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what to do about all these credit cards?

we have so many credit cards w, high balances,,,,,,,,,,,,,does anyone else have this problem? I hate having this on my back?

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Anonymous

Asked by Anonymous at 7:21 AM on Jul. 9, 2008 in Money & Work

Answers (5)
  • Yes we do: but it's slowly going away for us!! Google Dave Ramsey, follow his plan!! Which is STOP USING THEM, pay with CASH ONLY, and pay off your current debit and stay out of debit by using CASH ONLY!

    We have in this last year have already reduce our debit by 1/3...and continuing to make progress.....it takes A LOT Of self-discipline, but it can be done!!
    SAHMinIL

    Answer by SAHMinIL at 8:47 AM on Jul. 9, 2008

  • We do. Strange thing is the only credit card I have is for Dell from when I bought my laptop. All the rest are my husband's and it drives me nuts! I'm constantly after him to get rid of them.

    I suggest paying them off and cutting them up. Keep one for emergencies. When paying them don't pay just the minimum. You want to pay more than the interest. How much is up to you. Don't pay one credit card with another as that sort of defeats the purpose.

    Debt consolidation should help too. A lot of people don't want to do it because they think it'll mess up their credit. But if you can't pay your cards (happens eventually when it gets to be too much) then your credit will be trashed.
    amethystrse

    Answer by amethystrse at 9:09 AM on Jul. 9, 2008

  • you may be abe to transfer all your balance onto one no interest card if you get an offer. then still pay the same amount. if not, always pay more than the minimum. and quit using them.
    princezzmommie

    Answer by princezzmommie at 10:50 AM on Jul. 9, 2008

  • If you have money in savings, pay off one of the cards and CANCEL it. I know everyone likes to have savings money for a "rainy day" or an emergency, but what's the point in having a savings account with a LOW APR and 3-4 credit cards with HIGH APR?? You're spending WAY more money on the fees of your credit cards than you're making in interest in savings. Now is probably also a good time to have a garage sale, sell some things on eBay, clip coupons, cut back on eating out, etc. Good luck!
    crazysocks830

    Answer by crazysocks830 at 1:27 PM on Jul. 9, 2008

  • You may be able to save up some money to pay off your cards if you work from home email me and I will tell you how.
    GarlicMom

    Answer by GarlicMom at 6:24 PM on Jul. 9, 2008

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