How do I handle my credit card debt?
I have several credit cards. I started with one and now have three because I transferred my balances to a 0% interest, but not all of the balance transferred. Would it be smart to try to finance the remaining balance of the interest bearing accounts with my local bank? They could potentially apply this to my personal loan I have with them. Or should I just keep paying the balance off as quickly as I can?
If we are assuming that you are going to pay back the debt and not declare bankruptcy at some point, the best strategy is to do all that you can to reduce your overall interest rate. Thus, if you can get a fixed loan from the bank for X% that is less than the current rate on your credit card, that is wise. Then, begin paying your highest interest rates off first, as aggressively as you can. (Just pay the monthly minimum on your 0% cards, until they start charging interest.) As a bare bones strategy, always pay at least 2x the monthly minimum on credit card debt with an interest rate because this will cut your time to pay it back in half, as well as your overall interest owed.