What is the quickest way to pay off 20,000 on a credit card with a 5.9% apr?

Question

What is the quickest way to pay off 20,000 on a credit card with a 5.9% apr?

Answer 1

You have a credit card with a 5.9% interest rate....that's very cheap.  You are not going to get a cheaper rate.

It's not likely they will excuse a portion of the balance unless you are already delinquent on it.

So for now, find a second job or some other source of income and make bigger payments.  It's still gonna take a bit to pay off this large of a debt.

Answer 2

Squeeze every penny you can find out of your budget and put it on the debt.  The more you pay, the faster it will be paid off.

Answer 3

open a new credit card account at 0% interest and do a balance transfer (make sure there isn't a 3% balance transfer fee) if you can pay it off in 12 months.  If not then it may be better to keep your current account and pay extra every month or pay a certain amount every pay period.  basically the more often you pay the quicker you will pay it off...the only thing you need to be aware of is that you are at least making your min monthly payment each billing cycle.  This works the same for Auto loans as well.

Answer 4

Do you think you can transfer your balance to a zero percent interest card?