What is the best way to settle debt on five credit cards that total to at least 5 to 6 thousand doll

I HAVE LIKE 5 DIFFERENT CREDIT CARDS AND I WOULD LIKE TO PAY THEM ALL OFF, BUT I DONT HAVE OR OWN ANYTING TO BORROW FROM OR ON?

What is the best way to settle debt on five credit cards that total to at least 5 to 6 thousand dollars?

I would first try to consolidate, however if you don%26#039;t have good credit and/or can%26#039;t find a good APR on a credit card. Then I suggest you start with the smallest credit card you have and send in the biggest amount possible until you are finished and work your way up to the next highest balance.

While you are doing this only send the minimum amount on the rest and use the rest of the money for the smallest one. Just like any other problem, you will only get into more trouble by starting at the top rather than the bottom.

If you have had these cards for a while and have been making regular payments on them without being late on your payments, I would suggest you call each credit card and tell them you would like to close the account and they will most likely ask how they can keep you from closing the account. You can then tell them that your interest rate is too high. Sometimes if they really want to keep you as a customer they will lower it. If not then it%26#039;s up to you whether you want to continue closing the account. If they call your bluff, oh well.

Politely tell them you changed your mind and keep your account open. It never looks good on your credit report when you close accounts.

What is the best way to settle debt on five credit cards that total to at least 5 to 6 thousand dollars?

Try to consolidate all your debts by getting a loan to pay them all off at the lowest APR you can find, then pay back as much as you can each month. After that never use a credit card again ! Save up and only buy what you can afford.

What is the best way to settle debt on five credit cards that total to at least 5 to 6 thousand dollars?

get a second job and use the entire income from that job to pay them off.

What is the best way to settle debt on five credit cards that total to at least 5 to 6 thousand dollars?

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What is the best way to settle debt on five credit cards that total to at least 5 to 6 thousand dollars?

I wouldn%26#039;t suggest borrowing to pay off debt. Even though you MIGHT get a lower interest rate you still have debt of 5-6 thousand dollars, it is just with a different company.

A better option would to change your lifestyle. If you can work and use your income to pay off the debt, while taking longer, it will be better in the long run. You wouldn%26#039;t have had to borrow more money and won%26#039;t have to worry about paying someone else back.

This is not easy, and you have to be really focused and intense about it. I would recommend you go and purchase the book The Total Money Makeover by Dave Ramsey. It also might be available in the library. This book totally changed how I look at debt and money. That 5-6 thousand dollars in debt is definitely manageable. You just have to have a game plan to get rid of it.

What is the best way to settle debt on five credit cards that total to at least 5 to 6 thousand dollars?

You definately don%26#039;t want to borrow money just to pay off your debt. That%26#039;s just like robbing Peter to pay Paul. I would just suggest a change in lifestyle, like getting a second job or doing some major budgeting to get these paid off. Also, if your going to take any settlement offer from a credit card company, just be aware that you will have to report that settlement difference as income on your income tax return, that is if it%26#039;s over $600.

Good luck.

What is the best way to settle debt on five credit cards that total to at least 5 to 6 thousand dollars?

Forget consolidation, it will cost you in the long run. Pay off the highest interest rate card first, then the next highest card, etc. You%26#039;ll pay less interest this way. And stop using the cards!