Money Management Problem – Credit Card Debt
Madison over at My Dollar Plan invited her readers to comment on a question she received from a friend about how to get rid of $14,300 in debt. I have never faced debt like this, so what I have to offer is only theory crafting - but I like crunching numbers so I figured I'd give it a shot. According to Madison, the debt is distributed in this way:
Personal Line: $3,500 balance @ 15% - $7,000 limit
Credit Card #1: $2,300 balance @ 9.6% - $5,000 limit
Credit Card #2: $6,600 balance @ 8.5% - $8,000 limit
Credit Card #3: $1,900 ...