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Debt Counseling

How Do I Pay Off $7,500 in Credit Card Debt?

Dear Credit Card Adviser,I currently have a credit card with an existing balance of $7,500 with an interest rate of 15.99 percent. My financial institution has reviewed my account and will not lower my APR, or annual percentage rate.If I make just over the minimum payment, it will take me 32 years to pay it off and I will pay $13,500 in interest! Until I can make more money and therefore make larger payments, what are my options?- StoughtonDear Stoughton, There are ways to get rid of massive credit card debt. We'll run you through all of them, including their pros and cons.You have a few options. I'll review them from the riskiest to the most conservative.It looks like you carry an average interest rate on your credit card, so I'm assuming that you haven't had any recent late payments. If you were past due paying your credit card bill, your issuer would increase your interest rate -- called a penalty rate -- which would likely be higher than 15.99%.If you have indeed been making your p...

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