I'm finally down to one credit card with a balance of about $500. I know that may not seem like much, but I cant seem to pay this one down because of the high interest. I haven't received any advertisements lately in the mail for other cards that offer lower interest rates on balance transfers. Anyone have any suggestions as to what I cant do to end my debt? I have a part time job, but I can't handle any more hours with my school load. All help will be greatly appreciated.
2006-07-13 06:01:01 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
Hi, These articles might help:
How to Manage Your Credit Card Debt?
http://www.askaquery.com/Answers/qn1579.html
Debt Consolidation - Get Out Of Debt
http://www.askaquery.com/Answers/qn1643.html
How to Hire a Debt Counselor?
http://www.askaquery.com/Answers/qn1584.html
What is Debt Relief?
http://www.askaquery.com/Answers/qn1583.html
Debt Management and Building Wealth
http://www.askaquery.com/Answers/qn1581
2006-07-17 06:06:37 · answer #1 · answered by jenny r 2 · 0⤊ 0⤋
well, the way I do it, is to keep trasferring your balance to the lowest possible rate with the longest term. Pay attention to balance transfer fees. There will be a tel number on the offer. Call it to find out details. Some of these companies don't give you all the details unless you ask?
1.) Do you have to do a transfer at the time of application to get the promotional rate?
(I get some that do this to me and I wind up paying more interest later)
2.)How long is the promotional rate for? Do some math to figure out if it is worth it. Some companies only let you have it for say 6 months or something.
3.)Do you have to buy something to keep up the promotional rate? (Discover does this to me. I have to keep charging $25 a month to keep a low TRASFER interest rate - while they are charging me an arm and a leg on the purchase.
4.)Keep the offer. Mark down the date you called. The date it was approved. Get a telephone number where you can call to find out.
5.)Tape it to the wall or keep it in a safe place so you will have it. I've had companies offer me a low rate and no transfer fees only to change their minds later.
6.) the less interest you have to pay, the sooner you will be out of debt.
7.)pay your bills on time. Try not to ever be late.
Most companies offer a FREE online bill pay. It saves on stamps which will help you. And no waiting for the mail either.
8.)Try to keep new purchases to an absolute minimum. Charge only when it is aboslutely positively NECESSARY.
9.)Do a web search to look for credit card offers with good low rates. I know when you want them they never come. Just like the police! LOL!
10.)If at all possible -say you get in a bit of overtime- try to put a little extra twoards the outstanding balance.
2006-07-13 06:22:43 · answer #2 · answered by helpme1 5 · 0⤊ 0⤋
Always make your payments. Otherwise they will stick you with a huge late payment fee that will dwarf your interest costs. Always make more than the minimum payment. Instead of buying that cup of coffee, put the $2 in a jar and save it for your payment.
Do some odd jobs to make extra cash under the table. Go to Craig's list. Someone is always looking for a student to do odd jobs. Lawn mowing, junk hauling, shopping for an old person. That way, you don't have the committment of a job, but can still make extra cash to pay it down.
Sell some stuff on Ebay. You must have some extra junk that you can offload.
Those balance transfer things don't really help the problem.
2006-07-13 06:23:47 · answer #3 · answered by Geoduck 2 · 0⤊ 0⤋
Search online for cards with 0% financing on balance transfers. I just got a Discover card that didn't charge balance transfer fees. Then, pay it off. That way, you are not wasting money on interest. Just make sure you only get this card to end your debt, then cut it up and cancel it.
2006-07-13 06:31:50 · answer #4 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
If you have not done so yet, take out a school loan. You would rather be paying school loan rates than credit card rates. Also you will not have to start paying back the school loan until you graduate.
2006-07-13 07:54:24 · answer #5 · answered by ohnoslen 3 · 0⤊ 0⤋
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2006-07-16 00:17:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I know how you feel...I have been out of college for five years and I am still in debt. You just gotta take it one bill at at time. Pay more if you can and less in the months that you can't spare a dime. It'll get a little better, but welcome to the world of debt
2006-07-13 06:09:36 · answer #7 · answered by carolinayaya 4 · 0⤊ 0⤋
Make the payments to principle, not to the interest. If you pay off the principle (the $500) then there is nothing to charge you interest on. Then all you will have left to pay is the interest you have accumulated, but it will not continue to grow. If you make payments to half principle and half interest, then it will take longer to pay the whole principle and they will be able to charge you more interest.
2006-07-13 06:12:30 · answer #8 · answered by robbet03 6 · 0⤊ 0⤋
never get a credit card again and cut it up and pay it off
2006-07-13 06:09:15 · answer #9 · answered by Cinnamon Doll™ 4 · 0⤊ 0⤋
There is some useful tips here.
2006-07-13 07:07:02 · answer #10 · answered by Anonymous · 0⤊ 0⤋