Comments on: Reducing Credit Card Debt Using The Snowball Method

By: no1choice

no1choice — Fri, 20 Nov 2009 23:57:07 +0000

John Cummuta Method …
John Cummuta Method:

Since Card # 2 has the highest balance, it should also have the highest priority.

Like in billiards, Card # 1 is a lot like the ball next to a pocket already.

Take 10% of your monthly income and add it to whatever minimum, in this case $125.00.

Add that amount(10% of monthly income) to $125 after paying Card # 2 off to Card # 3.

For the sake of (C)redit (T)o (I)ncome, it is ideal to leave at least two credit cards at %50 balance.

By: jasonswindon

jasonswindon — Fri, 20 Nov 2009 23:57:07 +0000

i didnt need him to …
i didnt need him to tell me that!!!!!!

By: Revotime2009

Revotime2009 — Fri, 20 Nov 2009 23:57:06 +0000

Check out …
Check out Revotime2009 credit card debt power point on youtube here. Thats were I started getting these ideas. I couldn’t agree more with the guy who made it. I sent the notes too I swear to god. It felt great to fight back And I’m going tp keep doing it. The people who work at these credit card companies deserve to at least be uncomfortable about what they are doing and know they are hated.

By: zppz

zppz — Fri, 20 Nov 2009 23:57:06 +0000

It’s pretty simple …
It’s pretty simple really….

Step 1: Pay minimum payments

Step 2: Pay highest interest card

Step 3: When only one card is left to pay off, cut up the other ones

Step 4: Don’t use your card unless you will have the money to pay for it before the interest free period expires.

Never have more than one card!

By: CatpurrRobertaBobbi

CatpurrRobertaBobbi — Fri, 20 Nov 2009 23:57:06 +0000

The lowest balance? …
The lowest balance? What I read is you pay of the card with the highest interest FIRST. That way your not paying that high rate for a longer period of time! As you decrease the amount owed your min balance to pay goes down. The trick is do NOT lower you payment. Pay above what is required always at anytime. Do not miss min balance payment on others. To avoid penalties. And call creditcards to get lower interest. Go to a credit council put all into one payment.

By: 8av8today

8av8today — Fri, 20 Nov 2009 18:57:07 +0000

Good stuff for the … Good stuff for the ones that have no clue.

The last step of paying off the cards with the highest interest is to be disregarded if you transfer all your credit debt to 0% creditors. You must first do this first so that 0% is your edge on the credit card companies.

If you transfer your debt to a 0% card for one year, the snow ball method is pretty darn good. Most credit card companies would love to take your debt and give you 0% for a year if you switch. You must have discipline for it to work.

By: misslilychiang

misslilychiang — Fri, 20 Nov 2009 18:57:07 +0000

While paying off … While paying off card #1 and 2, you forgot to include the minimum payments for the remaining cards in the overall monthly payment.

By: Johnlocke29

Johnlocke29 — Fri, 20 Nov 2009 18:57:06 +0000

………………. … …………………..good ….there is a dim light at the end of the tunnel….been a pennys customer customer for many many years good credit….two days late… 39.00 late fee… i cut the card into a million bits…need some new t shirts…well it will not be pennys….an 80 dollor shoes an dishes ….with the dreaded lables MADE IN CHINA…….39 dollors late fee….im angry…… i NOW drive right by your door……..a very old customer…N O MORE john locke lyric pines

By: bluestar66677

bluestar66677 — Fri, 20 Nov 2009 18:57:06 +0000

dont pay … dont pay themworksforme

By: MissJska16

MissJska16 — Fri, 20 Nov 2009 18:57:06 +0000

Totally agree…why … Totally agree…why does anyone need more then 1 credit card??? found a great article the other day, its on a site called Cahs Doctors, click on resources then articles and read ppl……