2007-07-14 17:19:45 · 7 answers · asked by jamel b 1 in Business & Finance ➔ Credit
Depends how much debt you have and what your interest rates are.
2007-07-14 18:46:09 · answer #1 · answered by CommonCents 4 · 0⤊ 0⤋
The absolute most simple way to pay down credit cards is to take the credit card with the highest interest rate first and lock it away in a desk or safedeposit box somewhere, somewhere where you can find it if an emergence comes up or something. Then continue to make as big of payments you can on that card. That means more than the minimum payment to speed up the paying down... and pay the minimum on all the other cards since they'll all have lower interest rates. Then when the one is paid off, repeat the process with the next-highest card. It's important that if you want to pay off the balance, don't keep using it, you'll never catch up.
2007-07-15 02:57:37 · answer #2 · answered by Paris P 3 · 0⤊ 0⤋
Read these links. Priceless info.
http://www.fool.com/ccc/ccc.htm?source=PFinAg
Live BELOW your means until you have a rainy day nest egg.
It may take a long time but financial freedom is there to ANYONE who want to work for it.
Once you start saving(investing) on a regular basis and it starts to compound, you'd be happliy surprised at how much it adds up.
Don't borrow, buy only what you can pay cash for today and live a lifestyle that allows you to put 10% of you income away.
Look at the stock market in the 90's and again chart the market for the past 4 years. Only those who have had the discipline to save benefited from these "great times". Be that guy even if people pick on you. You'll lend them money in 10 years, I promise
2007-07-15 00:40:22 · answer #3 · answered by cptviggi 2 · 0⤊ 0⤋
If you have, say, 6 cards, pay off the one with the lowest balance first THEN CUT UP THE CARD!! Keep that up until you have just one card and then use it rarely!
2007-07-18 23:19:11 · answer #4 · answered by charlie m 4 · 0⤊ 0⤋
What I did was:
1. Stopped using credit cards
2. Paid off balances with the highest interest rates first, and so on...
Eventually, it will get paid off, but it takes time, depending on what your balance is...
Good luck...
2007-07-17 17:57:36 · answer #5 · answered by Web G 3 · 0⤊ 0⤋
Call these folks for advice ...
http://www.nfcc.org/
2007-07-15 00:33:22 · answer #6 · answered by jdkilp 7 · 0⤊ 0⤋
need more info
apr
balance
amount you make monthly
details
2007-07-15 12:14:55 · answer #7 · answered by Matthew M 2 · 0⤊ 0⤋