Paying Off Debts Flagstaff AZ

A reader with credit card debt wants to know whether his repayment plan will work.

A New Beginning Credit Consulting
(480) 695-6435
P.O. Box 30522
Flagstaff, AZ
 
Ruth Ann Burgueno Nutritional Counselor
(928) 282-9540
450 Jordan Rd Ste
Sedona, AZ
 
Consumer Credit Counseling
(480) 834-2284
1234 S Power Rd
Mesa, AZ
 
The Credit Pros
(928) 420-9352
1183 Luane
Prescott, AZ
 
Premier Debt Solutions
(602) 889-7244
5450 East High Street
Phoenix , AZ
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MoneyQuest Corporation
(602) 799-4155
Po Box 5267
Peoria, AZ
 
Christensen REX Atty
(480) 792-6651
3810 E Remington Dr
Gilbert, AZ
 
Heartsong Healing
(928) 300-6648
PO Box 4023
Sedona, AZ
 
Slater Lawrence Atty
(480) 497-1330
1400 N Gilbert Rd
Gilbert, AZ
 
Finefrock Law Firm Pllc
(480) 584-4886
770 N Monterey St
Gilbert, AZ
 

Paying Off Debts

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Q: I have three active credit cards. My VISA balance is $1,726, MasterCard is $330 and First Premier Bank is $248. I was thinking of paying VISA just the minimum monthly payment for a while. I was thinking of sending MasterCard $100 every month to keep the balance at a manageable level. And I send Premier Bank $20 every month.

In your opinion, is my plan a smart one and should I keep following it? Thank you.

A: Your plan seems fine since you only owe a total of $2,304. You should be able to knock out this debt very quickly, especially if you get a little more aggressive and try to pay $200 toward the debt each month, which would help you pay it off within 15 months if you don't add more debt to the cards.

(Editor's Note: In most cases, you'll be able to cut your debt faster by first paying off the debt carrying the highest interest rate. Most credit counselors recommend prioritizing your repayment based on the interest rate - highest to lowest. However, this reader didn't mention which of his credit cards has the highest interest rate.)

I might try this approach. Pay half toward First Premier Bank ($124 or more) when the next payment is due and pay the minimum required payment to the other two accounts. In two months, First Premier will be paid off. Then do the same with the MasterCard account paying $165 for two months in a row and paying the minimum Visa payment. Once the MasterCard debt is paid off you can focus totally on eliminating the Visa balance with a monthly payment of $200 or more....


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