Best method for paying down credit cards?

[NRB525]

Thanks for the update, yeah debt reduction is slow going. 

Have you stopped using cards that have a balance, for any new purchases?

During this time you should either use debit or a paid off CC that is regularly PIF and does not have interest charges. 

[SSPA87]

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@NRB525 wrote:

Thanks for the update, yeah debt reduction is slow going. 

Have you stopped using cards that have a balance, for any new purchases?

During this time you should either use debit or a paid off CC that is regularly PIF and does not have interest charges. 

Yes, I am currently doing debit only, so to not add anything to balances (except what will be added for interest every month until paid off) Putting every extra dollar towards knocking this stuff out. Hoping I can get enough paid down so come next year's tax return, I can use that to clobber the rest or at least make a huge dent in whatever remains. 

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[CreditCuriosity]

Good process certainly easy to charge stuff and alot more painful to have to pay it off, but you are off to a good start!

[SSPA87]

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@CreditCuriosity wrote:

Good process certainly easy to charge stuff and alot more painful to have to pay it off, but you are off to a good start!

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It is! Especially when one of those larger balance credit cards holds a $3500 purchase that I had to sell at a loss during a very financially bad time. :-( That one still hurts a lot. Both financially & emotionally! It is what is it though, and I just need to keep at it. Current FICOs are: Ex 601, EQ 590, and TU 620 .... and that doesn't have all my balances updated as being lower yet. So here's to hoping they go up a bit as things get paid!

[Appleman]

You have done an important step by actually facing your debt. I would strongly advise that you get a budget program up and running. This way you do not make new debt while trying to pay off debt.

You may find that a few issuers will balance chase you as you pay down from essentially 100% utilization. This unfortunately is just part of the debt game.

I have had good luck with YNAB (you need a budget) to stop the accumulation of debt. I know with the school year not far away there are many expenses lurking on the horizon so you need to be mindful. If YNAB does not work for you check out the local library and start reading some budget books.

I remember very well sitting with maxxed out credit cards wondering what to do. You are on the right track, keep fighting the debt!