Question: I owe about $650.00 on a credit card with a 19.8% interest rate. I have closed my account and am in the process of paying off the balance. My monthly payment is usually $19. At this rate I am getting no where fast

I am looking for some tips or ideas on how to get this paid off as soon as possible by making a monthly payment. I don’t have the money to pay if off in one lump some.

Any ideas from you financial wizards???

Answer: The more you pay each month, the faster you will pay it off. There is no “trick” other than that.

You might get a personal loan from a bank or CU at a lower interest rate, and pay off the credit card with a lump sum, and pay on that loan instead. However, on a balance of $650 the savings is not going to be significant.

Related posts:

1. Pay off debt ?
2. Pay off high interest loan or save…which first?
3. Pay off 15.9% CC with 12.9% loan – worth it?
4. Personal Loan to pay off Credit Cards?
5. Easiest way to pay for a new roof
6. Credit card balance transfer?
7. Easiest way to pay for a new roof
8. Unemployed – Credit Card Debt – Bankruptcy? Consolidation Loan? What?
9. Pay Off Mortgage Early?
10. Suggestions for interest rate on old family debt?
11. Is refinancing with a larger monthly payment wise?
12. Hard Money Lenders – Information

In Personal Loans. You can leave a response, or trackback from your site.