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Old 10-14-2007, 01:37 PM   #1 (permalink)
Brad
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What's the best way to eliminate credit card(s) debt?

I'm in way over my head, as some would say. I owe a little over 5 grand on my primary credit card and the max is $5,300. I owe about $500 on another, and $400 for a traffic citation. What should I attack first? I have a little over $2,000 available. Thanks for your help.
 
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Old 10-14-2007, 01:39 PM   #2 (permalink)
hmark
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Since you have $2000. available, you have a head start. I would take care of the $400 traffic citation, then the $500 and pay the remaining $1100. on the $5000 one to start with. Then I would pay the remaining primary credit card as much as I can on a monthly basis (pay no attention to the minimum due as that will take forever), and not only will the balance get paid promptly, but you'll have better credit as a result. Once you're paid off on your primary card, stick to a debit card for your purposes as it draws funds from your checking account. Just make sure that you do NOT close your accounts - just put the card somewhere safe and not use it. Closing accounts lowers your credit score.

Good luck, you're better off than you think.
 
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Old 10-14-2007, 01:46 PM   #3 (permalink)
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If I were you I would free up as much cash flow as possible. I would pay the $400 citation and the $500 but then you MAY want to save the rest and expand your income to pay off the $5300.00.
I think that the big thing that you will want to address is WHY did you get into debt?. You may say well I had.... But I would suggest that you look at things and if something like that happens EVERY year then you need to adjust how you plan financially.
I would ask you to add up how much you spend on traffic fines and citations per year. Look at your pay and divide how much you BRING HOME by how many hours you work in a pay period and then figure how many hours the citations are costing you every year. For example if you are bring home $30 per hour and you are getting 1 $400 speeding ticket per year and you were speeding to save 20min. The attempt to save 20min cost you a little over 13 working hours.
I guess what I am really getting at is make sure that you look at the root cause of things not just the amount of the debt.
 
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Old 10-14-2007, 01:47 PM   #4 (permalink)
William H
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Do you have a positive cash flow each month? If you paid cash for everything would you have money left over? Try it for a month and see what happens.

What happens if you do not pay the traffic citation? Do you lose your license and your ability to travel to work? If so, I would pay the traffic citation immediately.
 
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