What is the best way to pay off my credit card debt?

I have less than $5,000 in credit card debt, but it kind of has me in a bind. It seems I'm only paying off the interest while the actual balance never goes down. I applied online for a personal loan, but was rejected. I was thinking of maybe using a credit consolidation service to help me out. What ones are reputable? Which ones have you personally used and what were your thoughts on them? Any help is greatly appreciated.

What is the best way to pay off my credit card debt?
There is no magic answer.





Income minus expense.





If you dont have enough money to pay off your bills, you need to earn more, or reduce expenses to pay down your credit.





Credit consolidation isnt going to solve the problem, just create ONE bill out of many PLUS their fees.





Set a goal to have 50% paid off by this time next year. That's only $200 a month.





Good Luck
Reply:Do you know your credit score? If you already be declined with a personal loan already, I would not suggest you to try to apply with other lenders again. Because that would hurt your credit score. Your balance never gone done is because you must had been paying minimum balances, which might be lower then your accrued interests. That meant the accrued interests had accrued interest on it. How to pay off your credit card debt steps are: 1. STOP CHARGING TO ANY CREDIT CARDS. 2. Focus on your budget, cut monthly expenses and pay as much as you can every month. 3. Find a way to increase you income by switching a higher pay job, or get additional part time job. Good luck!
Reply:You would be far better off to put yourself on a strict budget until you've paid the cards off. If you use a service you'll ding your credit rating, which could cost you thousands later on; especially if you want a mortgage. Don't look for a quick way out.
Reply:I did a balance transfer to a new card (almost exactly $5,000) that has no interest for the first 12 months. I'm planning to pay it down over 2 years (about $206/month) and may switch to another interest free card next year if possible. Otherwise, my new card is a fixed 8.99% interest rate, which is still lower than my other card was anyway.
Reply:I experienced a similar problem last year but I wrote to my credit card company, saying that the interest payments are always higher than the minimum payment, hence if I continue to make the minimum payment only then my balance will increase instead of decreasing. I was actually very disappointed with the company and demanded an explanation. Eventually they reduced the interest rate for a period of time.





The other thing you could do is apply for a balance transfer to another credit card, that way you'll get promotional interest rates from the new company and hopefully be able to reduce the balance.





Good luck either way.
Reply:go to cnnmoney.com. There is a place on there for getting out of debt. You enter all your credit card dollar amounts and interest rates and it shows you the best way to get out of debt.
Reply:If a person has accumulated a large amount of credit card debt due to multiple credit cards, the need for a proper counseling for credit card debt consolidation can't be understated. Credit card debt consolidation counseling helps a person get vital insights into the facts that can help him get control over the credit card debt.





Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.





A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn't undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder.


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