[USER]

I’ve had some unfortunate life events in the past that led me to accumulate credit card debt. I’m in a much better position now so I’ve been working hard at putting this debt behind me!!

So far this year I’ve paid off 4 cards/loans totaling around $11,500 using the “snowball” effect starting with the smallest debt first. At this point I’m down to $18,000 on one card, and $9,000 on another.

These are both high interest. Does it make sense to consolidate them into a loan so I have one payment with lower interest, or maybe transfer to another credit card that offers a no interest period.

I’d love to hear what has worked for others!

[Jessica]

Absolutely yes. If you have good credit.
Transfer to 0% card for 15+ months.
I’ve seen as much as 21 months 0%

[David]

Yeah, I think a debt consolidation might be a good option for you. The debt service on CC is crazy and it is really hard to catch up with. A lower rate loan will probably save you a lot.

Useful: What would you say is a good amount to put away every pay period for an emergency fund when trying to put everything extra towards paying off debt?

[Jule]

I’d transfer to a 0% card and keep paying them down. That’s a better deal then a loan. Just look for a card with a 3% transfer fee. Some are 5%.

[Author]

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