit history.
2006-12-03 22:38:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋
put 2k in savings, use 4 to pay off one or more, cut the cards but leave the accounts open, keeps your avail credit up for your credit score.
2006-12-03 19:20:04 · answer #5 · answered by David B 6 · 0⤊ 0⤋