Quote:
Originally Posted by nostatic
WIth 4-5 credit cards with balances, my advice is to take the one with the highest interest rate and pay it down fastest while making minimum payments on the other ones. When it is paid off, cut it up. Repeat until all are paid off. Keep one card as a regular card, one as an emergency one. Ditch the rest of the cards. I don't understand the need for more than 2 cards.
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Good advice here. Cindy & I have 2 credit cards, Mastercard & Visa. We also have several gas cards. All get paid in full, every month, when the bills arrive. They key is to keep track of your spending, to treat the cards as the cash they really are.
Nick..Kudos to you. Keep it up! No debt is a wonderful feeling. Gas card...well, I'm about to leave on a road trip while Cindy has the kitchen remodeled. I can't stand the chaos of remodeling. I'll use the cards, but she will write the checks when the bills arrive. In other words, still treating the cards as the cash they are. I just don't feel comfortable walking around with a huge wad of cash...especially since this road trip will involve pool halls.
