What is the best way to pay off $12000 in combined credit card debt?

Im about $12000 in debt and want to get out now before I get more in debt. Im young, don't own a house and have a credit score of around 698.

What is the best way to pay off $12000 in combined credit card debt?
The best way to pay off your bills... and get out of debt!





Make sure you pay all of your minimum payments; WHILE you attack your lowest debt. Attack it in the sense of pay as much as you can. Once you pay that one off, go to the second lowest debt and so on.





This is key and it really makes you feel like you are getting your debt paid off fast.





Make a monthly and/or weekly chart with what money comes in and what money goes out.





Best of Luck,


Elizabeth R.
Reply:Check out the interest rates on these various cards.





Do whatever it takes to reduce them:


- pay down the highest one first, as fast as you can.


- transfer the balances to lower rate cards


- take full advantage of any promotional rates or offers in doing the above.


- try to get the rates reduced. The words "balance


transfer to my other card" might work magic in that


regard.





Do not put anything more on any of these cards


until you are no longer paying finance charges.





Since you are carrying a balance, every dollar you


add - even if you will pay it the same month - will


add to the finance charges.





Don't even let the words "minimum payment" cross your mind. Reduce those balances as fast as you can.
Reply:Do NOT get behind in any of your payments. Get a part time job and attack that lowest one until its gone. As Dave Ramsey says, "Beans and rice, rice and beans, and get out of debt." See if any of your junk mails offer zero percent financing for a year and use that time to really get out of debt.


Do call your creditors and tell them you're going to transfer the amounts of your cards to others with lower interest rates. If they refuse to lower them, ask to speak to a supervisor. It's worth the hour of aggravation to get a lower rate. Good luck!
Reply:Most likely there are two ways to consolidate your combine credit card debts. One of the way is Credit Card Consolidation Loan, which is a type of unsecured personal loan. Credit Card Debt Consolidation Loan shortly means one loan for all your credit card debts. When you have several credit card debts, you can consolidate it into one lower, fixed rate loan. You make a single lump sum payment each month to your credit counselor and he in turn will pay off to your current creditors.





Another way is credit card debt settlement plan wherein a debt settlement company would negotiate a lower lump sum payment to pay to your Credit Card Companies i.e. your creditors off and as a result you end up paying fifty percent or even sometimes lower, of your outstanding balance to them.


If you maintain consistency in your payment, you can expect to raise your credit score.





Here is the source of a credit counseling company named http://ezconsolidation.com who would help you paying off your debts.
Reply:Approach a debt consolidation company for help, instead of paying high rate of interest to your card issuer. Most of the debt consolidation companies provide loans to help you tide over the credit card debts. These loans are known as credit card debt consolidation loan. The advantage of this loan is that you are charged a low rate of interest. The difference between the interest charged on the credit card and the interest on the credit card debt consolidation loan is substantial, saving you quite a big sum of money.





However you should note that credit card debt consolidation loan may not be right for all. Before applying for any loan, consult your financial advisor and apprise him of your problem. He will analyze your situation, and decide whether credit card debt consolidation loan is right for you or not. Take this loan only if he recommends it.


http://debt-refinance-loan.com/category/...
Reply:Call all of them and work out a payment plan and try to get your interest lowered or stopped.





Then, make the minimum payments on every one of them. On the lowest dollar value, put all your extra effort toward paying it off. Once it is paid off, then roll that extra money to the next largest balance. Continue this snowball until all your debts are paid off.





You probably need to cut your expenses back to the bare minimum. Get rid of cable, cell phones, internet, etc. Lower your electric bill, gas bill, water bill, etc. Don't eat at a restaurant until your debts are under control. Take a sandwich for lunch. Cancel the gym membership.





Try to increase your income by getting a second job. If you have a car with payments, get rid of it, and buy a good dependable used car for CASH.





Go to the library and get "The Total Money Makeover". Read it and follow it carefully.





Go check out Dave's website as well. Yahoo is blocking his site again, so take out the spaces in the following:


www. Dave ramsey. com
Reply:1st: I would go to get a consolidation loan. Then I would make sacrifices similar to those that Rick B suggested. I would pay the 2-4 X's them minimum payment monthly. The hardest thing to do it to stick to the plan of paying more than the minimum but once it is all paid out it will be the best thing that you could do for yourself now %26amp; in the future.





Good Luck!!
Reply:Great answer! Dave Ramsey is a self taught genius. Unfortunately, most creditors are not going to give YOU the best possible deal when negotiating, so for the rest of us who don't want to take a chance on paying 30% more than we should or just plain don't have the time or know how to deal with this crap, there are some very reputable companies out there who will do all this for you, and I know of one that will even send you on a vacation or give you $200 in free gas to help you de-stress! Go here


http://www.squidoo.com/debt-reduction-se...


to check out all your options and view the pros and cons. I know this much, 30% of $12k is $4 grand. that's a lot of money to gamble with. If I were you, I would get a professional team behind me to handle ALL of it. A simple ten minute call could save you $4k? Sounds like a no brainer to me! Especially with a score that high. If you don't do this right it will be a LONG time before you see 698 again!


Good luck and God bless!