Thursday, December 31, 2009

We have three credit accounts that we would like to pay off, do you have any advice?

We have 3 credit accounts, two are cards that are a little under their limit and the third account is for my wedding set that is almost completely paid off. Should we make small payments to all three until they are completely paid off or Pay them off one by one? We have three credit accounts that we would like to pay off, do you have any advice?
I would continue to make small payments whichever you can afford to do be that 50,75,100 dollars at a time.





I would also remind you that the more you pay the less you will have to worry about in the end and it does effect your next big purchase, like a house,car or insurance of any kind my friend.





Take Care Good Luck Be well and prosperous!We have three credit accounts that we would like to pay off, do you have any advice?
I, myself paid a smaller amount to 2 bills %26amp; paid alot on 1,until that was done; it sure feels good to


be closer to debt free! one bill at a time! good luck!









Pay off the highest interest rate first.
Well, you have to keep making payments to all of them so that you don't accrue late fees. What you should do is pay the minimum balance (more if you can) on the card with the lowest interest and try to pay as much each month on the card with the highest interest.





Good Luck!
Make payments to all three but put more towards the ones with a higher interest rate..Once you pay off one then take that money and put it towards the one with the largest interest rate too.You lose more money in interest rates than you need to if you pay equal amounts to all three.
make sure that you pay the minimum payment on each account. Any money left over should be allotted to either the account that you can pay off in a short length of time or if all 3 accounts are about equal the 1 that has the highest interest rate. After 1 account is paid off, make sure you pay the minimum amount on both accounts and take the money you were paying on the 3rd account and allot it to the 1 that can be paid off sooner. Then when the 2nd account is paid off, take the money that you were paying on all 3 accounts and allot it to that account. That is how you get off of debt, which is a very good feeling
As everyone else said, highest rate first. One important tip I can give you is to LEAVE THE ACCOUNT OPEN FOR AT LEAST 90 DAYS after reaching a zero balance. Closing an account before that shows up the same on your credit report as if the card had been canceled for you.
Yes. Or if you can get a part time job, earn extra money from a garage sale or something to pay off faster.
Pay off all three, trying to pay down a bit more than the minimums on each, unless one has a higher interest rate then focus on getting rid of that one first.





There are credit counsellors that will arrange to freeze the interest and consolidate the debt into one monthly payment, so that could work too.
one by one starting with the highest interest card
Pay off whichever one you can completely pay for first. It's best to get them out of the way. If you have a higher interest on one of your cards and can pay that off completely, do that one. The longer you take to pay them off, the more you will pay in interest. So pay the wedding stuff off and take the rest of the money and pay down one of the other cards. More accounts mean more interest paid out. Less in your pocket.


Good luck!
One by one. If you paid that third one off you can pay more on on of the other two. Choose one of the two remaining accounts and pay what you were paying on the ring account and what you were paying on the second one already to get that paid off faster. After that second ones paid off apply what you were paying on the third and second account along with what you were already paying on the first account. (hope you understood that). All in all you will not be spending any more money than what you're used to but you will be paying off your debt much much faster. In the end if you focus pay then you will pay less money for your credit because you will not have been paying interest for as long.





p.s. Then close all but one account and only use it for emergencies. Take out cash to buy stuff and you'll realize how much you're really spending on stuff you don't need and you'll spend less.
Pay the minimum on the lowest interest cards and the rest of the money you have available for payments on the card with the highest interest rate until that one is paid off, then move to the next card with the money above minimum.
Pay off the one with the highest interest rate first. Make minimums on the others. I would throw as much as possible a month at it.
1. Stop using the cards :)





2. Keep paying at least the minimum on all.





3. Pay off the lowest amount first, then move on to the next lowest amount.





If you are interested in more info on becoming debt free, check out Dave Ramsey - he's an expert and a really great teacher.



pay off the one with the least balance, that way it's out of the way and you'll feel like you accomplished something. Then start working on the card with the highest rate. Keep at least the minimum going on all of them... preferably more.
Pay the most to the highest interest credit card..more than the minimum if you can.

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