My fiancé has accumulated several major credit card debts, all with roughly the same APR, and some of the minimum payments are quite high, a few hundred dollars each. We had to rely on these cards heavily over the past few years, but now that I have a stable career, we’re finally in a position to start tackling them.
Initially, I thought it might be best to pay off the smallest balances first and then move on to the larger ones. However, my fiancé is considering not paying the top three highest balances and letting them go to collections, but I’m hoping there’s a better option.
I’m not well-versed in debt consolidation, and the word “con” makes me feel suspicious that it might not be helpful.
My fiancé feels very defeated, and I want to help him as much as I can. Unfortunately, I wasn’t taught much about money growing up and am feeling a bit financially illiterate myself, so I’m not sure where to start.
Any advice or guidance would be greatly appreciated! Thank you in advance!
