Monthly Archives: February 2016

There are a couple ways to pay off credit cards

As already was said, there are a couple ways to pay off credit cards, and either one is good. The key is to pick a method and stick with it. When you pay off the one credit card, apply that same payment to the next card, essentially creating a “snowball” effect of larger payments each month – more info on this method here.

With total debts of about $40,000 and at relatively high interest, I would consider applying all extra money–including the extra payment on the mortgage–to your credit cards first, then your car loan. Moving in two years sounds a little aggressive for being that deep in the red, so you might consider waiting longer than that. The suggestion of downgrading your van is a good one as well.

Keep tracking those expenses. Keep your savings intact if you can. Only use it for big-ticket emergencies that you can’t pay with your monthly income, like a big car or home repair. You’re doing all the right things…it will just take some time and you’ll be on much better financial footing!

Thanks for all the imput, Downsizing the van is not an opp. since we have 4 children, and the move is important to us to get the kids in a better school dist. and our house is too small for us.(the three girls share a room) My DH is looking into selling his truck and getting a car to save $ on gas…this is a big step for him. He is in the military and got a bonus, I was able to pay 1,000.00 to one card! I will keep reading and working on our debt.