Advice on how to get out of debt
Posted in the Credit Card Debt Forum
#1 Jan 27, 2012
I know some of the usual stuff such as spend less... never use the card again, pay more than the minimum etc.
Unfortunately, I had serious medical expenses and ran up a debt of around 16000 with an APR of 24.24%
I have another card with a 7500 limit with a 6.something APR. This card is empty,
I have the following 3 options, which one makes the most sense?
1. Transfer $7000 to the new card with the lower interest rate, and continue using the higher interest card for daily purchases, but work harder to pay it first.
2. Transfer $5000 to the lower interest rate card, freeze the higher rate card, and use only the lower interest rate card for purchases. I would then have to work on paying them off equally, since I need some room to spend money.
3. Freeze the higher interest rate card, and only use the lower rate card for purchased. I don't think this option make sense.
What to you suggest?
#3 Mar 26, 2014
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