Originally Posted by
Battler
Nice advert for ME Bank!
And I don't agree with the advice given; (consolidating your cards into a personal loan) great for the bank though!
The two best ways to get rid of credit card debt are:
If you have a mortgage: refinance to a better rate (like 3.99%), borrow extra to pay out the credit card debt. Then add up your the monthly payments you were making to the credit card(s) plus the amount you are saving by refinancing to a lower rate and pay that amount off your mortgage fortnightly.
If you don't have a mortgage: if you have more than one card pick the one that has the highest interest rate (not the highest balance). For the remaining cards pay just the minimum monthly payment and the one with the highest rate you pay as much as can above the minimum payment. Once the card with the highest rate is paid off, cancel it and then pick the next card with the highest rate. Now with this card you make the minimum payment plus the payment you were paying to the card you just cancelled. Minimum payments only for the remaining cards. Rinse and repeat until all cards are cancelled.
Cheers
Makes sense to me. Good advice.
I’m pretty sure the dinosaurs died out when they stopped gathering food and started having meetings to discuss gathering food
A bookshop is one of the only pieces of evidence we have that people are still thinking
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