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sbmalott

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Options for Reducing Credit Card Debt Quickly
I am looking to quash my credit card debt of $8,800 (over three different cards) as quickly as possible. The APR is getting too high and making it impossible to gain traction. I have good credit, and am waiting to hear back on a balance transfer application. If I am declined, what are my best options?

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One way is to increase the size of the payment you make.  The "snowball" tactic is a good one I used before.  Make minimum payments on all cards except the one you select (perhaps one with smallest balance or highest interest) and pay as much as possible on that card until it is paid in full.  Then take whatever you were applying to this card and add it to the minimum payment on the next card in line and make these payments until that card is paid off.  It really works.  I've had to do so several times before I joined Credit Karma and learned so much more about credit.

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