Step 1) Make a List of What You Owe. We've heard that knowing is half the battle.
Step 2) Pay your highest rate cards first.
Step 3) Get A Better Deal.
Step 4) Consider Using a Different Card.
Step 5) Beef up your credit score.
Step 6) Avoid penalties and fees.
Bankrate has tips and calculators and explanations of all these steps. Serenity Now! —MEGHANN MARCO
6 Steps to Credit Card Serenity [Bankrate]
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Since chase freedom has 0% apr, I consolidate all credits into one card.
Oh btw, the card that I am closing has zero balance. You have to have zero balance to close a card.
I -had- two outstanding balance cards ( one from Chase and one from another company which Chase bought) and those freaks at Chase wouldn't let me combine the balances. I figured they wanted me to have 2 chances to be late and to be able to charge horrid default interest rates...
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1. Use credit card even for the tiniest purchase, 1% saved is a percent earned.
2. Use 5% cards for grocery, drugs and gas (earn around $200 a year)
3. Find all the 0% APR for one year credit card, consolidate it with other cards of the same company (ie, combine Chase freedom with Chase Rewards) to get more credit on your card. Then transfer all funds to a CD to earn interest (Just remember not to use the card and to pay minimum balance) (earn around $1k+ a year)
4. visabuxx to help u earn points with your visa/master (I earn around $1k a year)
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I chose Financial Peace.
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In my terms, the "minimum payment" is always the entire amount due.
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