Financial Advice? HELP!?

Question

My husband and I just got married less than a year ago. We are really struggling right now. We have made the stupid mistakes of having credit cards. We now have learned our lesson and have 3 high balanced cards and are being charged finance charges. We make well over the min payments but we are still in the same boat because after the finance charges we are back to square one. Does anyone have any advice?

Answer 1

For each payment period:

1)  Pay the minimum amount on all three cards.

2)  Fully pay down the card with the highest interest rate first, then pay the card with the next highest rate etc.

Answer 2

MadMan is right, it's called the snow ball effect.

Also check out Dave Ramsey's web site for more help.

Answer 3

I would also say consolidate your loans so its easier to manage.  Then maybe try to negotiate a lower rate with the creditor.  

You could also wait for the special offers of no interest credit transfers.  

Answer 4

Look into a debt consolidation.  You'll only need to make one payment on a lump sum of credit instead of three.