Which credit card accounts should I close?

I have a total of eight credit card accounts. The first one that was opened was in March of 2006 and the most recent ones were opened last year (one in November, one in October). I am trying to pay off my credit card debt which in total amounts to about $5000.00. I have paid off three of my accounts (one with credit limit of $300, two with credit limits of $500 each) and the third account is a Macy%26#039;s charge account that I do not use and gave in to the sales pressure to save that extra 10% and later returned the merchandise because it was overpriced. Which accounts should I close? The majority of my accounts are maxed right now but am working to pay them all off and become debt free. I know I am not supposed to close my oldest card. But which accounts are acceptable to close? Furthermore, what is the best way to pay off the remainder of my debt efficiently? I got into credit card debt while in college and my credit history is rather short so getting a consolidation loan is out

Which credit card accounts should I close?

close all your credit card accounts because credit cards make you spend more than you make and only brings you into big debt. remember everything you buy on credit card is charged double on the card, which means you pay more for that thing you just purchased than it is really Worth

Which credit card accounts should I close?

I too recommend against the use of credit card debt. I encourage individuals to only buy items with the money they have, which prevents people from going in to debt.

If you are going to continue using debt, then pay off and close all cards except for the oldest two that aren%26#039;t department store cards. I would definitely get rid of the department store card(s). Your score may go down a bit initially, but it will recover as long as you continue to make on-time payments to the remaining two cards.

Which credit card accounts should I close?

If you think you may need to get a loan in the near future (buying a house, for example) do not close anyone, but as they are paid up, tear up the card - that way you will not use the cards, yet your score will not go down.

To minimize your finance charges

Pay the mininum balance for all - then whatever money is left over pay the card with the highest APR, till that is paid off.

Also, it never hurts to call the banks and ask them for a lower APR. As your scores improve, many banks will lower your APR if and only if you ask for it.

One good principle for using debt - avoid using debt for lifestyle expenses, it always comes back and haunts you.

Good luck and hopefully you will be out of debt very soon.