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arthurpetred

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Looking for advice on paying off credit card debt
I have a large amount of credit card debt. I trying to aviod using a credit recovery company like GP. II have been trying to get a loan to combine all my debt and I am willing to close the accounts. I have been denied everytime. My credit score is 610 but my debit is too high. I am current on everything and I get a good job but no help. Any suggestions or people know of a ledning instutation that would help? Even an intreast rate of 17% would be better then some of the cards. They are not willing to lower the rate. I have called them. I am at my whits end. I am trying to make 2014 the year fo change but it seems that is not possible. I have tried may avanues. but have had no luck Thanks

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Closing all those accounts at once could still hurt you.  If you have more money than the minimum to make on them, then I would recommend the "snowball effect" of paying of multiple cards.  That means pay off the lowest balance one first, while only paying the minimum on all the others until the first one is paid off, and so on.  Read up on this method as something to try.  

This seems to work for a lot of people that are overwhelmed by the number of cards/debts they have.  When you start to see them paid off one by one, it makes it easier to feel like something is being accomplished.  Not everyone agrees with this method since it ignores interest rates, but personally it helped me pay mine off about 5x faster than I would have and I still saved a ton in interest for each one that got paid off faster.

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Sounds to me like you just need time to get things under control.  Since your accounts are not late, start throwing extra money (if you have it) at the cards.  To learn more about best ways to reduce debt, visit www.credit.about.com and click on the tab "Pay Off Debt".  Tons of great info there.  Keep plugging away; getting another loan would just hurt your credit even more at this point.

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