credit card debt
Question: Anyway, what else do people suggest?
If you can’t pay cash for it…YOU CAN’T AFFORD IT!
Cut up your last credit card.
NO ONE has ever borrowed their way out of debt. Getting out of debt is like loosing weight…..just one pound at a time. Pay off the smallest card first. Pay minimums on the rest. Eliminate the first debt. Pay off the next card and eliminate that….and so on.
Answer: It’s stupid to pay more in interest than you have to, especially with some cards running upwards of 20 percent. I’ll stand by my earlier advice to consider the home equity loan which is probably at a much lower interest rate. Consolidating the credit card debt onto anything with lower interest would also be advisable.
Choosing the card with the smallest balance to make the largest payments on is not logical unless it’s also the one with the lowest interest rate.
This advice does assume, though, that the debtor has been able to modify their spending habits and won’t start assuming new credit card debt.
Related Posts
Filed under: Home Equity Loan
Leave a Comment
XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>
TrackBack URL | RSS feed for comments on this post.