For all those people who are struggling with the CC debit and if you have an income, I found that Bank of America has a series of videos to help you to solve the problem with a little flood but very much are good information. if you pay one of your credit cards do this and will reduce the time you take to get back on your feet. Everything looks fine on the BOA but there is a part of the strategy that you do not point out and that means a lot! That part is with the high rate method or snow ball, a) You never ever close your accounts, you may destroy your credit card if you wish, but never close your account as long as that will influence your fico score negatively and will increase your interest rate. b) once you paid off one of your credit card use the credit wisely. Now use the card to pay for every thing that you buy (refrain, but never lose the sight of the closing date neither the pay date, and for that point, making sure that you do not over expend, pay the total balance but in the mean time use the money you are expending on the zero balance credit card to pay the next one, that way, the time you will expend paying all your credit card will be reduced dramatically and the interest you were paying will help you to pay much faster all your accounts.
Posted on: Sun, 09 Mar 2014 19:25:58 +0000
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