loans  money


Question by  Lynette (12)

What is the best way to pay down credit card debt that is over 10,000?

I have extensive credit card debt, in fact it is in excess of ten thousand, I would like advice on paying it down.


Answer by  flamiss22 (5081)

Call the card company and see if they can reduce the debt by at least 25%. Then ask for a payment plan that will reduce the APR and minimum payment.


Answer by  technogeek (6640)

If you have an extra $200 each month, pay off the smallest, then use the $200 plus what you were paying for the next smallest and pay it off, etc.


Answer by  Roland27 (16334)

Stop using the card. Cut it up if you have to. Since most of this balance is interest try to pay off as much as you can at a time.


Answer by  SIDDHU (861)

First of all it is not advisable to have so much credit card debt. If you have funds and want to pay it in one shot than pay it or else contact the bank whose card you use and ask them to pay in some instalments. But make sure you get out of it.


Answer by  Turkwork (1150)

Try to find a lower interest rate. Raise extra money by selling unneeded stuff you have. Cut up the card and don't use it again.

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