Tagged Questions

6
votes
1answer
229 views

What is the advantage to me in not paying off my debts?

I have some credit card debt that is currently on cards where there is 0% interest for periods of between 14-22 months. There was a transfer fee of around 2.9-3.5% for the balance from old cards. I ...
7
votes
4answers
400 views

Is it OK to use a credit card on zero-interest to pay some other credit cards with higher-interest?

I was reading up on What is the difference between "good debt" vs. "bad debt"? and it says borrowing money from a credit card is a bad-debt. So, I was wondering if the credit card ...
14
votes
10answers
1k views

Snowball debt or pay off a large amount?

I recently received a large amount of money, well large in my eyes, around 5000 dollars. I have the following cards: $10619 citi card ($234.35/month) $2500 Best Buy Card - deferred interest ...
12
votes
11answers
2k views

Should I pay off the credit cards now or do the monthly payments thing?

I have 3 credit cards with a total balance of about $36k. Two of the cards are at 2% and the last one is at 0%. With the current payment structure, I'll be debt free in 25 months. I recently came ...
3
votes
2answers
198 views

Calculating the most optimal way to pay off credit cards

I have 3 credit cards which I am slowly paying them off. Card# Balance Monthly Interest Months to pay of Minimum Payment at current rate Payment 1 ...
2
votes
2answers
114 views

How to do Credit Card debt consolidation or get rates lowered?

I have a friend that has five credit cards of debt. A couple of the cards have high interest rates (20-25%). The rest are 15% and below. The total debt combined of all five cards is ~$10k. How ...
11
votes
4answers
443 views

I've often heard of the “snowball” method for paying off credit card debt. How does it work?

How does the "snowball" method of paying off credit card debt work? In what ways is it superior over other ways of reducing one's debt?