l have 4 credit cards, they are all max up! what is the fastest way to pay them all off?

l have found that the 'snowball method' works.

List ur credit cards in order, lowest amount owed to highest (some prefer to list them highest interest to lowest)

Pay minimums on card #2,3 & 4, throw any extra money u have at the first card on the list until it is paid off. Repeat with the remainder of the cards.

Do not use the cards while u r paying them off. Either cut them up or put them aside, but do not touch them

While u r doing this, try calling the issuer to see if u can get the interest lowered

Send every xtra dime you have and come saturday nights for 2 months or better stay home

Read Dave Ramsey is book.

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Consider the following strategies:

* No transfer balance fee credit cards: If u want to transfer a high balance to a new card with better terms, look for one with no balance transfer fee. Some cards impose a limit on the amount of fee they’ll charge, others don’t, but one with no fee at all is clearly best. Be sure to watch the interest rate, so u don’t get stung.

* 0% balance transfer credit cards: These cards may charge a one-time balance transfer fee, but the interest rate on the balance itself will be 0%, at least for a time. You’ll want to ensure u can pay the balance off, or transfer it to another card, before the time limit expires. After that date, the rate usually rises to a very high percentage.

* Tiered payment structures: These cards will allocate portions of ur payment toward various rates & the fine print will tell u which interest rate receives the money first. A balance transfer credit card that puts ur funds toward the higher-interest balance before the lower one is preferred.

Balance transfer credit cards r designed to bring new customers to the bank. The bank will not make much money with no transfer balance fee credit cards schemes unless u then carry a balance for a while. The same applies with the 0% balance transfer credit cards. During the 0% time period, the bank makes no money. They’re hoping you’ll leave a balance owing long enough for them to make a profit & often, they will have other fees in the “fine print” to help them make that profit. The way to protect yourself is to read all of the advertising & legal jargon before opening the account, so u know exactly how to make these cards work for you.

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