Managing Credit Card Debt: Re: What is the best way to get rid of Credit Card Debt

» SteveT - Re: What is the best way to get rid of Credit Card Debt

In response to What is the best way to get rid of Credit Card Debt posted by llldk2:

Hi llldk2, Kirk and Allan have given you some good things to consider. I’ll add my two cents worth. I think you may benefit from listening to Dave Ramsey’s radio show.
http://www.daveramsey.com/

One thing to watch, read the terms on your current credit cards. Some cards consider you in default if you even apply for another credit card (like a balance transfer) and immediately increase your interest rate! Guess they want one last dip into your wallet? Balance transfers are worth looking at, maybe you can get 6 or more months of low or even no finance charges. That would really allow you to concentrate on getting that old principal down, maybe even eliminated.

If a balance transfer don’t work and you have more than one credit card set priorities, start by looking at the largest balance and highest interest rate you pay. Maybe pay smaller or minimums on the others and whittle down the high rate - large balances first. This will really make you feel like your plan is making progress and the sacrifices are worth it.

After you get out of debt then continue by living a similar life style and instead of paying off debt pay yourself by saving and investing. I would think a year from now things will be looking much better.

-- posted by SteveT