Question:
I have three credit cards at the same bank. One has a debt of 12,500 , the other 15,000 , the 3rd 2500.
I have 15,000 in cash , should I pay off one of them? or devide the money between the three in percentages?.
The bank charges the same interest rate for the 3 cards.
Answers:
Hi,
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foe sake of consolidation pay off the 2 first then pay down the one for 15k
dont use any of it for bills drink it all away!!
Invest the $15K into an investment that guarantees more than the payments for all 3 credit cards, and let it pay them off while you make a profit.
I would convert it to a personal loan for 5 years so it would give you some breathing time. You can always pay down the loan and give yourself a great credit rating
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