I owe almost alot of money on a credit card and the interest rates are killing me. How could I pay it off more effectively?
138804
you can pay double the minimum payments. you can transfer the balance to a lower interest rate card and pay double the minimum payments.
406109
Sometimes to get started you have to go to some local store,  like an appliance store, and arrange a modest purchase to be paid in installments,the interest will be high, bite the bullet.  Make sure you pay each payment ahead of time by a few days, in person if you can.  Be certain of your payment due date and amount, and be certian it is RECEIVED before the due date each month.  If you can't do this you will be really screwed with a credit card.  What you are doing is proving you are a responsible person about debts.  Interest rates will improve as you advance.  Just make absolutely sure, when you get a card that you can always pay more than the minimum payment on your purchases or you will pay more than double their worth.
621020
From a pure mathematical standpoint, the quickest (and cheapest) way to pay off credit cards is to pay off the cards with the highest interest first.  This is because as your balance with the highest rate diminishes, the amount of interest accrued on the remaining balance diminishes as well.\n\nHowever, many advocate the "debt snowball" which endorses paying the card with the lowest balance first, then moving progressively to the next highest balance as each card is paid off.  This works for some people from a psychological standpoint because they see quicker results as each card is eliminated.  For some, it has been the only method that worked.  There is no doubt, however, that you will pay more money overall through this method, all other things being equal.  This method is most closely identified with Dave Ramsey.\n\nNegotiating with all the credit card companies for a lower interest rate is a good idea.  If they are not interested in lowering the rate, you can bluff them by threatening to transfer your balance to a lower interest card.\n\nBalance transfers are a tricky thing.  In many cases, a credit card company will assess a charge for a balance transfer.  Make sure that you read the fine print before doing this.  Also, some cards have a separate interest rate for balance transfers vs. purchases.  Do not be fooled.  Good luck!
487058
You need to sit down and make a list of all your monthly bills that don't change.  Rent/mortgage, car note, insurance, etc.  Then estimate your variable bills like utilities, gas, food, etc.  Subtract these from your monthly income.  What you have left over is BILL PAYING MONEY.  Divide this number by two and that will tell you how much money you should put towards those CC payments at EACH paycheck.  Don't just pay those cards once a month.  Pay them every time you get paid!  This will reduce the interest charges you incur, as well as increase your credit score because you have a lower revolving balance.  The faster you pay it down the better off you will be.  Once you get that under control, set a limitation on yourself. Never put more charges on that card than the extra money left after bills that you calculated earlier.  I know this sounds tedious, but will some discipline you'll get the hang of it and it will be like second nature after a while.  Pay down the bills with the highest interest rate the fastest, but don't ignore the other ones.  Have fun with it and mark your paydays on your calendar ahead of time to remind yourself to pay those bills!  I started doing this almost a year ago and my credit score is now 740.  I started at 640!  Every time you want to buy something unneccessary and charge it, just think about how much better off you'll be if you maybe wait a while until you can afford to pay cash for that same item.
124085
Frank!  Go away!\n\nI agree with the other people's advice...if all you owe is $2000 then it's worth trying to work it out with the credit card company.  Even if it involves making minimum payments.  That would work out to around $60-80 a month.  \n\nBy doing that, you avoid additional fees and penalties, until you can get your feet under you financially.  \n\nThe worst thing?  First they will place a report on your credit, making it hard for you go get loans in the future.  \n\nFor $2000 they may sue you.  If you have an income, or property such as a home or car, they may decide it's worth the effort.  If they do, tack on court costs and lawyer fees to what you owe.\n\nOnce they get a judgement, they can either garnish your wages, attach a lien to your bank accounts, take your car or put a judgement lien on your home (then you can't sell it).  \n\nThey don't go after your furniture or other posessions as nitwit says above.\n\nSo, my opinion, call the CC company and work it out.  If they don't budge, send them a letter to cease and desist so they stop calling you.
1520
I think that you could just notify the bank/cc company of your interest, after all, I hear that they have even sent credit card offers to dogs, babies and dead people.  \n     Getting the credit isn't the problem, paying it off and not becoming a slave to it is!  Been there, done that, and never again! Been three years debt FREE!!!\n CASH is King, debt is dumb and the paid off home mortage is the NEW status symbol of wealth!!!!
61338
Most consumers do not know that if they only pay the old minimum on their credit cards it would take about 40 years to get out of debt.  The feds are doing this to help out the consumer, although it may not seem like it right now to you.\n\nI have been there, my friend, but I am now debt free (well except a mortgage and a car loan) and here is how i did it.\n\n1. Stop using your credit cards.  Cut them up.  If you cannot bear to do that then put them in a baggie filled with water and freeze them.\n\n2. Instead of paying your new minimum every month, pay half of it every 14 days.  Not twice a month, but every 14 days.  You will be amazed at how quickly your debt disappears.\n\nThe credit card companies would love to go back to the old system and do not want you to know about the pay every 14 days method so they could take more of your money.  \n\nWhen you get them paid off, then only use them as a "charge card".  The difference is that you pay that off every month and you do not pay them any interest.\n\nWork hard and get this done and you will feel so GREAT when you are debt free you may not want to rack up charges ever again.
