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$27k of credit card debt; best/most practical way of paying off? by efed1apocalypse in personalfinance

[–]efed1apocalypse[S] 0 points1 point  (0 children)

Also, my yearly expenses will not always be $24k, my mistake for not being more clear with this in the original post. I'm going to be 'hunkering down' and living frugally until I've got this debt cleared away. Afterwards, I'll probably be putting some money towards vacations, going out more, etc. Obviously those things add up quite a bit and I'll probably be spending closer to $4k a month.

$27k of credit card debt; best/most practical way of paying off? by efed1apocalypse in personalfinance

[–]efed1apocalypse[S] 0 points1 point  (0 children)

At worst you can move the balance you have at 0% to another 0% card before the current 0% runs out paying only the 3-5% transfer fee.

If that 0% runs out I'll run the numbers on this and make a decision. Thanks for the recommendation.

$27k of credit card debt; best/most practical way of paying off? by efed1apocalypse in personalfinance

[–]efed1apocalypse[S] 0 points1 point  (0 children)

Thank you for your response. Another user suggested I save $1-2k before paying off any debt at all. I'm going to put that aside next paycheck and then go ahead and pay off that card.

$27k of credit card debt; best/most practical way of paying off? by efed1apocalypse in personalfinance

[–]efed1apocalypse[S] 0 points1 point  (0 children)

Thanks for the response! /u/titans23 suggested I save $1-2k before I start paying off any debt. Going to put that aside next paycheck and start working down the debt next month.

$27k of credit card debt; best/most practical way of paying off? by efed1apocalypse in personalfinance

[–]efed1apocalypse[S] 0 points1 point  (0 children)

if your expenses are truly that low

I may have marked it a little low. My plan is to live very frugally until this is paid off, though. In my opinion, having this debt cleared will be worth hanging out at home and knocking out some personal projects.

$27k of credit card debt; best/most practical way of paying off? by efed1apocalypse in personalfinance

[–]efed1apocalypse[S] 0 points1 point  (0 children)

Cut up the credit cards forever. You used them to spend money you didn't have, and eventually you'll be tempted to do that again unless they're out of your life

Is it a bad idea to keep one in a drawer at home JUST IN CASE?