GalacticFlame
New Member
Should I pay off closed credit cards now or focus on open accounts first?
Should I Pay Off Closed or Open Credit Cards First?
- Thread starter GalacticFlame
- Start date
BurntRecluse
New Member
Don’t ignore your credit card accounts—whether they’re open or closed. If you do, collections might come after you, and depending on the amount, they could even take you to court and threaten wage garnishment. Ignoring the problem won’t make it disappear—it’ll just get worse.
Personally, I’m paying off 5 closed accounts with a fixed monthly payment, and for my 4 open cards, I’m trying to pay them off faster. My strategy? I double or triple the payment on my smallest balance while sticking to the minimum for the others. I’ve been doing this for about a year now,?and at this pace, I should be debt-free in 2.5 years. Hopefully, this helps you too!
Personally, I’m paying off 5 closed accounts with a fixed monthly payment, and for my 4 open cards, I’m trying to pay them off faster. My strategy? I double or triple the payment on my smallest balance while sticking to the minimum for the others. I’ve been doing this for about a year now,?and at this pace, I should be debt-free in 2.5 years. Hopefully, this helps you too!
Maria43
New Member
If you have agreements with closed accounts, keep paying the minimums on those. For your other debts, also aim to cover the minimums. If you have a little extra money left after covering the basics, consider putting it toward the open accounts. These are still accruing interest, so they might need a bit more attention right now. Take it one step at a time—small, manageable steps can make a big difference over time.