Should I hire a debt consolidation company or should I just pay them off as quickly as I can? Provide me with your best responses based on your knowledge.
This is dependent upon your earnings and outlays. Are you able to make the minimal payments or are you unable to throw additional money at the debt?
I have extra to chuck. Just unsure if the $8,000 is really worth it. I believe I can easily pay it off in two to three months. or 75 percent or more of it
Paying down the highest interest rate initially is the best course of action. Donate as much as you are able. In addition, utilize this time to address any issues that arose and led to you accruing excessive debt so that you are not placed in a similar situation in the future.
To be honest, I’m really happy of myself because I’ve dropped 10k in the past year. I have five cards totaling three thousand, four thousand, two thousand, and one thousand. Although I fully support the highest interest rate, I decided to pay off my credit cards first. I still use the one with 2,000 points because I earn extra points with it. Whether it’s the one with $4,00 or $1,700, I believe it’s up to the individual to pay them off in the order that they can. Although I appreciate your strategy, there is merit in reaching the goal of paying off one credit card before moving on to the next.
More financial flow is available to apply to the next once the first is paid off. The snowball approach.
Indeed. Because it makes me feel like I’m making progress and am inspired to tackle the next task, I prefer to pay off the lowest sums first. I went to the casino last night for the first time in three years and had an incident where I lost $1,500. Learning experience gained. Hehe. I strive to maintain my cash flow reserves of $18,000. Upon receiving a check, I typically set aside half of it for the cards. By December 1st, I intend to have paid off the $1,000, $2,000.
Well thought out plan. Have three months’ worth of spending set aside in cash for unexpected expenses. If not, utilize what’s left to settle everything as soon as possible.
I would pay off the entire balance of $18,000 in cash and $8,00 in credit card debt immediately. If you don’t have any CC payments, you can easily restore your funds.
Unless your career is in jeopardy, $10k should be sufficient to have in savings for the time being.