What is the longest you should hold credit card debt for?

Brad M asked:


I currently have around $3,200 in credit card debt, which is a large yet manageable amount. I want to pay this debt off slowly. What is a good timeframe to completely pay off my balance? Is a year or two a good goal or should I be more aggressive?

I know it depends on what I want to do, but I am not sure if having large amounts over time is a bad thing over than the obvious interest accruing.

Cheryl

Tags: Credit Card Debt, Credit Debt, Timeframe

This entry was posted on Wednesday, March 18th, 2009 at 10:21 pm and is filed under Debt Relief. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “What is the longest you should hold credit card debt for?”

1. thekriz Says:
   March 20th, 2009 at 9:53 am

   Kyle

   If you pay it off slowly, you’ll definitely pay a lot in interest.
   Go to this website and you can come up with a plan that suits you:

2. summergirl Says:
   March 22nd, 2009 at 9:00 am

   Steve

   Pay it off as soon as possible, because it’s costing you too much interest, set your goal at one year, if that long, and try to pay the most per month you can afford. Just always pay more than the minimum payment. Your balance you owe doesn’t affect your credit rating, it’s your payment history. Make your payments on time and pay it off as soon as you can.

3. Doctor Deth Says:
   March 22nd, 2009 at 12:53 pm

   Ronald

   pay it off as fast as you can, so you don’t pay an additional fortune in interest on it

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