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Best way to pay down debt?? 1 cc is 0%, 2nd is high apr???


turkish
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my 0% apr cc is maxed out at $9000. My 2nd card has $5,000!! My goal this year is to really pay these down and be free!!!! I have $2500 i can use this month to pay down my debt. Whats best??? should i make room on my 0% apr card so i can transfer the balance from the higher apr credit card. Or, should i be paying the minimum on my $9000 CC that has 0% apr and make a $2200 payment on my higher apr CC which is the $5000????

DocPC please give me some advice

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Questions I have:

1) Is there a balance transfer fee on your 0% card, what is it?

2) Is the 0% rate for life; or when does that rate expire?

3) What is the APR on the other card with 5K?

If there are no bal transfer fees on the zero, than make room on the zero and transfer from the higher rate card. Most times there is a transfer fee of 3% so this can cost you a lot of money to save money; which may not be worth it.

If there is a fee, consider paying off the higher rate card, which would take the balance down to $2800; thus significantly lowering any future interest payments. Continue to pay the min on the zero card; pay as much as you can, as often as you can, until it is paid off; then focus on the zero card.

Watch out if the zero APR rate expires. You should know when and what the rate will be when it does so you can plan your next move, whether you transfer to another low rate special or get a debt consolidation loan from a credit union (rates I've seen around 6.9 - 9.9 apr)

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Questions I have:

1) Is there a balance transfer fee on your 0% card, what is it?

2) Is the 0% rate for life; or when does that rate expire?

3) What is the APR on the other card with 5K?

I have 0% on transfers tooo. I thought about making room on the zero card, but then wont i being just paying for interest on the other card since it high (25%). DO you think my best option is to focus on the high % card and just pay it off while i make minimum or alittle more on the zero card. Let me know whats best. zero car is maxed out at $9000 and the high interest card is at $5,000.

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To me it seems it's essentially the same ... to make room on your zero percent card to transfer your high-rate card. Looking at it now, I would pay everything on your high-rate card and continue the min payment on the zero since it is not costing you anything.

This will leave you with $2,800 to pay off; at 25%, it may take a while. Just continue to only pay the min on the zero card, and use everything else to pay this down as fast as possible. Tax return time is coming ... maybe that will give you enough to pay off the rest. Good luck!!

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Thanks for your advise. I just remembered that a big portion fo the $5000 was transfered at a special rate and now that i look at the statement out fo the $5000 balance the finange charge is only $78 dollars. So i guess if i pay down the 5k to 2800 is going to be much less. I kinda wanted to free up some space on my zero card so that if i needed to buy something or spend some money i could put it on there, but its maxed out. But thats not important. I just wana get myself on tract and lower this debt. So do you think my credit score is good. 709 from ex. I think my debt is really putting a hurting on my score!!!

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Anytime your balance exceeds your credit limit by 50-percent, your scores will start to tank ... I believe the ideal is to have your balance around 30-35% of your credit limit.

But in your situation, that's not important. It will happen to you in time and by not having anything avail on your maxed card to "buy something or spend money" will be painful, but also a good thing to remind you why not to get into a maxed-out situation again.

Until you pay your debt off, you should only use your debit card or cash to purchase anything. At this time, you cannot afford it if you need to use credit. Trust me on this .... I have made huge mountains of debt on borrowed money and it is never fun. Imagine how great you would feel if you had no credit card payments! It will happen ... the bad thing is that it always takes so much time to pay it back!

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yeah im diff at about 95% on my credit cards. I cant even begin to think about what my score would be if i had no cc debt, but im more interested in have freedom then a good score. O' yeah i also have a new car that i bought last year so i have an auto loan under my belt in addition to the $9000 and $5000 cc debt, so i really think my score is hurting from all this money on my record. Im

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