Debt Reduction Plans?

Anyone have any good or bad experiences here? What are the best ways to go here? Combining debt into a no-interest credit card? Any other thoughts?


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No-interest credit cards have been a life saver for me when it comes to managing my debt.

While I would prefer to pay no debt, at least knowing I am not paying exorbitant amounts in interest allows me to relax a little and take a strategic approach in paying it off.

It has been a journey, but my wife and I are closer than ever to having a $0 balance on our credit cards after being married for a little over a year.

In the time I have had a balance on my cards (about 3 years) I have only ever had to pay a small amount in interest thanks to no-interest promotions and balance transfers.

You can do that IF you already have good credit to open NEW accounts. I was well on that road and then had an identity theft situation and been off work and messed uo 5 years of perfect payments. I am starting all over now.

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I agree with Mr. Moore. Transferring to a zero interest card is great, if you’re able to do that. If you’re not, that’s okay too. What I’ve been doing is Dave Ramsey’s snowball method. I was skeptical of it at first, so I just paid above minimum on all my cards, but I didn’t feel like I was getting anywhere. So I gave Ramsey’s method a try. In just over a month of using it, I’ve already paid off two cards, and am well on my way to paying off the other two. I honestly can’t explain why that works better, since I’m dedicating the same amount of money toward’s debt repayment, but the results can’t be denied. Paying off a card is a great feeling.


Yes I have been using the Dave Ramsey snowball method also and it works. It is called seeing results that work and it makes you feel good to be getting out of the norm. (Debt?)

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@ken I share your same sentiment for debt ?

That’s a blessing to get a no interest credit(?) card. I’m on the mend from a fabulous disaster myself. My score is poor and rising. Almost out of poor rating.

Some food for thought(for those of us whom are trying to get the heck out of debt). If you have debt I prefer the snowball method of paying debt(paying off the lowest amount(debt) of and work up to the larger amounts. For the benefit of those who don’t know). Then there’s the other payment method. Can’t remember what it’s name is but, you pay the highest debt and/or the highest interest debt off first and work down.

Once you get a little ahead on your debt, there are a couple things you can do to bump up your credit. For those of us in the poor credit score range, you can either apply for a secured credit card or apply for a credit builder loan.

Just a suggestion, get free credit monitoring apps and/or visit the website. App/website suggestions, credit karma, Experian, credit sesame. NOTE: Experian is free with Experian Boost!

And lastly, get your free credit report. You’re entitled to a free one once a year.

Just a couple side notes. I am NOT a financial advisor. I’m just an ordinary guy going through debt/credit rebuilding. What I’ve shared are things I’ve learned in the past six months or so. I chose to share them in the hopes it may help someone.

Sincerely, Prince Alarming