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TheHulaGirl

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HELP! CREDIT CARD PAYMENT ADVICE?
I need advice!! Hoping someone can steer me a better direction. I have 4 credit cards, and for the last 2 years or so, I was using and paying them off almost fully or fully every month. Lately, I came into some extra expenses and life happened, etc...So now I am making minimum payments on each one..None are fully paid off, but I cant afford to do so at the moment. What would be the plan strategy? I heard that I should focus on one card with the highest interest and work on paying it off before worrying about the others. But then, if I don't make any payments on the other cards, what will happen? Should I pay off the 2 cards who I have the highest limit and most debt with? ALSO, would it be smart to seek a personal loan or a way to consolidate what I owe (about $4000 in total, all cards combined), instead of trying to pay it off myself? That way I would be paying one company monthly instead of 4. But does that mean they will suspend my credit cards also? THANK YOU in advance....Im young, so bear with me!

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Thank you both!

What about seeking a loan? Lending Club keeps emailing me, for instance...

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Do not let even one of these debts go unpaid at any time because that is going to hurt.  I suggest checking Dave Ramsey's site for advice on sensible debt repayment because he does have good ideas. IF (that can prove to be a big word at some times) you can get a "balance transfer" card offering 0% interest for no less than (preferably longer than) 12 months, go for it.  That can help you get those cards paid off faster.  Otherwise, pay at least the minimum on 3 cards and sock as much as you can reasonably do to the fourth card to get it paid off. then take that money, add it to the minimum you are paying on the next card you choose to concentrate on and pay it off.  Continue with each card in sequence (your decision) until you have them all paid off.  Do not close the cards after, or you will hurt your score.  You then need to keep usage not higher than 10% and pay in full every month.  I suggest re-reading the articles here to get the proper handling of credit firmly set in your mind.  You can handle this because I did. 

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As jwsister already said, DO NOT under any circumstance stop paying on some cards. You would ruin your credit. You must make sure that you are at least making your minimum payments on all accounts.

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