Originally Posted by lilo

I am 20 years old with a monthly gross income of $1900.00 after taxes I bring home about $1350.00 here are my monthly bills.

Car pmt $342.00
1st Credit Card balance $500.00 (credit limit $1000.00)
2nd Credit Card balance $2000.00 (credit limit $3500.00)
3rd Credit Card balance $4000.00 (credit limit 3500.00 waaay over limit)

Household bills (groceries, gas etc) $600.00 a month

My question is, I will have the 1st cc paid off in 2 months by paying $250.00 a month towards it. After that, should I start paying more on the 2nd card til it is paid off? Or should I do a balance transfer of $500.00 from the 3rd card to the 1st card to atleast get that to 100% instead of being over the limit?

I am trying to save (what is left of) my credit I think my score is at 650.

I was just a stupid girl who was living in denial, I am now back to reality! Help!

Originally Posted by choldheide

This can be solved very easily.

1. Pay the $250 to the fist credit card with the lowest balance. This way you see the quickest results. Don't worry about the interest rates when you pay more down on your credit card not just the minimum payment your actually effective interest rate will be a lot lower.
2. Then proceed on to the next card with the next lowest balance and pay the $250 + cc1 Minimum payment + CC2 Minimum payment. You will pay this card off in no time.
3. Then take the last card and apply the $250 + minimum payments from CC1, CC2, and CC3. Don't worry about the balance transfer it will only slow you down.

Finally one last note in order for any of this to work you must not add anymore debt to your credit cards. Stick to it and you can do it.