Paying Off Credit Cards

by Brenda
(Nashua, NH)

When buying a house I was instructed that I needed to repair my credit. I learned that I should begin by paying off my credit card with the highest interest rate while paying just the minimum on the others.

I had four credit cards total with interest rates of 9%, 12%, 16% and 21%. I was able to pay off the card with the 21% rate first and once I brought that balance to zero, I applied that extra money to the next highest card and so on.

This method allowed me to eventually bring all my balances down and saved some money while doing it.

Mom's Comments: Brenda, sound like a plan, a good plan. It interesting how something so easy can work so well.

This is a great tool for others to use when managing their debt and paying off credit cards...thanks.

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