Help!! I need to pay off my credit cards!

[shalane85]

Okay, I need some advice on how do I best pay off three of my high limit credit cards! One is capitol one, $7500 limit, 0%, two navy Feds , $6k @ 10.99%, and $10k @ 7.9%. Minimum payments are $74, $188, and $115.

[Crashem]

Sorry.  Are those your limits or the balances or both?   Your interest rates are fairly low.  You could only do better with 0% BT offers.  However if your scores are accurate, then doubtful you qualify for any of those cards.

If those are your balances, then there is no magic to this.  There is no magic way to avoid paying for your bills without consequences.  You have low interest rates so you just need to pay them off.

[shalane85]

Those are my limits and balances. I'm ashamed that I racked up so much debt.

[shalane85]

Just so we are clear I'm Not trying to avoid paying. I just thought maybe someone had advice on how I can pay it off. Like should I use the snowball effect?

[Bluebonnet]

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@shalane85 wrote:
Those are my limits and balances. I'm ashamed that I racked up so much debt.

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Don't be ashamed!  You are trying to fix it, so that's great.

No magic but have you heard of the snowball method?  It does take time, but it works.

[Bluebonnet]

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@shalane85 wrote:
Just so we are clear I'm Not trying to avoid paying. I just thought maybe someone had advice on how I can pay it off. Like should I use the snowball effect?

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I think the snowball effect/method is a great idea!  

[shalane85]

I have heard of it. I'm trying to give myself 3 years to do this. Is that realistic?

[john398]

Have you thought about a loan, I was able to get one from the Lending Club, theres a good thread on that on myfico

[shalane85]

I'm going to research it. Thank you for your reply.

[Bluebonnet]

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@shalane85 wrote:
I have heard of it. I'm trying to give myself 3 years to do this. Is that realistic?

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Depends on how much you can and are willing to contribute.  It is definitely possible.