Re: credit card debt .....question

Posted by Why Chat (209.240.205.61) on March 12, 2004 at 21:28:57:

In Reply to: credit card debt .....question posted by mrbill on March 12, 2004 at 18:22:11:

Are your cc maxed out? Do you have high interest rates? Are you able to be current, or are you late on any of them.

I am NOT a believer in borrowing to pay off existing cc. It is too easy for you to consolidate them into one managable loan and the run them up again.

I suggest making maximum payment on your LOWEST interest card, ( I know everyone else says pay the high interest ones first), then transfer balances from your high interest ones to the lower ones.

Stop using credit until you have paid down your cards enough to ask for credit line increases on your low interest cc, balance transfer the higher interest ones and close them out.

The best way to reduce your debts is to pay them off, rather than increasing them by consolidation.

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