I am looking to knock out my credit card debt with a combination of avalanche and snowball. So obviously I will be making minimum payments on all but one card at a time. I would still like to pay the minimums divided by four weeks. Will this save interest? I’m guessing most of these credit cards are average daily balance.
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I am in same situation, paying off ,4 cards.Trying to anyway.
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You would have to contact the cc company to find out if they calculate on an average daily balance. Maybe shop for lower rate cc’s.
Closing the accounts or not using them at all is a good first step. Living on cash is tough if your not used to it. Also, a quick phone call to each to ask for a lower rate is usually granted. Especially, if you tell them your looking for a lower rate card.
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You are right, it does not hurt to ask, especially if payments have been pouring in weekly, it shows initiative.
That sounds like a good idea, ask for a lower rate. Also, stop using the card(s) if at all possible so the balance doesn’t keep rising. Making a payment every week should bring the balance down that much faster.
How are you doing both the debt snowball and avalanche method? What I have done since all of this covid stuff has started is put all my accounts on hold because they’re offering that and paying everything I get towards one card to pay it in full with the debt snowball method. I have paid off 4 credit cards already and hope to pay off the 5th this week. Like I said, they were all on hold so I wasn’t even required to do the minimum payments. So far I’ve paid somewhere near 4,000, I hope this helps.
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I’m actually going to do this and track it. Theoretically it would have to lower the average daily balance and given my debt load (yikes) even a few dollars is better than nothing.
