How Best to Reduce Credit Card Debt?

I’ve read that there are two schools of thought on paying off credit card debt: (1) paying off the credit cards with the smallest balances first so as to get the satisfaction of seeing a zero balance sooner and (2) paying off as much as possible on the higher interest cards first and leaving just enough to make the minimum payments on the ones with a lower interest rate.

I used to do the first. Not smart, not smart at all. I am now paying on the ones with the higher interest rate first. (And this is after having called all the companies and asked for a lower interest rate. Often they comply.) We’ve got debt on nine credit cards. One with a temporary 0%; three at around 14%; two at 18%; one at 20%; one at 26%; and one at 29%. I’ve just got $800 left on that last monstrous-rate card. I’m about to pay it off in a minute. Next I’ll wipe out the other two in the 20 percentiles ($3,200). And then I’ll take on the ones in the high teens.

Focus. And I’m happy to report that as of this morning, I just got my credit card debt under $100,000.

Screenshot 2018-01-03 16.23.06

It’s highest was about $107,000 in November 2017 and now just two months later it is $98,342. Progress!

 

Did the Mirapex Make Me Do It?

That I have gotten myself into more than $100k of credit card debt is mortifying. I am ashamed of myself. According to debt relief websites, I seem to be in a very small class. The horror stories are usually with people having half my debt. I’m not enjoying being special.

While there are plenty things I can blame, I am prepared to take full responsibility. But it occurs to me that maybe there is something I am not entirely responsible for, though I don’t like that either.

The one thing in particular I need to consider is this: I have been taking Mirapex or, generically, Pramipexole, for many years for Restless Legs Syndrome (RLS) . I take .67 mg Read More »