Should I pay off a credit card with the little money I have saved?

I have a significant credit card debt load. Would it be prudent for me to pay what I can off with my savings believe me, they’re not much ? Or should I simply hold onto the minimum amounts until they are settled? I might be able to pay off one or two credit cards that don’t cost more than $1,000 each, but that’s about it. Sincerely, I could use some guidance. Filing for bankruptcy would make it more difficult for me to get housing, therefore I don’t want to do that. I’m not very creative, but I do strive to right my wrongs. Any guidance would be appreciated.

Debt settlement should not be mistaken with a debt management program. My first loan was $35,000 with hefty interest. In eight months, down to 28k. Will pay it off in around 2.5 years. I never had a credit score lower than 740.

However, did you have to cease making your credit card payments? What application do you use, too?

No, you always make your bill payments. American Consumer Credit Counseling was what I used.

What is your opinion about them? And the reason I ask is because I’ve observed that when people file for bankruptcy, they have to stop paying them.

Yes, it is perplexing. These three items are distinct from one another. A debt management program works to lower your interest rates by negotiating with your credit card companies. I decreased to 9% from 28%. My monthly minimum was 1080, which would take thirty years to pay for. My current minimum is 760, which would require 4.5 years.

Making minimum payments won’t ever allow you to pay it off. If you have more than one card, pay off the largest one first, then any smaller ones as well.

Stopping interest from accruing will allow you to work toward principle.

No. You will find yourself back in the same situation if you use the money to pay off the debt and then something comes up and you need that money. Hold onto your savings.

Indeed. Save $1000 and apply the remaining funds to debt repayment. Next, apply every extra dollar you receive each month to your debt.