Pay off credit cards?

Question

Just wondering from your personal experiences, i would really like to pay of my credit cards and maybe keep one or get rid of them all... How did you guys pay off your credit? loan, pay over time, payment programs, etc.

Answer

When we racked up too much credit card debt, we took out a personal loan with a much lower interest rate than that of our cards. We paid off all our cards with it and than paid off the loan. Closing credit card accounts can negatively impact your credit score but if you have too many it’s a good idea to pay them off and close some.

Answer

Any extra money we got went towards debt.  We used our tax returns, husbands work bonus and he sold his the stocks he had through work. It hurt seeing that money leave our account but now we’re debt free and able to start a savings 🙌

Answer

I had to stop spending on them to see a change. I never miss a payment but had lower credit due to me constantly using them. And my score already went up 14 points in 2 weeks.

Answer

Didn’t live beyond my means and always paid them off at the end of month

Answer

I just paid mine off with my tax return but I’ve heard Dave Ramsey has a good snowball debt thing and he says to pay the minimum on the ones with the lowest interest rate and put more money towards the one with the highest interest rate. And slowly pay them all off that way.

Answer

This might not be a thing in the US, but I got an RRSP loan one year and made a big RRSP contribution then used the tax return to pay down my credit card. Prior to that I was pre-approved for a zero interest balance transfer when I opened a new card with MBNA, so I transferred my balances from two cards to this one card and made payments interest free for a whole year.

Answer

Regular payments of the minimum amount more when I could afford it.

Pay off credit cards?

Let's Glow!

The Top Baby Tracker App: Embrace New Beginnings with Tender Care

The Top Fertility Tracker App: Your Path to Achieving Pregnancy

The Top Pregnancy App: Nurturing Your Journey to Motherhood

The Top Period Tracker for Empowering Your Menstrual Health Journey