I actually have 4 credit cards that have a balance on them. I just used the above two-card example as an example for simplicity's sake.
that makes a big difference. What are the 4 balances, limits and their interest rates and how much can you pay towards the card balance total not counting the 2k you could run through the card?
Do you use any service that lets you monitor your credit score? If it's high enough to get a 0% balance transfer, any amount you can do that with will help.
Have you calculated the total amount you're paying in interest right now. The goal is to bring that number down. From your example in the first post, the interest should be $260/month. With it being 4 cards, you can knock $40 off of that amount pretty easily plus get your rewards assuming you have some available credit left.
Step 1, bring one of the 24% cards balances down to 2k. Assuming there is available credit, you can do this by charging some of the 2k of expenses on a different card, preferably a 14% card, but paying the cash on the 24% card. It's important that you don't move more than the amount needed to get the balance down to 2k this way, you'll pay unnecessary interest if you move too much. If you have multiple 24% cards and enough available 14% interest, get one card down to $2k, but no lower, and the other one down as low as you can effectively moving as much of the balance as you can to the 14% card.
Step 2. Once the statement balance is down to 2k, you can get your statement, charge the 2k of new expenses through the month, pay the full statement balance on the closing date and never get charged any interest on that card even though it always has at least a 2k balance, which saves you $40/month plus the rewards you get.
After that, for the cards that are left. Min pay the lowest rate cards and pay as much as you can, including the $40/month savings towards the highest rate card.
each time one card is paid off, repeat the above with the next card. And move the monthly spending to the newly paid off card if it has a better interest rate (in case something happens and you can't make the payment) or has better rewards.
For all of this to work, you have to be disciplined enough to only put on the card what you know you can pay off each month.
Also, while you work the debt down, be on the lookout for cards with lower rates or balance transfer offers, but avoid annual fees. Use the same basic trick above to move balance to the lower rate cards if they don't have good transfer terms.
These are some of the tricks you learn to get good at when you are trying to build a business.
