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Additional Details
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DREAMWEAVER | I owe $32,000 in 6 credit cards. How do I pay them off????????? |
I make $3750 per month after taxes, my expenses are $1000 per month. I dont have any savings, or assets. I am willing to pay $2750 per month. What is the bests way? |
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calliope320
|
First of all, make yourself a list (or a spreadsheet, if you're technically inclined) of all the cards, how much you owes on them, what the typical minimum payment is, and what the interest rate is.
Add up all the minimum payments. This is the minimum monthly credit card expense.
Check to see if any of the cards have a pretty low percentage usage. For example, if you had a $3k limit on average, are any of the cards under $1,500? If so, pay every last penny he toward the card that has the lowest balance until it's paid off, while you continue to pay the minimum on the other cards.
If there isn't a card close to pay off, he can choose to focus on either the card that has the lowest balance or the one that has the highest interest rate.
If there's some "room" on cards with lower interest rates, it's also not a bad idea to transfer some of the balance from the highest interest card to lower ones, then focus on paying off the now-reduced amount on the high-interest card.
Once one card is paid off, leave it open as an emergency buffer (also known as the broken fridge fund). Later, this will be replaced by a bank account buffer, but if you can get a credit buffer going, it's more important to pay off your debt than to have a lot of money in the bank.
Then choose another card to focus on. (The next low balance or high interest card.) Take the minimum amount that you used to pay on the first card and snowball it into the payment of the second. Wash, rinse, repeat. This process is called snowballing.
Example:
Card 1 - 1,200 (minimum payment: 50)
Card 2 - 1,000 (minimum payment: 40)
Card 3 - 800 (minimum payment: 25)
Once you pay off Card 3, you can then pay 65 per month to card 2.
Don't cancel the cards once you pay them off.
If you owe $30,000/$32,000 that's a 93.75% usage.
If you pay off a $2,000 card it's then $28k/$32k which is 87.5% usage.
However, if you close the paid off card it's now $28k/$30k, which is 93.33% usage.
Keeping the card open but not used makes you look better, because you're not as close to being totally maxed out. (Plus, that's your emergency fund until you get you credit card payments low enough to make a savings account emergency fund.) |
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Dean *
 |
Pay off the smallest amount credit debt first while paying the minimum payments on the others. When you are finished paying one off, then knock off the next the same same way. This is if all the interest rates are pretty much the same. Otherwise do this with the highest interest rate balance first to get rid of it. |
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lexy
 |
First - make sure you DO NOT add to your debt. No new charges. So make sure you are giving yourself enough room by limiting yourself to $1000 per month. (Sorry - I'm in NYC - so everything is expensive here...)
You should try to pay the card with the highest interest rate off first. So take the $2750 and pay the other 5 cards minimum amount due. Then take the whole balance and apply it to the card with the highest interest rate.
Once that card has been paid off - add the amount you were paying to the next highest interest rate card. Keep doing this until you are debt free. |
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InkyCherry
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start by cutting them up! |
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SMD
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Check out http://www.prosper.com . you can get a person to person loan and should be able to get a better rate than what is on your credit cards. |
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cuteman
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try to get a new card, they have promotion on balance transfer, that if you balance all of your loan to new card, they will charge only 3% to 5%. instead of 18%-20% which is there regular rate.
Second suggestion
try to get personal line of credit and pay off your loan at cards (there rate is 7% -9%) which is still less than credit card
thrid suggestion
if you have a house and have build up some equity may be renegotiate a new mortgage (also know as refinancing) this would be cheapest option (mortgage rates are now days howering around 6%)
Good Luck on your intitative to get over with credit cards.
and in future try to use cash or pay all due on cards before due date
thanks |
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Jeremy P
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In this situation, you might want to consider a 0% APR credit card. You could transfer some (or all) of your existing credit card debt to a 0% APR credit card and pay no interest for up to 12 months. This would allow you to save a lot of money-- and it would help consolidate your bills to a lower monthly payment. You can find a complete list of 0% APR credit cards here:
http://www.asapcreditcard.com/0-apr.html
Many people switch 0% credit cards on a regular basis to save money on interest-- and to carry their debts interest free. The money you were spending on interest before-- could then be used to pay down you debts more quickly!
Although switching credit cards on a regular basis has a slightly negative impact on your credit score (in the short-term), if you aren't taking out a mortgage (or other BIG loan) soon... it should have very little effect on your financial situation in the long-term. If your credit is still in good shape... you might want to consider a 0% APR credit card...
Hope this helps. GOOD LUCK! |
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See Saw
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Debt consolidation is also provided by credit-counseling firms. These firms will total up all your monthly debts and let you make one payment to them. With this amount, the firm will pay the lenders till the entire debt is cleared off. But exercise caution while selecting a credit-counseling firm, since some firms do not offer free services. People who have utilized debt counseling will assist you in choosing the right firm. The other option is to go for a debt consolidation loan that has quite a low interest rate.
http://debt-trap.com/category/Credit-Card-Debt-Consolidation.html |
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KitKat
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You might want to consider taking a home equity and consolidate your credit cards into one lower monthly payment it would probably have a lower apr & could also save you money in the long run. Otherwise if an HE isn't possible you might talk w your bank about a consolidation loan. |
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pretty l
|
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http://flammingstar.richjerk.hop.clickbank.net |
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take a loan on the and repay your credit card, and pay emi's on your loan, or file for bankruptcy |
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