What is the best way to pay off 3 credit cards totalling $9,000? My credit score is 750 and own a home.?

Question

I was thinking about getting a personal loan to pat them all off.

Answer 1

Your credit score and owning a home are not relevant. The BEST way to pay of your cards is to spend less than you earn and apply the difference on to the cards. You can get the interest rates reduced by putting it up for bid. Check the balance transfer offers for each card, and any 'pre-approved' offers you have recently received in the mail. Then call each card issuer and ask them to best the best offer.

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Answer 2

Do you own your home or do you still have a mortgage? I would pay off the highest interest CC first, then the next. After paying off the first, use the money you are not paying on the first and pay on the second and so on. By no means pay just the minimum payment. Congratulations on your great effort. After you pay off the credit cards, decide which you want to keep and CLOSE the others. Just because you pay them off, doesnt mean they are closed. As Mortgage Loan Officer, I have seen credit reports with late pays on CC for $5.00. Dumb, but effective. God Bless

Answer 3

grads on the credit score == i would keep paying the minimum on two of the cards and take the off with the most interest and pay every penny until i go it paid off and than work on the other two in interest order -- at the same time either pay cash or paid full balance on any future credit cards!!!

Answer 4

get a fixed rate home equity loan pay the high interest credit cards off and dont use them again. Maybe keep one for emergencies or for making travel arrangements. U may even be able to use the interest you pay on the home equity loan as a tax deduction, you would have to ask your tax advisor.

Answer 5

Pay off the cards with the highest interest rate first.