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Paying Down Credit Card Debt

Monday, August 5, 2013 - 12:05 PM

Sad but real story on BTs: $50K with 24% interest.  The recommendation is to pay minimum balance ($1500) every month. 

The best suggestion is: (1) Do not ever take BTs (even with teaser rate) if one cannot pay it off within the time frame of the low rate, (2) Repeat 1.

In this bad situation ($50K, 24% interest, can not afford to pay beyond minimum payment), the smart suggestion should have been: find or work with the bank for a lower-rate replacement and pay it off in lightning speed to make up for this horrible error. 

51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427