How to handle my credit card debt? (Snowball??)
By JDillio12
@JDillio12 (57)
United States
October 5, 2010 10:27pm CST
So I am a college student with 5 credit cards. Yes it sounds crazy, but most of the limits are 800 or less. They are all maxed due to various issues with vehicles, bills, and other costs that come with the college experience. I am no longer going to use any of them, but want to know how to best pay them off. I heard that snowballing works well, but does that mean I pay some of the balance off of the 0% interest card and transfer other balances to that one? Or what would be a good way to go about this?
5 responses
@ramzy2008 (13)
• Indonesia
6 Oct 10
I think you have to immediately pay off all your credit card debts fund can borrow from parents,siblings,or your sell an asset you have.After you cut out all paid of your cards and say goodbye o my credit card.
@JDillio12 (57)
• United States
6 Oct 10
It has to be out of pocket, so it will take me quite a while to cover all of it. There are many good suggestions on here though, I think I will start with the highest interest, highest balance, and go from there.
@randylovesdar (4932)
• United States
11 Oct 10
I would pay off the ones that have the highest percentage rate first then pay off the rest. If at all possible I would try to pay more than your minimum payment. I have my paypal credit card that I am trying to slowly, but surely pay off. I will be using it for Christmas (my husband's gifts actually). I am also launching an online store at etsy this week and am hoping to make money on there as well.
@hushi22 (4928)
•
6 Oct 10
wow! 5 credit cards? i know nothing about it actually because mom and friends told me i should not have one. hehehe =)
@RebeccaScarlett (2532)
• Canada
6 Oct 10
Usually you are supposed to pay off the one with the most interest first because that is the one that is accumulating the most additional debt. If you have a card with 0% interest, it will not accumulate any more debt if you let it sit, so you let it sit while you pay off the other debts.
@pemulabanget (142)
• Indonesia
9 Oct 10
Here's the best way I have found to manage your credit card. Whenever you make a purchase take that amount out of you checking account balance register, that way when the bill comes you just write check of the amount and will never get behind. Easier said than done thats for sure. Get a card that offer some type of reward for using it, cash back or points to trade. I think one of the best is the CITI premier pass, that one that I use. Just remember, try your best never to carry a balance it will eat you up and spit you out. If you have to carry a balance get a card that has a 0% for 12 months intro rate. Also I will impart a trick you can use if you get in trouble. Take advantage of 0% balance transfers. Always try to avoid paying interest. Whew I start to ramble there. Anyway hope this helps.
