Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
Re: Best way to reduce debt?

 


andymawson wrote:

thanks for the quick reply! I've already taken care of getting my ex's name off of my accounts. I have two active credit cards -- one with a 20K balance (22K limit) at 15.24% APR and one with $8,640 owing at 9.24% APR with a $9,300 limit  (both with Chase). No negative reporting at all on my credit report.


 

If these are the only 2 debts presently which are fairly high how you would go about paying them off depends on other factors such as how much you can afford to pay towards them,.

 

Since the interest rate is much less on the lower balance I would pay the minimum due and all the extra money going towards the higher balance with the higher interest rate.

 

Cut back on all the things you really do not need by lowering bills and expenses (cable, cell phone, house phone, going out, electricity, heat, etc etc)

 

Depending on your income and how much you can cut back and lower other expenses will determine how fast you become debt free.

 

You can do it many of us have.

 

 

Good Luck
May all your dreams and wishes become a reality!