paying off debt

[morrises]

Anyone have any good tips for paying off credit cardS?

[careyk]

cut them up and don't use them...if you have to...use only one and pay off the monthly bill in full to avoid ridiculous interest rates!!!!

[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.
I'm doing this with our cars. My wifes celica will be paid for in march, after that I will make the payments toward my PT & pay it off in less than half the remaining time. By the time the PT is paid I'll have plenty saved for a good down payment on a new car & both existing cars will be paid in full, giving us an extra $600 a month of usable income.

[Teekypt]

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.

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....

[quicksilverdon]

Also, call the credit card companies and talk to them. My wife has actually gotten then to lower the interest rate.

[ucantcme]

Believe it or not...the interest rate on my credit card is 22%!!! Not even joking. It's my first card, and it's all I could get and I really want one to start my credit. Maybe I should try calling or going to my bank to ask if I can get it any lower. My balance is only $500 :P. It keeps me out of trouble though!

[morrises]

Yeah, I call every 6 months oor so and ask them to lower my rate.

I normally say something like


"Hello, my name is Echo blahblahblah I've been a quality customer for X amount of time, and I have never had a late payment. I feel that it is in your best interest to lower my interest rate."

Then if they tell me they can't, I ask to speak to a manager...

Normally they lower it.

I lowered one card from 22 to 14, then another from 24 to 12. Then I called like 6 months later, got the 12 percent card down to 2.99 for 9 months, then in Sept I'll be able to call and see what other kind of rate I can get.

Currently I got another card because they were offering me a year at zero percent, then balance transfers at zero percent (although I had to pay a little to transfer it), so I transfered the balance from the 14 percent card to the zero percent and am now paying that off.. I plan on transfering more of the 2.99 card once I'm done paying off the 14 percent card.


It's kind of fun.... .