Living on a Budget, Saving Money/paying off credit cards


Thank you so much for your time.  I have 2 credit cards.  on one I owe $8,000.  On the other one I owe 3,000.  I have recently came into some money and I want to pay the $3,000 card off.  I want to pay some of the other one off but I wonder how this process works.  If I pay 2,000 of it, will it be worth it?  What would be the benefits of paying that and what do I need to know?

Dear Tanya,

I gather you have $5000.00 to work with.  I think paying one completely off and cutting it up is a great plan.  As to the other card, paying it down makes good sense, especially since banks are paying virtually no interest for savings.

In making the payments, be sure you speak with someone to pay the bill in full.  Some accounts have interest that accrues daily and you could be hit again with a interest or late fees, so verify amount in full, establish the date of payment, and the name of the person you speak with.

As to the partial payment.  It can simply be added to a payment, but be sure to watch your next statement to see that it was applied to the full balance.  Chances are, the bank will reduce the monthly amount due, but don't embrace that plan.  

Once the first card is paid off in full, and the second is reduced by $2000.00, I'd recommend sending the same amount you've been paying on both, to eliminate the one outstanding balance all together.  

Credit cards can accumulate a balance so quickly.  One for emergencies or online orders is really what I recommend and pay it off monthly, once you get the balance down.

I know you can succeed at this.  I wish you well.

Kind Regards,
KD Liz  

Living on a Budget, Saving Money

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Kindred Beisinger penname K D Elizabeth Beisinger


I can answer questions pertaining to budgeting, savings, debt reduction, and total freedom from debt. I can assist in prioritizing expenses and obligations. I am willing to share and offer guidance in realistic money management, modest investments, and financial freedom. I am not an investment counselor, broker or accountant, I am a missionary that does not do fund raisers or ask for donations.


I live comfortably and have been debt free since I was 40.

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