[USER]

I don’t know what to you. I have $3000 in debt to my credit cards. I’m sick of them! They’re 24 percent interest. But should I get a loan and put all on in a loan or stick with it and small to big?

[Agape]

That depends on if you can control your spending moving forward. Ask yourself “what is different now than when I created all of this debt?”

What I see is too many people take a loan out to pay off cards, then spend the cards up all over again. Now you have credit card debt AND a loan to make payments on.

The lower interest loan is the right way to go but make sure you get your mindset straight and have a payoff plan before doing it. Otherwise, you just make a bad situation worse.

Good luck to you.

[Sheryl]

Balance transfer to a zero interest card. But watch the final date or interest starts over. Transfer every time the term ru.s out until you pay it all off.

[Justine]

If you could transfer them to a zero interest card then I would do this. Then make sure ypu pay off before the zero interest expires. If this is not an option I would look at what costs the least and gives you best peace of mind.

Useful: Looking for advice on paying off debt

[Vanessa]

Consolidation helped me and raised my credit score. I still have a loan payment but it’s one payment and it’s also helping my credit at lower interest.. Glad I did it!

[Kimberly]

Stick with it. It doesn’t make sense to take out debt to get out of debt. Throw every extra penny at that and bang it out.

[Pat]

It would be good to get a cc with no interest for a year or maybe a low interest one and use it to pay off the ccs. Then try to double up or pay more each month or pay it by weekly. $3,000 is not a whole lot of debt compared to a lot of people on here. If you set a goal and pay it off with paying less interest would definitely give you peace of mind.

You can check also: I like the idea of being truly debt free

[Cheryl]

When you transfer a debt to a lower interest card, they will charge you a fee upfront. It’s their way of collecting interest from you. What l would do is knock out the lowest balance first. Make sure you pay the amount of interest on the other cards while you are paying down the lowest one. That way your balances won’t go up on the remaining cards. I worked ours out so that I am paying every other week which helps the balances come down even faster.

[Kristin]

I’d do a combination of what people have suggested—1–take stock of what you’re buying & why; change that; 2–take out a lower interest loan covering the entire amount of the debt & pay all the cards off immediately; 3-if you can take on a side hustle, do so. ALSO: put away all but ONE credit card & use that one exclusively.

Here’s the reasoning—a 24% debt will mount quickly; it’s easier and less confusing to pay everything off at once & then work on paying back one loan. $3000 is a relatively small amount, but you gotta stop the outrageous interest rate from bleeding you dry & fast. Transferring balances from card to card can get confusing—& seldom works very well. Put the other cards away after you pay them off—don’t close them or your credit rating will take a hit.

Oh—and for the loan, go to a reputable bank or credit union. Watch out for scam artists who promise they can help you.

This is tough. But you can do it. Good luck!

[Author]

Posts