What to do?

iVillage Member
Registered: 04-04-2003
What to do?
2
Thu, 04-17-2003 - 7:13pm
I just finished refinancing my home. By doing this I was able to lower my payment by $200, plus pay off a second I had on the house.

My question is, should I start paying off my three credit cards off one at a time or play about the same each month? I've cut them up, so I won't be using them anymore.

Any suggestions? I owe about $7,000 in credit cards now.

iVillage Member
Registered: 04-04-2003
In reply to: ecreno
Fri, 04-18-2003 - 2:21pm
Thanks a bunch. Definately a stressful situation.
iVillage Member
Registered: 03-27-2003
In reply to: ecreno
Thu, 04-17-2003 - 8:14pm
Congratulations on your refinance, and your commitment to get out of cc debt! I would definitely pay down one debt first, and then the second one. This has two major benefits--first, it's a major psychological boost to say "bye-bye" to an entire credit card debt. Second, once one is paid off, you have the extra capital you were using to make minimum payments that can then be applied to the second debt to pay it off more quickly.

Good luck!

Heather