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If you have the money to do so in savings, That is the way to go. Then you can then take the money you would have been paying to maintain those card accounts, and pump it back into savings.
Keep one card that has a maximum balance that you could pay off a month or two, and keep it for emergencies, only. (Make a very conservative definition of what constitutes an emergency)
If you have the money to do so in savings, That is the way to go. Then you can then take the money you would have been paying to maintain those card accounts, and pump it back into savings.
Keep one card that has a maximum balance that you could pay off a month or two, and keep it for emergencies, only. (Make a very conservative definition of what constitutes an emergency)
Pay off the cards with the lowest balances first. (snowball effect) (2 years)
Get a Bill Consolidation loan (2 Years)
Transfer funds from savings and pay off all the cards immediately.
Or...
Pay off the highest interest card completely from savings.
Wait a month.
Pay off the next highest interest card completely with savings.
Wait a month.
Start paying off the next card with savings and wait for the zero interest transfer offers to start coming in.
Transfer all remaining CC debt into the 0% interest offer and keep the rest of the savings as an emergency fund.
Never ever delete savings to zero to pay down debt. You always need enough solvency and reserves to pay minimums on debt for at least six months no matter what else befalls you. If you keep paying at least minimums and don't miss payments the interest you get charged remains lower.
Pay off with savings. Then rebuild your savings with the monthly payments you would have been making on the cards.
The idea is to put as little cash out of your pocket as you can. In an emergency you could go back the cards if your did not have enough in your savings.
If you use the cards pay off each month. Do not repeat the problem.
The OP did not say how much debt or savings he has.
Depleting the savings to pay the CCs off is not a good idea... IF there is only 6 months emergency fund, he should not touch it.
Do not get rid of the cards if you have paid them off unless they charge you an annual fee
I have one credit card I'm an authorized user on since 1993, this card is listed on my credit reports(payment history-never been late). Should I removed my name as an authorized user? The credit card has a zero balance.
I have one credit card I'm an authorized user on since 1993, this card is listed on my credit reports(payment history-never been late). Should I removed my name as an authorized user? The credit card has a zero balance.
No that only hurts you. Why would you remove yourself?
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