I have about 5 credit cards and about $12,000 in d

I have about 5 credit cards and about $12,000 in debt. I can make all of my monthly payments, and I have no other debt (loans, car payments, house payments, etc.) but I am not able to save money. What is the best way for me to pay down this debt more quickly so that I can start saving?

3 Answers

Consolidating your debts will severely damage your credit so it is NOT a good suggestion. 

Without knowing your income and other expenses, it is had to make specific suggestions.  However, have you looked at working a second job?  Or sitting down and taking a hard look at your budget. and stripping it down...ditch or go to basic cable, stop eating out and pack your lunch to work.  Shop thrift stores, coupons, coupons and more coupons.....put every penny you can towards your debt.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

Take out a consolidation loan so that you can repay the debts by combining them into a single monthly payment. Just make sure that the interest rate on the loan is low enough to enable you to save a considerable amount of money in the long run.


You can consolidate the credit card debts and pay them off quickly. Then you can start saving money for your future!!


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