No. of Recommendations: 0
"This strategy is working for me. Because of some dumb moves on our part, my wife and I are almost $40K in debt with credit cards. The snowballing effect works over the long term because unless you really have sneaky credit card companies, their minimum payment will always offset the interest charges, if only by a little."
"I worked it out via the debt reduction planner in Quicken 2000, and we're cutting over a year off our repayment schedule, and saving $4000 in interest."

Thank you. . Thank you. .Thank you!!!
I'm pulling our my statements and working the plan. I'll post when I've paid off my first CC.

Thanks Again,
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.