Hello, I am wondering what the best option is for

Hello, I am wondering what the best option is for me to more quickly pay off my $20,000 credit card debt. I have just one card, and I currently can afford to pay more than double the minimum payment (which is $400; I pay $1,000 each month). However, I want to pay it off faster. What is my best option? Should I take out a personal loan, or contact a debt consolidation company, or simply keep doing what I'm doing? Thank you for your time!

6 Answers

It depends on your ultimate goal.  How's your credit score?  If it's good, do you want to keep it that way?  If so, keep doing what you're doing.

 

If it's bad or you don't care if it gets bad, stop paying and set your money aside each month and then at about 90 days late, try to settle the account for 50% or less of the balance due.

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No need to settle the debts. Just follow your current strategy. Pay the double amount. If you get any extra money, then utilize it to pay off the debt.


Settle your debts on your own. Speak to your creditors and tell them about the financial hardship that you're going through so that they can take steps to help you out. Arrange a payment plan with them so that you can easily get back on the right financial track.


It would be best to have a talk with the credit card company and tell them that you want to repay your outstanding debts soon. When you are interested to pay off your debts faster, the credit card company will surely help you out with the right solution.


Call the CC company and try to settle with them. A consolidation company doesn't seem to be the best option here.


You may contact with the credit card company and try to set up a payment arrangement with them. You may also go for balance transfer method by which you can transfer your balances from a high interest rate credit card to a lower rate card.


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