You know most people would guess that they would be better off with a high balance on one or two credit cards as opposed to a moderate balance on three or four cards! Well, my recommendation is to get rid of the card balances as soon as you are financially able! They will drain you and you will take years to pay them off, but not before paying exorbidant amounts of interest!
The fact is however, if you are unable to fina a way to consolidate the debt, it is better for you to have a few more card balances with lower balances! When you get close to the high credit limit on one card, it will actually lower your credit score faster than having leveraged the debt over a few cards . The idea then is to keep the debt to less than half your high credit limit on any card. So, if you have credit card debt, keep this thought in mind.
More about Credit Card debt and mortgage debt in future posts!
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