Living on a Budget, Saving Money/debt reduction


Mr. West, I have 2 credit cards:
1. bal $4900 - int 13% - min due $87 - pay monthly  $100
2. bal $7500 - int 10% - min due $134 - pay monthly $300

I recently was approved for a 21 month 0% card with a $5300 credit limit. My plan is to transfer card #1 to the 0% and put all the money I have been paying on BOTH cards(except for the min payment on card 2) on the 0% card. Once card 1 is paid off, I will then put $5300 of card 2 on the 0% card and do the same - only paying the min due on card 2 until the $5300 on the 0% card is paid. And continue this pattern until card 2 is paid in full. I have not charged on either of these cards in almost a year so I am not worried about adding to the balance. I just want to pay them off as quickly as possible. Does this seem like a reasonable plan? Thank you.

It is a reasonable plan, as long as you dont run the balance up on the ones you have transferred or the one you are paying off.  I would cancel the one you transfer.  Also make sure your necessities are paid before you send money to credit cards.I would also suggest that you build up a mini emergency fund of 1000.00, or 500.00, if you make less than 20k a year, so you will not use the credit cards if there is an emergency.  I hope this helps.Keep working on it you will get there.  

Living on a Budget, Saving Money

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Tim West


Budgeting, credit, collections, basic insurance and investing. Small business budgeting basic will and estate planning.


Financial coach since 2009. Help coach people in personal and small business financces.

Head of financial ministries at Grace Fellowship of Augusta,Dave Ramsey Certified financial counselor and 20 years of doing it my self.

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