Localfund.com - All about Fund and Investment
*Home>>>Investment Account

Is it better to pay off one credit card at a time?


ok so I am in debt trouble. I owe about 12,000 dollars. The balances is divided into 6 credit cards. Fortunately, I am receiving a 5,000 dollars payment that I am thinking of using to payoff some of these balances. Is it better to completely payoff 2 or 3 of my credit cards so I can concentrate on the others, or should I put an equal amount of money to pay some of each account. Please note that the interest rates are almost identical. Also, would it be better to maybe use some of this money in some kind of investment??

Pay off as many as you can. Then you can deal with the other card's . If you pay off on or two your credit score will increase also that will a few less bills each month but make sure to pay the min. on the other cards. I Always pay one off as soon as I can.It gives you a better cash flow each month.

put 2k in savings, use 4 to pay off one or more, cut the cards but leave the accounts open, keeps your avail credit up for your credit score.

Put some in saving - in case of emergency. Pay off the card one by one so then you can avoid interest on it. Good luck with paying it off and don't be late on payment. Even though you pay 1 by 1, don't forget to pay the minimum on the others. Good luck !

Any credit cards that charge you an annual fee should be paid off and then cancelled; however, don't cancel cards that don't charge you annual fees. You can clip them up to make plastic confetti but keep the accounts open to build and maintain your credit history.

Tags
  Investment Company   Investment Calculator   Investment Bank   Investment Advice   Investment Account   Invest Money   Invest in Gold   Invest Fund   Income Fund
Related information
  • ISA question?

    Each new tax year you can invest 拢3000 regardless of how much is in that account. The interest does not count towards this, it is simply the amount that you are putting in that counts.

    ...
  • Stock for Baby's Xmas?

    Buy through a broker as a last resort. They can charge exhorbinate fees for issuing certificates. 1. Write directly to the manager of investor realtons of whatever companies you are looking at. Ex...

  • Help me understand my schedule K-1 1040 please?

    You would be taxed on the income from lines 1, 2a and 5. The net investment income amount in box 14 is already included in boxes 1, 2a and 5. Don't add this amount to income.

    ...
  • CD or Mutual Fund (or other?) for funds used in guardianship?

    For low risk investments, there are 3 good options: 1) CDs 2) Money Market accounts 3) Short-term bond mutual funds The problem with CDs is that each bank will only insure up to $100,000...

  • Should I consolidate Rollover IRAs with Non-Rollover IRAs?

    Unless you are a seer or an oracle, and you already know what the future holds, you should keep the two seperate. Here's why: ...

  • Can anyone give me advice on how to prove that i had shares stolen from me?

    First you need to file a police report. Next contact the bank where the shares were held and get a copy of the document that was forged. You might also contact a regulatory agency and they might gi...

  • New to canada, what are my saving options?

    IF YOU ARE CLOSE TO THE BORDER YOU COULD OPEN UP AN ACCOUNT IN THE US AND BUY CD OVER HERE == RATE IS ABOUT 5.35!!!

    ...
  • I have a 401K with previous employer, can this money be touched by him or anyone ?

    What likely happened is that there was a floor on the fees and most other people took their money out before you. At that point the previous employer should have started paying the fees or sending...

  •  

    Categories--Copyright/IP Policy--Contact Webmaster