10 credit cards, all in due payment.?

Question

my friend is thinking how he should pay all his credit cards debts the soonest. Shall he pay all at the same time,just the minimum due? or one at a time,in excess of the minimum due, but not being able to pay for the interest/month?pls give us advice, thank u so much

Answer 1

http://creditapply.org/blog/ has good advice for you under the post "how can I lower my credit card debt"

The basic point is this:

- Attack the balance with the highest APR

People are tempted to pay off low-balance bills first and eliminating a bill or two. Instead you should start by paying the minimum payments on the cards with the lowest interest rates. On highest interest rate card, pay all the rest of your allotted money. Keep doing that until you have paid off the card with the highest interest rate, Then, move the next highest interest rate card into that position and keep paying down the highest rate cards first.

But other points that are discussed in details are

- Gain control of the urge to splurge
- Leave your credit card at home.
- Start making a financial plan today.
- Define the amount to allocate to credit card payments.
- If you have a saving account use the money to pay off debt.
- Consider a debt consolidation loan.
- Call Consumer Credit Counseling Services

As a last resort

- Use a debt workout/debt reduction firm
Be aware however that this type of workout will affect your credit. Someone who has done a credit card debt settlement would be considered a six on on a scale 1 to 10, 1 being the best score. For someone who started as a 1 or 2 this would be a dramatic devastation of their credit. On the other hand, if an individual already shows multiple accounts on their credit report that have been charged off by creditors they may already have a credit score of approximately 9. For these people the credit will improve from very very bad to only plain
bad.

Answer 2

Pay off the smallest ones first and then apply the money you would have spent on the smaller ones onto the larger ones. This is the fastest way to pay off debt aside of winning the lotto

Answer 3

1. Make sure to cover all minimums.
2. Pay 100% of what you have left over available to pay on the one with the highest interest rate.

Simple, easy, and optimal.

Answer 4

you're paying your bill on line, yet you want a paper fact mailed to you. If some thing breaks or you want information in courtroom that you got some thing, an information superhighway printout received't delay in courtroom. You fact will practice at the same time as the bill is due. Pay the quantity in finished to strengthen sturdy credit. wearing a stability reduces your credit status. /