Reducing Credit Card Debt Using The Snowball Method

[MyRiggz]

Could you tell me what does rating AA means. Also is it the highest rating for personal loan? If not what is the highest personal rating? Thx!!!

[makeiteasyable]

ty

[RubberToadstools]

I think you can greatly reduce your credit card debt by using your credit card for emergencies only. Also only using an amount on the credit card that you are absolutely sure that you can pay off before the interest kicks in.

I have one credit card, and I only use it only when I have no other option. Other wise I use cash.

If I don't have the cash with me to buy something that I only want, I do not buy it. Simple as that.

Things that you want are things you dont need.

[eyeammi]

I don't see how people get up to their eyeballs in credit card debt. Use it like a debit card. Even if you have a high credit line, let what you have in your checking account cap how much you charge. Stop using your debit card & voilà, you always have enough to pay off your credit card each month. I pay it just before the billing cycle ends & every bill I get is for $0. I never pay interest. On top of that I get 1% cash back on all purchases so the credit card company pays me to use their card.

[jackchief]

I had $12,00 and $8,000 credit cards at 29% , the banks raised the rates from 8% because of "universal default" , this is despicable!. My attorney told me to send them a certified letter to not call me [by Federal Law they must stop]! This is a "Federal law". . Then he suggested that I don't pay for about 4 months at which time they'll get someone to negotiate. I didn't pay and I won't so I save $300 a month. my credit score is low.. but so what! Call a free state Attorney or any Attorney!

[LocoPCtheoneandonly]

Better to fully pay all credit cards off using your Secured Line of credit (which is set at prime)... then pay off your Line of credit with the money you would have otherwise needed to pay off your 3 credit cards!!! I bilked the banks for over 3 years.. and cancelled all buy one credit card which I use for gasoline expense only (and pay it off every month). I get offer to apply for credit cards almost every week. WHAT A SATISFACTION being able to RIP then brochures as they come

BE WISE PEOPLE!

[Debtmasters2010]

This method will work great provided you have the extra money to get it started. When I was in debt that was the problem...no extra money. I found the company in my profile link and they helped.

[Johnlocke29]

.......................good ....there is a dim light at the end of the tunnel....been a pennys customer customer for many many years good credit....two days late... 39.00 late fee... i cut the card into a million bits...need some new t shirts...well it will not be pennys....an 80 dollor shoes an dishes ....with the dreaded lables MADE IN CHINA.......39 dollors late fee....im angry...... i NOW drive right by your door........a very old customer...N O MORE john locke lyric pines

[bluestar66677]

dont pay themworksforme

[MissJska16]

Totally agree...why does anyone need more then 1 credit card??? found a great article the other day, its on a site called Cahs Doctors, click on resources then articles and read ppl......

[cds162]

the real problem is people that have multi-credit cards.. WHY?

stop it.. one card use it pay it off..

BUT only use it for the things you Must use a credit card on... like hotels or car rentals... anything else - CASH!!!!!!!!!!!!

try it.. it's really fun!

[LocoPCtheoneandonly]

Pay off your credit card debt by cashing in your investment one week before your credit card low interest rate expire!!!

KITE the credit card companies before they get all absorbed (nationalized) therefore before government finds a way to pin you down to your debts for life

[LocoPCtheoneandonly]

KITE the credit card companies!!!

1. apply for another card at the same credit card company (ensure card 1 is fully paid)

2. the 'new' card will carry a minumum of $ 5,000 credit limit

3. ask the credit card company to 'consolidate' card one credit limit onto the newly issued card two

4. close down card one

I was able to increase my $ 50,000 maximum credit available to a whooping $ 75,000 ... used it to pay off 'purposely created debt'..which I use to invest

a a high rate at another bank

[tbaarr1]

@LocoPCtheoneandonly I hope you are using 1% cashback cards to get paid also

[LocoPCtheoneandonly]

KITE the credit card companies!!!

1. use low introductory rate (0.9%) offers to your advantage

2. ensure you set monthly payments to 'automatic' payment

3. use the credit available to pay-off 'purposely created' debt

4. pay ONLY the minimum amount

5. withdrawn from Bank 'A' line of credit, paid off thru Bank 'B' issued credit cards...

6. invest the withdrawn amount at Bank 'C' at 4.1 %

7. before the low rate offer expires, pay it off by withdrawing from your investment

[MarquisdeLafayett]

seven six seven , NO ! how short sighted of you ... why even pay them off at ALL ? what kind of advice are you trying to give people ? it's unsecured debt , that means they can't do JACK to you .. and folks , DING DONG your credit score means SQUAT because the banks aren't lending and won't be for a long long time , this is a depression , not a recession , see my video called "default on your credit cards "

[Sevensixseven78]

Don't take shit from your credit card companies. Send them notes that say "fuck you for trying to keep me in debt" etc with your payments that you send in. These greedy bastards tell you to pay your bill and then set the rules in opposition against you doing that. Its crazy and we don't have to take it. Just stop paying them until they allow you to pay off your debt in a reasonable manor. If we all stood together they would be forced to change. Fuck all greedy people of the world!

[skyweezynU]

YES YES YES.. U THA SHIT!!!

[Revotime2009]

Check out Revotime2009 credit card debt power point on youtube here. Thats were I started getting these ideas. I couldn't agree more with the guy who made it. I sent the notes too I swear to god. It felt great to fight back And I'm going tp keep doing it. The people who work at these credit card companies deserve to at least be uncomfortable about what they are doing and know they are hated.

[Sevensixseven78]

Yep just look at youtube user Revotime2009 credit card debt solutions

[zppz]

It's pretty simple really....

Step 1: Pay minimum payments

Step 2: Pay highest interest card

Step 3: When only one card is left to pay off, cut up the other ones

Step 4: Don't use your card unless you will have the money to pay for it before the interest free period expires.

Never have more than one card!

[cds162]

10 points for you.. you have the answer.. so why does the rest of america seem lost???

one card use it - pay it off......

[CatpurrRobertaBobbi]

The lowest balance? What I read is you pay of the card with the highest interest FIRST. That way your not paying that high rate for a longer period of time! As you decrease the amount owed your min balance to pay goes down. The trick is do NOT lower you payment. Pay above what is required always at anytime. Do not miss min balance payment on others. To avoid penalties. And call creditcards to get lower interest. Go to a credit council put all into one payment.

[LincolnHo]

@CatpurrRobertaBobbi The highest interest takes longer to pay off the debt than the the snowball method with the lowest balance.

[no1choice]

John Cummuta Method:

Since Card # 2 has the highest balance, it should also have the highest priority.

Like in billiards, Card # 1 is a lot like the ball next to a pocket already.

Take 10% of your monthly income and add it to whatever minimum, in this case $125.00.

Add that amount(10% of monthly income) to $125 after paying Card # 2 off to Card # 3.

For the sake of (C)redit (T)o (I)ncome, it is ideal to leave at least two credit cards at %50 balance.

[8av8today]

Good stuff for the ones that have no clue.

The last step of paying off the cards with the highest interest is to be disregarded if you transfer all your credit debt to 0% creditors. You must first do this first so that 0% is your edge on the credit card companies.

If you transfer your debt to a 0% card for one year, the snow ball method is pretty darn good. Most credit card companies would love to take your debt and give you 0% for a year if you switch. You must have discipline for it to work.

[jasonswindon]

i didnt need him to tell me that!!!!!!

[misslilychiang]

While paying off card #1 and 2, you forgot to include the minimum payments for the remaining cards in the overall monthly payment.