Paying off CC Debt
 

Is it better to pay off double or triple the min. montly payment on larger debts or on the smaller debts to totally knock out the smaller debts first, then climb up the ladder?

Pay all that shit off immediately...

Credit Card debt is for suckers :2 cents:

I agree with dustman. Pay off as soon as you can. Keep the accounts open for the history.

You couldn't pay me to use a Credit Card. (well I'm open to offers :))

Pay off smallest to largest. Knock out the small debts first.

What is debt?

From a cash flow standpoint: Reduce the higher interest rate principal, first. Size of loan is irrelevant.

From a credit standpoint: Every incidence of successful borrow >> repay is a plus on your report.

2hp

pay off the one with the highest interest rates first.. consolidate them to one card if you can.. at a lower rate.. then pay them off...

and close all but two.. one as your main (pay off each month) and one as a backup in case you need it for emergencies..

the more accounts you have open.. the more it affects your fico..
the more balances you carry the more it affects your fico..

becoming debt free was one of my big milestones.. credit cards and student loans all paid in full.. now i just have a mortgage and one lease payment.. :)

Don't forget to use your dormant cards from time to time for small purchases to show activity. Some banks will want to close accounts that are inactive for too long.

Don't close the old accounts!

pay off the one with the highest interest rates first.. consolidate them to one card if you can.. at a lower rate.. then pay them off...

and close all but two.. one as your main (pay off each month) and one as a backup in case you need it for emergencies..

the more accounts you have open.. the more it affects your fico..
the more balances you carry the more it affects your fico..

becoming debt free was one of my big milestones.. credit cards and student loans all paid in full.. now i just have a mortgage and one lease payment.. :)

Actually, using a credit card is very smart for credit building and earning trust from lenders.

Building up an insurmountable debt on a credit card is not so smart though.

hard to rent a car or get a hotel room without one these days.. sure debit cards work.. but it can also freeze your funds..

:thumbsup

find a few 0% balance transfer offers.

Dammit, I hate when you post what I was going to post. :thumbsup

I would say, the more you can pay the better.

pay more than the monthly minimums..

Write bad checks, then phone them and blame it on your accountant. Threaten to sue them if they attempt to charge you interest or bounced check fees.

When that stops working, max out whatever cards you have left and move to Guatemala. :thumbsup

Pay the whole "balance due" each month or throw them away.

Like an American Express charge card.

Higher interest first.

But they have proven that psychologically it is important to finish off some smaller ones as you go. It has a greater effect on the psyche.

Pay them off and keep one and cut up the rest..too easy to get buried in debt

run them all up, get more, run those up too.. repeat until you die.. leaving an enormous amount of debt unpaid.

That's what I was thinking.

that's the way to go

See icq for from Dave Ramsey disciple. ;)