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unforgiven710

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Paying off debit
I have 10 credit cards I want to pay off. If I take one a month and pay entire balance and skip the other 9 for the month how does that affect my credit. Other than I would have missed payments showing on credit report.

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Don't miss payments!!!

Helpful to 4 out of 4 people

Missing a payment on any one of your credit accounts will have a really bad and lasting impact on your credit, much less the devistating effect of missing 9 payments. 

A great strategy to pay off your debt is to focus on the credit line with the highest interest rate and pay it off first.  Apply extra payments to that account whenever you can.  Even a few extra dollars a month makes a difference as credit card minimum payments are almost all interest payments.  Once you pay off one, then take the entire payment you were making and apply it to the next highest interest account.  Psychologically your payment never changes on a month-to-month basis, but the amount of debt paydown gets larger every month.

An alternative to this is to choose the smallest balance debt first (This is known as the debt-snowball payoff method).  It works jsut like the method above, but psychologically the satisfaction for paying off the first debt will come quicker which leads to more dedication to continuing to make the payments.

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Don't miss a payment

Helpful to 3 out of 4 people

My advise is to cut up at lease 8 of your card , and dont close your cards . can lower your credit score . after you cut them up pay them off , and when they expire the card company will send you another.

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