2006-10-27 04:33:54 · 7 answers · asked by C J 1 in Business & Finance ➔ Credit
The best way is to add up the total amount of you monthly payments. Then figure out how much extra you can pay per month. Got that figure? Well, pick out the debt with the highest interest rate and apply its monthly payment PLUS all the extra each month. Pay the minimum balance on all other bills. Continue this until that high interest rate debt is paid off. Then, take the amount you were paying towards the first bill and add it to the next highest rate bill along with its minimum payment. Continue to pay that amount until the second bill is paid off too. Rinse and repeat. Do NOT be tempted to use the extra money for "other things".
Another side note, if you can afford to put away $5-10 a week in a savings account... it can quickly add up. With such a low contribution, you won't be tempted to take your money back. Try opening a savings account with ING (www.INGdirect.com) They have a pretty high interest rate (around 5% I think)
This is the best way to efficiently pay off your debts without having to go through debt consolidation, which may be looked at negatively by other creditors.
2006-10-27 13:30:38 · answer #1 · answered by linnaete 2 · 0⤊ 0⤋
2 issues to contemplate: a million. Will you nevertheless pay off the inner maximum loan as you're doing now? 2. (in all risk the main question) Is the pastime value on the financial employer very own loan decrease than the pastime value on the mastercard? maximum in all risk the two solutions could be "particular" yet you may in simple terms remember to conceal your floor thoroughly. additionally, it is quite helpful to contemplate increasing your money. Paying the minimum will make it look as while you're in a stand nevertheless. attempt contributing HK$8,000 quite than HK$7,000. decrease a number of your modern-day costs, sacrifice, and get ready frugality and you will see a international of diverse by contributing some greater desirable money on your very own loan. desire this helps and that i desire you good fortune.
2016-10-16 11:23:48 · answer #2 · answered by Erika 4 · 0⤊ 0⤋
if you are not making enough money to pay your debt..you can try consolodating them, with a company or take a loan out specifically for your credit cards. Consolidating companies are not as bad as they seem, and they actually look better on your credit report than late or no payments.
2006-10-27 05:00:27 · answer #3 · answered by Sara S 4 · 0⤊ 0⤋
Make weekly payments. Add 10% above what you would normally pay for each to control interest.
2006-10-27 04:45:19 · answer #4 · answered by ? 6 · 0⤊ 0⤋
Win the lotto
2006-10-27 05:26:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋
pay the bill
2006-10-27 04:36:59 · answer #6 · answered by Ricky Lee 6 · 0⤊ 0⤋
prostitution and pay it back
2006-10-27 04:35:31 · answer #7 · answered by Anonymous · 0⤊ 0⤋