I have a ballance of about 2,000 in 2 credit cards, what's the best way to get rid of it?

Answer 1

First thing to do is get 1 card with a zero interest rate and transfer the balances, if your able. Second thing to do is, and this is extremely important..CUT UP THE FIRST TWO CARDS AND CANCEL THEM! Then pay it every week if that's how you get paid. If you can't get a zero rate card then CUT UP THE CARDS FIRST! CANCEL BOTH CARDS! You have to call the company to cancel but doing it will insure you don't use them. Then, taking the card with the highest rate start putting every dime on it you can. Pay it everytime you get a paycheck. Continue to pay the other, at least the minimum payment every month, a little more if you can. If you cut out all your extras and like I said put every spare dime towards it you'll have it paid in no time. Then, do the same with 2nd card. The important thing to remember is not to get yourself in more debt in the meantime. $2,000. isn't a whole lot in the big scheme of life, but it's best to get a handle on your finances now. You will feel so good about yourself when you do! Good luck and hang in there!

Answer 2

One thing you have to learn when you are growing up is watch your financial income. That's something I have to teach myself growing up. Now, as for the best action to take, this is what I suggest: First off all, even though you may not want to do it, find a credit card offer that has a resonable introductory APR percentage on balance transfers. There are some credit card offers that have an introductory 0% rate on balance transfers for a certain amount of time (maybe about 6 to 9 months). Now, if you don't know what a balance transfer is, don't feel bad. I didn't either when I was younger. LOL. It's the process used to move a balance from one account or loan to another. This is usually done to take advantage of a lower APR, to consolidate bills or to take advantage of an affinity program. Balance transfers can be processed using convenience checks, by contacting customer service, or through a telemarketing application. You know, those pre-qualified applications you get in the mail. You can apply for that card and get approved for it when you call, in most cases. Now, hopefully the card you are applying for has a higher credit limit than your already exsisting one. That way you can go ahead and put in the full $2000 transfer. $1000 to one card, and $1000 to the other. Now if you are approved, it's gonna take some time for the transfer to be processed. Maybe about two to three weeks. About the same amount of time it's gonna take for you to receive your card. During the time you are waiting for the transfer to be processed, keep making the minimum payments on the already exsisting account, that way you won't be charged extra interest charges. You're probably thinking, well what about the money i'm gonna own the new credit account. Yes, you are gonna have to pay that back, but at least you have some time to save up enough money to pay on it, plus your APR isn't just totally rediculous. It's something you can afford. Hope this advice was sufficient enough.

Answer 3

I would suggest one of two ways

if you can transfer one balance to the other with out incurring costs, transfer to the lowest interest rate. Then pay what you would pay to both to just the one. This will pay your principle down faster,which pays the balance off sooner.

The second is to figure out how much you can pay on these cards each month. Pay the minimum to one and all the remaining to the other. You will pay the second off at a faster rate. When that card is paid off, take the total you were paying between the two and apply that same amount to the last card monthly until the balance is gone.

How credit card companies make money is by having low monthly payments that take very little off the principle. Most of the amount covers the interest. The card holder thinks wow i only have to pay $25 but that's a long time when you look at the deduction to the principle. It may only be reduced by $10.......

The best way to use credit cards is to only charge each month what you know you can afford to pay off in total each month. This way you will never pay one penny in interest......which in reality is wasted money.

Answer 4

People have made some good suggestions here already. I would take a pair of scissors to one of the credit cards now, and when one is paid off, close it. You only need one credit card.

You can phone the bank that issued the card and say, "Unless you lower my interest rate, I'm gonna transfer this balance to another bank," and they may lower your interest rate.

Here's one way to look at it. You could still be paying for a nice dinner you charged two years ago. LOL

Answer 5

You'll be getting your tax return soon? If not, try to pay the smallest ballance off 1st. Don't worry about the rates right now, with that amount it won't matter anyway.(20,000, then I'd worry!) Once you see results you'll see the big picture. The philosophy is one down ,one to go,and the 1st one's the hardest,so pay off the smallest one 1st. You'll see.

Answer 6

Pay the highest interest one first, and pay it as much as you can at a time. Don't wait for the bill to come, just pay every penny you can before you get too far behind and can never get out. Don't forget to pay the minimum on the second one though, until your first one is paid in full.

Answer 7

Check your junk mail or call your bank for a 0% interest on balance transfers for a year offer.

Transfer your $2000.

Answer 8

do not bypass down that highway do not prepare for more advantageous credit and kind out the ignored funds with the organizations and word in the journey that they could help as utilizing for more advantageous credit damages your score

Answer 9

Pay it off or file bankruptcy

Answer 10

give it to me... that way u'll get rid of it jus like that.... ;)