Help with Credit Card Debt Please?!?!?
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I am a student and have come across an emergency with my car. So now I have a decent size credit card balance that only stresses me out the more I think about it. I have been going over my options and have yet to figure out which is best for me short term and long term.
1) I could take out a federal student subsidized loan to pay the balances off and make life less stressful right now and worry about it later.
2)I could just keep paying the minimums on the credit cards and watch that not really do anything at all to the balances.
3) I could transfer my balances on two of the cards to my main credit card with the biggest balance at a lower introductory rate APR.
4) I could ask for some advice on what I should do on Yahoo Answers.
Any help/advice would be greatly appreciated. AHHH!
Help with Credit Card Debt Please?!?!?Same question... Same answer...
You really need to pay more than the minimum to pay off credit cards. Pick the highest interest card and pay more than the minimum while continuing to pay the minimum on the others. Once the one is paid, take all the money going to that one and pay the next higher interest card. Keep doing this until they're all paid. This calculator uses this strategy and will give you a monthly payment schedule. Follow it and get out of debt!
http://debt.bizcalcs.com/Calculator.asp?...
Why do people only pay the minimum? If you can afford the minimum one month, why not pay at least that amount from now on? This calculator will show you how long it will take and how much interest you pay if you pay minimum...
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