# Multiple credit cards for one debt?

Scenario:
A person owes \$30,000 in school debt to a single entity. The person also has THREE credit cards. Each month, the person pays \$500 using credit card 1 towards the debt and \$50 (minimum fee) for the other credit cards, bringing the monthly debt to \$600. On top of that, each month the person replenishes the first card by paying back \$500 to keep using credit card 1 each month without maxing out.

Is it possible to instead spread the \$500 a month debt across the three cards to cancel out having to pay the other card’s monthly minimums on top of the school debt to reduce the person’s monthly debt from \$600 to just \$500?

#### One thought on “Multiple credit cards for one debt?”

1. RonJohn

A person owes \$30,000 in school debt to a single entity.
Each month, the person pays \$500 using credit card 1 towards the debt

Unless you’re really disciplined (and the loan company allows it, and they don’t charge you a “convenience fee”), paying off a lower interest loan with higher interest credit makes anti-sense.

Is it possible to instead spread the \$500 a month debt across the three cards to cancel out having to pay the other card’s monthly minimums on top of the school debt to reduce the person’s monthly debt from \$600 to just \$500?

Of course it’s possible. But math is still math, and paying \$500 instead of \$600 means that you’ll be accumulating an extra \$100 of debt each month.

to keep using credit card 1 each month

You’re paying off those other monthly charges, right?

without maxing out.

That’s always a bad sign. The person in your hypothetical situation is in serious financial shape.