Credit Card Debt
Hi, I am new to the forums and I have racked up quite a bit of debt in credit cards over the last few years. In the last 3 months I have begun to pay this debt down little by little and I am looking to have it all paid off in two years. Here are my current balances:
CitiCard - $3,500 at 29.99% minimum payment is $128
Chase - $2,250 at 27.24% minimum payment is $79
Capital One - $510 at 22.90% minimum payment is $20
I recently called CitiCard and got a reduction in my interest rate to 19.99% but itís only for a promotional period of one year. The other companies claimed that they could not change my rate but they gave me small interest refunds, so I will continue calling them until they give me a better interest rate because my credit score isnít that bad at 670.
I have been paying $200 a month on the Citi account, $100 a month on the Chase account, and $50 a month on the Capital one account. Do you think that this is the right approach to paying down the debt or should I try a different method? I can currently afford to only pay about $350 a month towards the balances but I am looking for any other methods of paying this down faster.