How can I pay off $20K in high-interest credit card debt with bad credit?

T

TebasakiNoreh

New Member
I need suggestions for paying off credit card debt. I owe about $20,000. The interest rates are very high. My credit is poor. My credit union denied a personal loan. I likely wouldn't qualify for a 0% balance transfer card.
 
Hey there! Just a heads up: you can find lots of great videos about the snowball method on YouTube. And don’t forget you didn’t get into debt overnight, so it’s totally okay if getting out takes a little time too. Hang in there!
 
Hey there! If you've got a card with a really high interest rate compared to the others, I'd say start with that one first. Throw as much as you can at it until it's all paid off. If you have another one that's pretty high up there, move on to that next. For the smaller ones left, you can switch to the snowball method and knock 'em out bit by bit.
 
Given your limited options due to credit, the snowball method is likely your best approach, as many suggest. Finding an additional income source could also make a significant difference, allowing you to direct any extra earnings toward paying off one credit card at a time before moving to the next. What other strategies have you considered for managing debt more effectively?
 
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