facebookI have around $20k in debt spread over 5-6 credit cards. Is it better to pay them off one at a time, slowly, or take a credit consolidation loan, pay them all off, and have one payment a month? - Seedly

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Anonymous

04 Apr 2021

Credit Cards

I have around $20k in debt spread over 5-6 credit cards. Is it better to pay them off one at a time, slowly, or take a credit consolidation loan, pay them all off, and have one payment a month?

I have been making the minimum payments, plus a little, but the interest I'm being charged is killing me. Thanks in advance for your thoughts!

Discussion (6)

What are your thoughts?

Chin Guo Qiang

Chin Guo Qiang

04 Apr 2021

Assistant Vice President, IT EUC at OCBC

I wonder if you can do a payment for the most heavy bills first, then water down the sums in a “waterfall” method. That should help you get the money out proper without feeling too limited by monthly salary.

Better to pay them all off one shot. Interest rate is daylight robbery, don't delay further.

Png Cheng Xi Damien

Png Cheng Xi Damien

07 Jan 2021

Happy Life Seeker at Home

If you are unable to pay it off fully, taking a debt consolidation plan is always better. You cut th...

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