Best Credit Card Payoff Strategy
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Posted: Tue Aug 10, 2004 3:31 pm
Post subject: Best Credit Card Payoff Strategy
lem
Date: 6/28/2001 9:16 am CDT
I didn't use credit cards too wisely in college, and am paying for it now. I have multiple cards, and finally went the route of consumer credit counseling. With the backing of the big non-profit organization, my interest rates have been cut, and I don't get late or overlimit fees.
In a situation like this, I was wondering if there is a specific strategy that is best towards paying them off. Should I try to pay off the card with the lowest balance first? The highest balance? The card with the highest interest rate? Is there any logic behind doing this one way or the other?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Tue Aug 10, 2004 3:31 pm
Post subject: Best Credit Card Payoff Strategy
Board Monitor - AD
Date: 6/28/2001 10:26 pm CDT
Lem,
I would recommend that you go to the CreditCardFreedom.com web site, where you'll find step-by-step methods in helping to organize, analyze and reduce credit card debt.
http://www.creditcardfreedom.com/debt_management/advice/organizing.asp
In answer to your question, aim at reducing the card with the highest rate first, and try to take advantage of as many low rate promotional offers as possible. More info can be found at the site.
Good Luck!
Sincerely,
Alex Daskaloff
http://www.creditcardfreedom.com
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Tue Aug 10, 2004 3:31 pm
Post subject: Best Credit Card Payoff Strategy
lem
Date: 6/28/2001 9:16 am CDT
I didn't use credit cards too wisely in college, and am paying for it now. I have multiple cards, and finally went the route of consumer credit counseling. With the backing of the big non-profit organization, my interest rates have been cut, and I don't get late or overlimit fees.
In a situation like this, I was wondering if there is a specific strategy that is best towards paying them off. Should I try to pay off the card with the lowest balance first? The highest balance? The card with the highest interest rate? Is there any logic behind doing this one way or the other?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Tue Aug 10, 2004 3:31 pm
Post subject: Best Credit Card Payoff Strategy
Board Monitor - AD
Date: 6/28/2001 10:26 pm CDT
Lem,
I would recommend that you go to the CreditCardFreedom.com web site, where you'll find step-by-step methods in helping to organize, analyze and reduce credit card debt.
http://www.creditcardfreedom.com/debt_management/advice/organizing.asp
In answer to your question, aim at reducing the card with the highest rate first, and try to take advantage of as many low rate promotional offers as possible. More info can be found at the site.
Good Luck!
Sincerely,
Alex Daskaloff
http://www.creditcardfreedom.com
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:00 PM
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