Comments on: 5 Ways to Wipe Out Your Credit Card Balances. http://www.mytwodollars.com/2010/02/15/5-ways-to-wipe-out-your-credit-card-balances/ A place to discuss money...for the rest of us. Thu, 24 May 2012 23:41:30 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Clairhttp://www.mytwodollars.com/2010/02/15/5-ways-to-wipe-out-your-credit-card-balances/#comment-35872 Clair Sun, 21 Feb 2010 16:07:16 +0000 http://www.mytwodollars.com/?p=2416#comment-35872 Thank you for a very supportive and informative Blog. Regarding squeezing your budget - Ive just spent a small fortune on my credit card for car repairs and have had to cut down on food and cell phone costs to make ends meet. I cancelled my cell phone contract and bought a prepaid cell phone 'straight talk' package from WalMart for $40 per month for unlimited calls and unlimited text. I now save $1200 over 2 years which I can now put towards my credit card debt. It even paid me to pay the cancellation fee of the cell phone contract. Also available is a $30 prepaid package for 100 anytime / anywhere minutes and 1000 text messages. Regarding groceries - I no longer by my morning Starbucks fix,keep a snack in the car and my bag to stop me nibbling on cash draining junk, and make my own lunch for work. Thank you for a very supportive and informative Blog. Regarding squeezing your budget – Ive just spent a small fortune on my credit card for car repairs and have had to cut down on food and cell phone costs to make ends meet. I cancelled my cell phone contract and bought a prepaid cell phone ‘straight talk’ package from WalMart for $40 per month for unlimited calls and unlimited text. I now save $1200 over 2 years which I can now put towards my credit card debt. It even paid me to pay the cancellation fee of the cell phone contract. Also available is a $30 prepaid package for 100 anytime / anywhere minutes and 1000 text messages.

Regarding groceries – I no longer by my morning Starbucks fix,keep a snack in the car and my bag to stop me nibbling on cash draining junk, and make my own lunch for work.

]]> By: Wednesday Trends in Credit Cards & Debt | Credit Karma Bloghttp://www.mytwodollars.com/2010/02/15/5-ways-to-wipe-out-your-credit-card-balances/#comment-35837 Wednesday Trends in Credit Cards & Debt | Credit Karma Blog Wed, 17 Feb 2010 18:08:29 +0000 http://www.mytwodollars.com/?p=2416#comment-35837 [...] Two Dollars blogs on 5 ways to wipe our your credit card balances once and for [...] [...] Two Dollars blogs on 5 ways to wipe our your credit card balances once and for [...]

]]> By: David/Your finances 101http://www.mytwodollars.com/2010/02/15/5-ways-to-wipe-out-your-credit-card-balances/#comment-35820 David/Your finances 101 Tue, 16 Feb 2010 00:51:23 +0000 http://www.mytwodollars.com/?p=2416#comment-35820 The best way is to shoot any and all extra cash that you have towards it til its knocked down. Then you can move forward The best way is to shoot any and all extra cash that you have towards it til its knocked down.

Then you can move forward

]]> By: Edwinhttp://www.mytwodollars.com/2010/02/15/5-ways-to-wipe-out-your-credit-card-balances/#comment-35819 Edwin Mon, 15 Feb 2010 21:37:16 +0000 http://www.mytwodollars.com/?p=2416#comment-35819 Great advice but one issue I have is how extreme your cost vs. balance example is. Sure in that case you would clearly want to pay off the expensive card. But there is no reality where you will have a credit card with only 5.9% interest. If the rate was something more reasonable like 15% (which is still fairly low), the vast gap between the two payment methods is far more minimal and likely more than made up for with the psychological effect of seeing your debts go down noticeably. Great advice but one issue I have is how extreme your cost vs. balance example is.

Sure in that case you would clearly want to pay off the expensive card. But there is no reality where you will have a credit card with only 5.9% interest.

If the rate was something more reasonable like 15% (which is still fairly low), the vast gap between the two payment methods is far more minimal and likely more than made up for with the psychological effect of seeing your debts go down noticeably.

]]> By: Wiping Outhttp://www.mytwodollars.com/2010/02/15/5-ways-to-wipe-out-your-credit-card-balances/#comment-35816 Wiping Out Mon, 15 Feb 2010 15:26:12 +0000 http://www.mytwodollars.com/?p=2416#comment-35816 [...] [...] [...] [...]

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