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Question By
barbine24

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All money to pay off credit cards
I pay 1000 a month in credit cards and store cards. Do you think it would be smart to not pay some of my cards and put that 1000 to some of my cards to pay them off that way i have some extra money to start putting toward the other cards. I'm not to worried about my credit score right now its already shot. I just want to be able to get this debt paid. If i do this for 2 months i will have paid off 5 credit cards and free up an extra 150 a month to put toward my other cards. I know i will get late fees for not paying the other ones. Just dont know if its worth it or not.

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It is NOT worth it. Pay all your cards, on time, every month. At least the minimums on all of them. With extra money there are two trains of thought. Pay extra on higher rate cards to save interest overall, or pay off low balance cards so that extra money will be available as cards get paid off.

I prefer to pay down the higher interest rate cards first saving money overall. When a card gets less than a certain amount you could strive to pay it off and free up that money to use on other higher rate debts. A combination of the two give you some satisfaction of saving money and seeing debt eliminated. A strong incentive to becoming debt free.

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