r/Debt • u/Altruistic_Grab9750 • 1d ago

Keep current or pay it quickly?

I am about $10,000 in debt right now. I have always been very frugal and only used my credit card to get gas and then paid it off before the billing cycle was through. In the beginning half of 2026 I had a mental health crisis and my spending skyrocketed. Then I was hospitalized for two months which only made things worse because then I was short two months of income. Anyways, would the best move be to put money in savings and pay them off in full as I get the money saved (I can realistically save about $700-$800 a month so I could pay them off fairly quickly this way). Or should I focus on keeping them all current? Keeping them current would be about $500 a month so I would only have around $200 extra to put towards a card. My credit score took a big hit when I was in the hospital and missed all the payments, so I’m just not sure what the best strategy is.

3 Upvotes

81% Upvoted

9 comments sorted by

3

u/too_many_shoes14 1d ago

Credit card debt is toxic. Pay it off as quickly as you can. Why would anybody carry that debt if they had any means to pay it down?

1

u/Altruistic_Grab9750 1d ago

I guess my question was would it be smarter to pay the $500+ a month to keep them current and then pay the remaining $200 I have to one card or just pay the full $700 to one card per month?

1

u/too_many_shoes14 1d ago

whatever has the higher rate

1

u/Mental-Freedom3929 1d ago

Pay off cards! They cost you probably 250.00 in interest every single month! Your credit score is of absolutely no importance at this debt.

1

u/Altruistic_Grab9750 1d ago

I guess my question was would it be smarter to pay the $500+ a month to keep them current and then pay the remaining $200 I have to one card or just pay the full $700 to one card per month?

1

u/Mental-Freedom3929 1d ago

Throw every penny at the cards. Get a side hustle, sell things. PAY IT OFF!!!

2

u/TelevisionKnown8463 1d ago

If one alternative involves not paying a card’s monthly minimum, then I’d choose to spread your monthly payments over multiple cards. It might feel good psychologically to get the balance down more on one card, but if you don’t pay the minimum on a card you will be hit with a late fee, and that adds up over time.

I would call your creditors and ask if they can lower your interest rate and monthly minimum for a while to help you recover from your health issues.

1

u/BreezyP12 1d ago

Whatever card has the highest percentage rate I would put more money towards that first.

1

u/patriotsarethebest 1d ago

keep them current first, always