What is the best way to pay off debt
Date: Fri, 05/07/2010 - 23:30
I have debt of around $25k in credit cards. I have been making payments to these without fail for last three years. But I pay only the minimum since I can't afford more than that. The simple debt calculator says that it'd take me more than 18 years to pay off my debt at this pace. I don't want to extend it that long. What can I do to eliminate debt without hurting my score since it has been in mid 700?
If you have less funds then you would probably have to wait that
If you have less funds then you would probably have to wait that long. In case you do not want to wait that long then try to settle the debt with that company. Have a word with them and try to explain to them the situation you are in. But even that would hurt your credit because the creditors generally don't settle at a good percentage till you start defaulting on these accounts. So decide, what you are looking for.....!!
The only other thing I can think of is for you to sell stuff to
The only other thing I can think of is for you to sell stuff to pay them down, get a second job or ask for a raise where you work. But to put it simply, you will need to increase the payments in order to pay them off sooner.