How To Handle Multiple Debts

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Arya

Joined: 19 Aug 2009
Arya's page
Posts: 47

1187 Magic Points

Subject: How To Handle Multiple Debts

Sun Sep 13, 2009 9:04 am

I am trying to pay off multiple credit cards and student loans. I am not sure which is better to pay off first: credit cards still with the actual credit card company (discover, chase, etc) with a larger balance ($2000-$4000 range) or smaller debts ($400-$500 range) that have gone to collections. Which should I attack first?

James Orr

Joined: 07 Jun 2009
JamesOrr's page
Posts: 50
Location: Maharashtra

246 Magic Points

Sun Sep 13, 2009 10:11 am

Hi Arya, You must have to pay off all of them. But you have to pay this debts which has nearest due date to pay off otherviz they will charge you late payment penalties.So choose them first who has neares due date to pay off. You can also manage them by which one has large no of credit amount & you can select one of them which has large no of balance & you have to pay it first to take it in normal balance.

Thanks & Regards.
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sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1498

111 Magic Points

Subject: debts

Mon Sep 14, 2009 9:01 am

Well.......what bout outstanding debts that show up on a CR? I know a few of the debts, the SOL has already expired...so, I don't 'touch' them. However....I DO have a few that are less than $600.00. My BIGGEST ones (that are NOT deliquent on my CR) are my student loan ( which seems to take 'forever' to pay off..) and a car loan.

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