Ipay my credit cardsmimimumpaymentover $800 and i

Ipay my credit cardsmimimumpaymentover $800 and i am making no progress onbalance. Ido not want to ruin my credit with consolidation because there is a period of not paying. Is there anything we can do.

2 Answers

You can go for debt avalanche method. Here you target the highest interest card. You make the minimum monthly payments on all the other cards. Make some extra payment on the high interest card every month. Continue to do it till the highest interest debt is paid off. Thereafter, repeat the same procedure with the next highest interest card.

I take it that you have already contacted the CC companies and asked them to lower your interest? Sometimes by calling them and asking them they will grant it. It has worked in some cases and some cases not. Another thing you can consider is maybe transferring the balances from some of your high interest cards to one that may have a lower interest rate. By transferring the higher balances to a lower interest card you'll both save money and knock the balance down on the high interest card. These are the things I would try first. Always remember when you call the credit card companies, that if you ask politely and give them alittle insight of your reason for wanting this interest rate decrease they'll usually do it for you. Hope this was helpful..

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