Should I concentrate on the closed account now?

I owe around $60,000 on the credit cards. I have paid $30,000 already. I need to pay $30,000 more. I was happy with my financial progress till now. However, HSBC has closed an account with balance. I want to become debt free within 2013. Now as the account has been closed, should I mainly concentrate on this account first?

3 Answers

HSBC has closed the account with balance. I was past due on this account. 


I think you should concentrate on paying-off your outstanding debts first. This is because outstanding debts have a negative impact on your credit score as well as your credit report.
 


Is it a current account?  If you are current, it wont hurt your score.  Pay your highest  interest rates first.

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