211122
To avoid excess bank charges, you should go to a different bank.\n\nFor credit card finance charges, sometimes you can get them to reduce/remove the finance charges if you are a good customer and was just late for one payment or two.  Or you can call the customer support and say that you want to close the card.  Sometimes they'll ask you the reasons and try to accommodate your request.\n\nPay off your credit card balance every month.  It would be the best investment ever.  Then, you pick the credit card that gives you the best rewards not the least interest rate.
363034
If you pay them completly off it will help your credit rating and help increase your credit amount. If you pay them off alittle at a time you will be paying mostly interest.
44450
I would start by rolling over your accounts to new credit cards that give you 1yr at 0%.  This will greatly reduce your credit balance from going up exponentially.  In that time you stop using your credit and start paying it down.  It will take a while so at the end you should repeat the process and rollover your balance to another credit card.\n\nI know individuals that have been rolling over $50,000 in this manner for over 5yrs.  Borrowing money for free.  Wow it is possible.\n\nGood luck.
26805
Purchase things you ALREADY HAVE THE MONEY FOR in the bank.  Then pay them off each month.\nEnsure your card has no annual fees, and it will cost you no more to use the card than it does to have cash.  Just be sure to never, ever, ever spend more than you have in the bank.\nOver time, this will build up your credit.\n\nIf you buy a car using a loan, your interest rate will depend on your credit.  Once you pay it off, your credit will go up (makes good on debts).\n\nBuy a house, and your credit goes WAY up.\n\nGood luck!
402285
Newsflash: Borrowing money to pay off debts only puts you further in debt.\n\nThe first step to getting out of the hole is to stop digging!
97911
When I check someone's credit I take the amount of payments there are ( on a credit card this is one payment a month until the experation date) divided by how many payments made, minus late payments. So they are both right. If you pay it all off, at least keep the card active so that the amount of payments stays there. If you just pay off a big chunk that's okay too, but of course there will be interest accrued giving you more payments to make, and if made on time a better credit score.
361155
Yes, this is normal -- but hardly desirable.  Over time the interest you pay per month declines and principal increases.  Try to get another loan with a lower rate to cover the balance.  If this is not feasible, pay as much as you can to reduce the interest you will pay over the life of the loan.  See debt reduction calculators to find out how much you can save.  Clearly, you are getting hit hard by interest!
30786
Pay your debts on time.  Obtain a secured credit card (deposit $250 bucks into a Citibank account and get a credit card with a $250 limit that grows as you pay off your bill over time and maintain a good credit rating).  Obtain a cell phone or any other solution that reports to a credit bureau (not too many just five or so).  Always, always, always pay your bills on time.  \n\nIt really comes down to living within your means, not strapping yourself with too much debt again.  Buy a Hyundai not an Escalade if you make $25,000 per year.  Save your money at least 10% of your earnings per month.  If you want to buy a home, plan to buy it, save every penny you can speak to a mortgage broker like me to understand what you may be able to afford once your fico is in check again.  You may be able to afford a home now and not know it.\n\nYou can send me an email if you have questions simply click on my screen name for my address if needed.
254066
Ditch the vacation.  You got into financial trouble by living beyond your means.  Don't make things worse by taking a vacation with money that you can use to pay down your debt.\n\nIt doesn't matter whether you pay off the cards in your name first or the ones that are jointly in your names.  You are husband and wife.  You're both in this together.\n\nPay off the cards with the highest interest rate first.  This will give you some measure of relief.  Then with the money that would have gone to making the minimum payments on those cards, apply all that extra money to paying off the card with the next highest interest rate.  While you're doing all this, make sure that you keep up the minimum payments on all the other cards.\n\nKeep repeating the process until all the cards are paid off.  And don't use *any* of the credit cards until the last one is paid off.  You don't need to be paying any new interest costs while you're trying to eliminate the old ones.
9986
Start with your local consumer credit counseling agency.  They frequently operate on a sliding scale for a fee and they are effective at STOPPING late fees and interest charges to get your balances paid down and paid off.  That's part one.  Part two is to find a part-time job (even if you're working full-time) of at least 2 hours a day.  Use that money to pay off your bills even faster.  Most everyone has 2 hours a day that they weren't doing anything with anyway.  When you are debt free, continue with your full-time and part-time job.  All money earned from your part time job goes into savings.  All money not used for living earned from your full-time job goes into savings.  Research ways to grow your money and go from there. \nADDENDUM:  I went with a consumer credit counseling service and they RESTORED my credit, PAID OFF my balances quickly and spared me the hassle.  Nice job of bookeeping for 25.00 mo. Only 2 years later, we bought a house, brand new, no money down, just completed 3 bed, 2 bath, 3 car garage with no trouble whatsoever.  The mortgage company DID NOT see us going to a consumer credit counseling service as bad but rather as quite pro-active in arresting an out of control system of money management.  So....I realize the people answering after me think this a bad deal but...um..wow, really worked for me and I don't know what else to say other than maybe the experience is an individual one?  I just can't believe that I'm the only one who ever benefitted from the experience.