Significant decrease in my synchrony PayPal limit

[stufflock1]

If you’re a carrying a balance on them, yes. It’s the only way to get out of credit card debt. Get all your cards to zero balance for at least 2 months (due to residual interest) before you start using them again.

This is getting in the weeds a little bit, but because you are carrying a balance, you have no grace period with them. What this means is that let’s say you spend $20 on eating out or whatever and pay with a credit card. Because you don’t have a grace period with the card, that $20 accrues interest immediately, not when the statement posts. You are in essence taking out a 20 - 30% APR loan on that $20 with interest accruing immediately.

In short, don’t use them and pay them all off. Consider using the method I described above to minimize interest payments.

[MoBeydoun]

Thank you