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dbradshaw11

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Paydown each card or just the minimum
Because of circumstances I now have 14 credit cards, I'm wondering should I continue to pay the minimum on each every month or pay one off every month and deal with the fees? The total is about 6000 but I don't have the best paying job but because I never knew about credit cards I went ahead and opened them all and now I want to get out of debt cut up the cards and burn them as soon as I can

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Consolidate!

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If there is anyone that would give you a personal loan for the total balance on ALL of the credit cards, I would transfer that money into that personal loan and pay it off that way. Or any other way you can consolidate them would be helpful - even if it's from one card to another. Check your interests rates and promos too.

If anything, pay minimums. Do not let any payments go. Also, closing the cards all at once would hurt your score too. Usually credit card sites have a "payoff balance" calculater. You type in the balance and interest rate and it will calculate how much you need to pay to pay it off by a certain time or you can calculate how long it will take to pay off depending on how much you pay per month.

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OK... you have to least pay each card on time to not get late fees, which will impact your score. now if  you every able to. instead of paying just minimum amount on one card, trying paying more, even a lump sum if possible. If times are really hard start but just paying even $10 more than the mininmum. every little counts. start with the smallest amount first. Some would say go after the one with the highest interest rate but having to pay 14 different bills a month can be overwhelming. Hang on. Lesson learned :)

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Pay down each card

Please pay the minimum on every single card.  It's not just fees you have to worry about.  Every late payment goes against your score.  What I believe you should do is to also pay more then the minimum on your LOWEST balance card to get it out of the way.  Once you pay off one card, you will find it easier to pay off another.  Also, if your credit is still good, apply for a NO interest card that allows you to transfer balances.  They usually do not start charging interest for 9-15 months.   If you are a tightwad like me, you keep on top of those things then apply for another no interest card when it gets close to the end time.  I pay NO interest on 4 cards.   DO NOT use those new cards for anything other then balance transfers.  You will be able to pay much more then the minimum payment because there will be no interest, which is just throwing money in the trash.   

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Consolidate?/Pay the highest Interest

I have never consolidated, but I think it will be a very good option. You should check this option.

If you don't feel like going that way, I would definitely pay the minimum on each, but pat the most I can to the one with higest interest, and eliminate the debt folowing such order for the remaining cards (higuest to lowest interest order).

By the way, you don't have to wait to pay them to cut them, you can cut them now, so you don't use them anymore, or at least the worst.  you don't need the cards to be able to pay online the fees right?

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