I am $500 In debt, I owe Capital One, Being im only 18 its hard to live and pay that too, If i dont pay it off soon, Interest rates will eat me alive, How can i afford to pay on it, and Live too? I would like to keep the card once its paid off.
2006-10-18 04:52:17 · 6 answers · asked by Matthew 5 in Education & Reference ➔ Financial Aid
NOT paying this bill could have a huge impact on your future ability to get other credit cards, buy cars and even houses. You're only 18 but you chose to borrow the money by using the card. You are establishing what kind of credit risk you are even as we speak. 500 bucks is a CHEAP way to establish a positive credit history. It would in fact be better to make some monthly payments rather than pay it off.
The interest on a $500 account will NOT eat you alive! What is it, a couple of bucks a month?? And how much are your payments?? 20 bucks a month, max, I'd bet.
You didnt provide enough information for a 3rd party to evaluate your situation to give you competent feedback. Bottom line, pay the bill, even if just the minimum payment. Pay more when you can. Work some overtime, get a 2nd job or better paying job. Stay home once a month when you would have otherwise gone out, reduce your grocery bill by shopping more effectively, use coupons - you'll be surprised at how much that can help, ride with a friend to save gas, lower your utility bills by watching the thermostat settings, turn out the lights, shower with a friend, hehe. Make a few minimum payments, then pay it off with your income tax refund - its not that far away now. ASK SOMEONE CLOSE TO YOU FOR HELP/FEEDBACK! They know you and your circumstancs better than any of us do.
Best of luck to you.
2006-10-18 05:19:56 · answer #1 · answered by Ron A 1 · 0⤊ 0⤋
Always pay at least the minimum payment plus the finance charges each month. Never pay it late or you will have late fees. If you only have $500 that isn't too much. You should be able to pay that off pretty quickly. Don't use the credit card.
2006-10-18 05:01:44 · answer #2 · answered by kat 7 · 0⤊ 0⤋
What is your minimum payment, like 20? You should be able to pay at least that, and then take any extra cash that you have and pay it toward the card. Even when your minimum payment goes down(if it does), keep at that 20 at least.
2006-10-18 05:03:38 · answer #3 · answered by math_prof 5 · 0⤊ 0⤋
There's a lot of interesting articles about debt on http://debtrelief.hammocksurvivalguide.com/
Have a look.
2006-10-18 06:10:52 · answer #4 · answered by Roger B 2 · 0⤊ 0⤋
Stop going on spending sprees!
2006-10-18 04:54:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
keep a control on expences, and spend only if necessary
2006-10-18 04:56:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