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hectormhinojosa

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I have two credit cards balances of $5,000 with interest rates of 23.15% and 20.49%. What do I do?

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focus mainley on one of those cards and pay over our monthly payment each month and on the other pay atleast your minimum balance. every chance you get pay something on it even if you've already paid it for the month because you want to get as much paid as possible before next reporting and before more intrest hit your balance. the higher the balance the more interest you pay. Focus on clearing one card and then start the other.

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Those rates are high. If your FICO scores are decent along with a decent credit profile you might consider a debt consolidation loan. It would be a better rate most likely. You would want to cut those cards up if you did this, so you are not racking debt back up again. If you are ineligible to get a debt consolidation loan at this time, you need to buckle down and work hard to get these debt eliminated. Some things that you can do are: set a strict budget for yourself, work extra hours at your job or find a second job if extra hours are unavailable at your regular job, sell things that you don't need, downgrade possessions if it can put extra money in your pocket, etc.

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