I owe $8000 in credit card debt. I have 4 different cards?

Question

First owe $4800
2nd owe $2400
3rd owe $640
4th owe $90

How can i get this paid off fast?

Answer 1

You want to use a debt elimination calendar.
Check out this blog entry for example and details.
http://calendarbudget.com/wordpress/index.php?p=14

Answer 2

Hey baby... sorry couldn't resist...

Generally, when I advise people on debt management, I start with looking at interest rate. The highest interest rate cards are usually the best candidates for being paid off first. Also, the amount of the minimum payment matters a lot too, because the sooner you can pay those off, the sooner you can improve cash flow and commit more money to saving and further debt relief.

If you can pay off the $90 card in one fell swoop, do it. Then use that same $90 each month to go toward the highest interest rate card and/or highest payment amount card. You'll start to see the snowball this creates as you pile more and more money onto the debt as it getsdown farther and farther. It's a really great feeling!

Good luck!

Answer 3

I suggest you first kill of the credit card with the $90. This will be one last minimum payment you will HAVE to give.. after this take the amounts owed on each card and divide it by the monthly minimum payment... for example if on card 3 that you owe $640 say your min. payment was that of 20 then the number you'd get would be 32 (640/20=32).. do this with the three cards you owe and write down the number you get from each.. now you would pay your cards in this order (from the smallest number you get to the largest) yes?? This is one of the ways that I read about. There are many other ways too.. for example I have also been told to pay them from the highest interest rate to the lowest... just stick to not using them again. Good Luck

Answer 4

First, sit down and make a strict budget. Eliminate all the extras -- premium cable and internet, cell phone , eating out, new clothes, etc. Take every penny you can squeeze out of that budget and put it on the highest interest rate card, while making minimum payments on the rest. When the highest is paid off, go to the next till they are all paid off.

I would probably pay off that $90 first just go get it out of the way.

Get a second job and throw that money at your debt.

Only charge what you can afford to pay in full at the end of the month.

Answer 5

First of all pay off the $90 in full. Then see if you can find a 0% transfer balance to transfer the 3 of them all on to one card. Some companies have good deals if you can do this. Try to get the lowest APR. Call them and see if they will lower it, that will help in the meantime. Then you will only have one bill each month and pay the maximum you can afford. In the future try to use only one credit card, the one with the lowest APR and try to pay it off monthly.

Answer 6

Doubt it. I would guess that McCain, like most politicians, has more than enough money to pay off $225,000 of debt. And as to the second question, most people in credit card debt aren't in debt on one card, but multiple cards.

Answer 7

first pay off the card with the highest interest rate, or call the credit card companies and see if they would lower your interest rate, some could give you a 0% APY for a couple months. Most important thing is to ALWAYS make the minimum payments.

Answer 8

If you can get a home equity line, use that to pay it off.. pick up some extra hours at work, cut your budget back, eat in, instead of out... save every dime you can to get it paid off. Sell stuff on Ebay, use the money to pay the credit cards off.

Answer 9

First credit card $90....pay $30 for the next 3 weeks to them
Second credit card $640.....pay $80 for the next 8 weeks
Third and Fourth credit card....try to consolidate to one payment with a low interest rate..

Answer 10

There is a great place to go with this. I was in a very similar situation.

This is getting help from real people without the use of banks or credit card companies. Good Luck!

http://www.prosper.com/join/lzc5wh

Answer 11

Ouch! start with one card at a time. pay the most you can till the card is paid off and move to the next.