So after a long string of home repairs, College for the kid, and a range of stupid decisions (This might be the largest portion) we are very over utilized on our credit. about 74% total, and many cards near or at max (90% +)....
So in deciding how to tackle this lovely problem, I have a few approaches i am thinking of.
Debt Avalanche - Obviously if possible, the best choice, getting rid of the high interest debts first. NOT sure i have the patience.
Debt Snowball - Psychologically more satisfying, and even if slower, at least making headway. This also leads into the last option I have thought of.
I thought i read somewhere that for creditors it is important to see cards under 79% and 49% respectively. Right now I can't get a new card or 0% BT offer on cards i have any room on. My thought here is if i get enough cards below these thresholds, it might open up some BT options to further reduce the interest paid, and let me get control of the cards faster.