2 adults in household – 52 and 53 yrs old. Annual income: ~$170,000. Everything is great except our credit card debt. 6 credit cards with debt totaling ~$70,000.
Only other long-term debt is mortgage at 5.0% so it’s no problem whatsoever.
We are paying $2,000+ every month on credit cards and still no relief. Credit card companies have arbitrarily done some mean-spirited things the past 8 to 12 months, like shrinking our credit lines or jacking up interest rates to 35% (at which point we had to close account and just keep paying on them, to keep a 17% or 18% interest rate.)
We always pay at least minimum and, over past year or so, have paid sometimes $200+ over minimum but nothing helps. We just want these card balances paid off ASAP!
Should we pay off highest interest cards first? Or, highest balance? Or cards that have open accounts still? Any advice will help! Thanks!
I was shocked to read about how you got rate jacked. Ouch!
It seems like a two stage effort is in order. This plan assume your credit scores are good and above 660.
The likelihood that you will be able to do a balance transfer to pay off the debt is not realistic. So outside of placing another mortgage against your house to get funds to pay off the debt, which seems unlikely, the best course of action would be the following:
How does that sound?Big Hug!