Due to an inheritance, I have $ 88,000. I have $63,000 in debt to credit cards. Breakdown:
A. $16,900 at 11.2%
B $8,900 at 14.2%
C. $3,000 at 12.2%
D. $11,400 at 12.5%
E. $ 14,300 at 7.8%
F. $7,800 at 12.9%
G. $670 at 3.9%
Due to cut backs at my husbands job, our financial ends don't meet by approx $ 1000.00 a month. Minimun payments on the credits cards is $1270.
Should I just lump sum pay it all off at once, or pay down with larger payments?
I am not a financial advisor, and I think you best bet would be to speak with someone who could provide you with different options on paying down this debt. If you call: 1-800-771-9960, a financial advisor will be able to guide you and answer any questions you may have.
I hope this helps - best of luck to you and thank you for posting in the community.
Paying off you credit cards is a great start, but I do not recommend closing all of the accounts. FICO credit scores are, in part, calculated by your debt ratio and how long the account has been open.
The following is advise I received when I had a similar situation and it has worked very well for me: