Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

1 Bump

Does anyone have any tricks to paying down credit cards?


Asked by ChicaThis at 11:21 PM on Dec. 2, 2010 in Money & Work

Level 13 (1,102 Credits)
This question is closed.
Answers (7)
  • Cut them up
    Get on a budget
    Have a garage sale and/or work an extra job to help pay them off faster
    Cancel them once you have paid them off.
    Pay them off smallest to largest regardless of interest rate. You'll find it extremely motivational to go from paying on 10 credit cards, to 9, then 8, then 7. Plus it frees up more cash that you can put towards the next smallest debt.
    Remember interest rate is not your biggest problem. The real issue is the debt. Once you get rid of the debt it won't matter what the interest rate is... still the interest does play a roll in this- so call and ask for lower interest rates- just don't make that your primary goal.

    Borrow Dave Ramsey's, Total Money Makeover from the library.
    It can be done!

    Answer by Erica_Smerica at 1:26 PM on Dec. 3, 2010

  • Cut them up first.

    Call the issuers of each card and ask for a lower rate. Offer to mail them the cut up cards, if that makes them happy. If they believe you're serious about shifting the balance to a lower-rate card, they'll match the lowest rate going.

    Pay the minimum payments on everything except THE highest interest card --on that one, pay as much as you can. When it's paid off, cancel it and then do the same for the next highest interest card (because things that cost you 29.5% means in 3 years you've paid double whatever 'deal' you got the item for!!)

    Continue until they're gone and then apply for ONE card, with a low limit, to be stored in the middle of a block of ice, or your safe deposit box --to be used ONLY to pay the deductible on an insurance claim and when you have saved an emergency fund worth all of your deductibles (total) plus 2 months expenses, cut it up and cancel the account.

    Prepaid cards only, now.

    Answer by LindaClement at 11:26 PM on Dec. 2, 2010

  • Watch your spending and don't put more on the card than you can pay off every month and pay it off in full. That's every bill, every time. It's the interest that kills you. If your debt is too high, seek debt consoldation or get a small loan to pay off all your credit cards and then you'll only have one bill instead of several.

    Answer by HotMama330 at 11:19 AM on Dec. 3, 2010

  • NO

    Answer by gordy3 at 11:26 PM on Dec. 2, 2010

  • Exactly what LindaClement said. You could also look into debt consolidation but make sure you go with a reputable company.

    Answer by Aquarius80 at 11:50 PM on Dec. 2, 2010

  • Stop using them and start paying them back every month. Eventually the debt will be gone.

    Answer by CarriePM at 11:55 PM on Dec. 2, 2010

  • Start with the one with the highest interest rate and make more than the minimum payment. Or if you have numerous credit cards, start with the smallest as Erica Smerica suggests.

    Answer by tasches at 5:08 PM on Dec. 3, 2010