Quote:
Originally Posted by JoeHundredAire
If you have multiple cards, start by paying off the easiest one first, while paying the bare minimum on the others. When you get that one paid off, use the money from that one to pay extra on the next, in effect your piggy backing the payments. Keep doubling down on the payments each time you get one paid off. And quit using them when you get them paid down, cut them up so you won't be tempted.
Do the same thing for any other bills you might have as well.
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Exactly.
I keep two credit cards. One for most of my purchases and the other is my bank card...so I actually have just one "real" credit card. I used it to help pay for my tuition. By the time I graduated, I had about 5000.00 on that card and 9000.00 in school loans. Two years ago, I paid my credit card off and now just pay the balance off every month. As far as school loans are concerned, just paid little over 3000.00 off last month (took the money out of my savings and paid the entire balance). Now, I take that extra money, (from monthly loan payment) and am trying to replenish my savings again.
Although school loans are supposed to be good debt, the interest rate was higher than the interest rate on my car loan. So, I got rid of it. I still have quite a bit left on my car, but I plan to do the same again...replenish my savings and dump that money on my car next year (pay it off)....then I can easily build my savings up again.
Once you start paying off these balances, your credit score will become higher and your interest rates will decrease....
