What is the best way to pay off credit card debt?

My credit card balance is $30,000. Would it be best if I take out a low interest loan for this amount, or home equity loan, or just keep paying on my credit card bill monthly? |||From Consumer Reports.


The best cards for balance transfers.





Capital One Platimum prestige


Clear from american express - still 0 apr for 12 months on transfers


Iberbank Visa Classic


Simmons First Visa Plantinum





= Just in case you don't get a home equity loan.


.|||Wow, these answers are terrible! I worked at Experian credit union in the past, and the best way is to not take out any more loans or open any more credit accounts! Look at all of your debts, and transfer all of your balances to your lowest interest card. Limit spending as much as possible, and start to pay as much as you can (realistically) on the card to pay it off. Resist all urges to open new accounts with 0% interest, as these usually have higher interest rates after 12 months. Also, transferring balances from account to account does not improve your credit, because the amounts owed on all of your accounts will always show on and affect your credit report and score. |||If your interest rate were 9.9%,and you could manage to pay close to $400 per month, you could pay down that debt in 10 years:





What will it take to pay off my credit card?





Enter your credit card balance: $ 30000


Enter the credit card's interest rate: 9.9%


*Enter payment amount per month: $394.79





It will take you 120 months (10 years) to pay off your credit card.





I've included a link to direct you to a credit card debt calculator. If your credit card gives you a low interest rate, it is probably best to keep the card and pay it down. If you take a home equity line of credit, you are making more of a problem for yourself by increasing your indebtedness. Don't close the credit card account- if you do you could end up closing the credit history on that card as well. Consider your debt to credit ratio also. Do you have credit left available on this particular card?


|||I recommend a website called The Consumerist. Check it out and do a search for "credit cards" or "credit card debt" and it'll help. It's good for a million other things, but consumer protection is it's number one goal.





First, talk to your credit card company. You know all of those other credit card offers you get (I'm sure you're getting a million by now)? Take the info from there (say they're offering you 0% for example) and tell your current credit card company that you're thinking of switching. No one wants to lose your business, and they'll most likely match, or come close to the competitor's rate. Check your bill, but you're probably paying close to 20% in interest, if not more. Make sure to pay on time as well, as that's usually the generic excuse for jacking up someone's rate.





Also, you need to budget. I know it sounds lame, but it's really easy, and in no time, you'll realize how much money you were wasting (trust me). If you know how to use Excel, then just do it in there. You don't even need the equations, just the grid to make it easier to read. Write down what your "fixed" expenses are; these are things like rent, car insurance, utility bills, a mortgage, etc. They're something you'll see every month. Once you know what your fixed expenses are, prioritize them over your other expenses...things like Friday night, a new pair of shoes or a TV are not priorities right now...just that credit card bill is, in theory. You could even go full-dork, and color code things in terms of importance, or just for the sake of easy identification. The more you know about where your money is going, the better off you'll be.





Allow yourself a little spending money for a rainy day, but for the most part, not prioritizing your expenses is what go you here to begin with, so don't go nuts. You'll definitely have to cut back on some things...it's a sacrifice you have to make now. Take any cash saved and deposit it immediately. It's like the saying, "idle minds make for the devil's workshop." If you have that money sitting in your pocket, you're going to want to spend it. Instead, drop it into a high interest savings account like at ING or something. They're getting close to 5% I think, so it's almost like taking an additional 5% off of your debt obligation, just by putting money away.





I WOULD NOT recommend a home equity loan, but I'm not an economist. To me, that seems a little dangerous in this market, especially in this housing market. Also, I don't even know how likely it is that you'll get a low interest rate loan with that kind of debt behind you.





Finally, take the time to read and understand all of that fine print in the contracts that the credit card companies love to give us and hide little details like a 29% interest rate. I'm sure there's a ton more info in there as well. |||Work hard even take up a second job to keep paying off the balance. With your credit card balance, you might not qualify for a home equity loan.





Stop spending. Put away your credit cards. If you don't have cash to pay for things you need, don't buy them. You'll be surprised how fast you can become debt free since you are not adding any amounts.|||Pay it off with another credit card that has 0 interest if balance is paid within 30 days. Then pay that one off with the old credit card and forever move the balance back and forth never having to pay it off and having great credit in the process.|||


Common situation you met like many other people,be patient,and check the resource here http://www.DebtFreetips.info/debt-free.htm i found useful.


|||Well home equity will pay it off in 15 years with a low interest rate but be carefull not to rack it back up after doing so!


PS Stop shopping or get a rich man!LOL|||yup


talk to your banker