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Paying off credit card debt

I know shame on me for accumulating so much cc debt trust me I have been hard on myself but now I am trying to fix it. Should I pay off the cards with the larger amounts individually or a few of the smaller ones and then large amounts on the other cards?

 
vjoaquin

Asked by vjoaquin at 11:47 PM on Jan. 9, 2011 in Money & Work

Level 17 (3,786 Credits)
This question is closed.
Answers (12)
  • I would honestly start smaller and go bigger, some people say go off of APR but the fact is that you want some gratification. So say your smallest debt is 200 largest 2000, varied in between, it's like you're getting to the next level and teaching yourself to put money away all in once.
    Liek the first step is 200....woohoo
    2nd is the 500 card....another gratification
    3rd the 750 card, etc
    DomoniqueWS

    Answer by DomoniqueWS at 12:00 AM on Jan. 10, 2011

  • I would do smallest to largest unless some of the balances are similar in size then I would pay off the one with the higher APR first.

    I know that doesn't seem mathematically correct, but math isn't the only part of personal finances. Emotions play a part too. Say you have 10 credit cards, it's going to feel super good to go down to 9, then 8 then 7 and eventually zero. Having so many credit cards in the mail can be emotionally draining. But as you pay them off, cut them up and close them you'll feel empowered. Which can motivate you to pay them off even faster.

    I know you didn't ask- but I would also recommend Dave Ramsey's book, Total Money Makeover. He's great for motivating you to pay off debt, especially credit cards.

    Good luck!
    Erica_Smerica

    Answer by Erica_Smerica at 6:43 AM on Jan. 10, 2011

  • for me it would depend on the rates and how small the balances are.

    I know one of the popular things is to snowball your payments where you have your set amount to pay towards your debt a month as you pay off your smaller ones you add that payment to your bigger debt payment.

    If any of them are store cards those usually have crazy high rates so those would be the ones I would knock out first..
    Charis76

    Answer by Charis76 at 12:00 AM on Jan. 10, 2011

  • I always do smaller to larger as well. It makes me feel better when i can wipe out a whole credit card, no matter the amount, instead of 100 on each! lol
    work at it, cut back on what you don't need in life and good luck! xo
    CABlonde

    Answer by CABlonde at 12:09 AM on Jan. 10, 2011

  • My SO is in the middle of getting rid of some old debts that just got out of control, idk how someone got so much credit at such a young age but he did and he has all of his debt in rank order, smallest to largest, and he is just going thru them. It's going to take him probably until July to wipe it all out, but it's worth it.
    Good Luck
    I know even though I don't have this debt, even being a second party watching him figure it out has been stressful. Just don't give up. Set aside the money and treat the set aside money like it isn't even yours that way you can lose some of the temptation.
    DomoniqueWS

    Answer by DomoniqueWS at 12:16 AM on Jan. 10, 2011

  • Check Out Dave Ramsey's Site and books! http://www.daveramsey.com/home/
    SAHMinIL2

    Answer by SAHMinIL2 at 8:46 AM on Jan. 10, 2011

  • Start with the card with the smallest amount, that feels good and you can see light at the end of the tunnel.
    After the small amounts are done then go to the largest amount and the one with the highest interest rate.
    Good for you working on getting out of debt.....it will help you in many ways.
    Librarylady60

    Answer by Librarylady60 at 6:49 AM on Jan. 10, 2011

  • Hard to say. I know the nightmare u r going through,I have been there! Those things r bad news! We got some money or rather won some in the lottery and we used that to pay them all off!! We will never have credit card debt again!!!
    Anonymous

    Answer by Anonymous at 11:56 PM on Jan. 9, 2011

  • Domonique thats what I was thinking about doing. Thanks
    vjoaquin

    Comment by vjoaquin (original poster) at 12:03 AM on Jan. 10, 2011

  • I would start with smaller amounts. When you pay off the smaller one, roll that payment over the next one. Keep going until you pay them all off. Good luck!
    Mom2Just1

    Answer by Mom2Just1 at 1:32 PM on Jan. 10, 2011

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