- Centurion Member
- Posts: 221
- Joined: Sat Oct 23, 2010 1:51 pm
- Location: CA, USA
I can offer you two methods of paying down CC.
* Snowball method.
Pay off the card with the least balance first, then the second least, and so on. That way you can allocate more money on other cards since you free up minimum payment and minimum finance charge. Paying off your high interest card first does not necessarily save you money.
* Social lending.
Go to website like Lending Club or Prosper and request a loan there. If approved there will be various people on the internet to fund the loan. Social lending is like a personal loan where you pay fixed amount of money back each month. Unlike personal loan however, social lending usually has lower APR, and there is no penalty for paying it back faster. Use the money you get from the loan to pay off all your CC debts.
In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)