Okay, here is it ---
As for my age(22), my monthly income is around $2000 to $2500 - I have a couple of credit cards which got some balances(not much, i guess total i owe is around 3k) on it and i wants to pay it off (FYI, i dont have any other bills except credit cards)- Should i focus on paying off one credit card after another? or just pay a little here and a little there? stupid questions heh? .. but i need advices
2006-11-17 19:24:10 · 8 answers · asked by a9113257311 3 in Business & Finance ➔ Credit
Thank you all, that's what i am doing now - I am focusing in paying off one by one. :-D i am start to fall in love with this website !!!
2006-11-17 19:37:28 · update #1
If you pay them completly off it will help your credit rating and help increase your credit amount. If you pay them off alittle at a time you will be paying mostly interest.
2006-11-17 19:28:37 · answer #1 · answered by Char 3 · 1⤊ 0⤋
So far everyone is saying to pay them off completely, but if you want to help your credit score while paying off your debts, I would try to focus on getting all of your card debt below 30%. I tried to buy a home last year, but I had a few cards that were maxed out. I was told that I needed to keep my cards active, but pay them down to 30%. You should probably try to keep a small amount on each card that you pay on regularly. If you ever apply for credit, banks like to see that you can make payments regularly and not max out your cards. Hope this helps!!!
2006-11-18 08:46:07 · answer #2 · answered by Anonymous · 0⤊ 0⤋
That is a great question. Pay as much as you can each month on the bills. Pay over the minimum. Just get them paid off. Go get the scissors; go on - do it now. Ok, get your credit cards. Now, cut those cards up and call the creditors and cancel all of your cards. If you do not do this, you may end up eating pine floats (tooth pick in water), snake soup, or even roadkill pie.
2006-11-18 03:41:13 · answer #3 · answered by doglas p 3 · 0⤊ 0⤋
find out which card charges the most interest and other charges and pay off that one first. instead of having two cards try consolidating one of them or both if you can to a lower interest card this can help you pay it off faster. also increasing the minimum payment can reduce your balance faster. make sure you pay on time to both cards and its a known fact with some cards if you borrow 3000 it will cost you close to 9000 to payoff?????
2006-11-18 03:32:42 · answer #4 · answered by billy bob 1 · 0⤊ 0⤋
Oh that's an easy question. Start with your lowest balance first, and work your way up. Before you know it, they'll be paid off. Always pay more than the minimum payment!
2006-11-18 03:32:27 · answer #5 · answered by Jay S 5 · 0⤊ 0⤋
the best thing is to pay off the smallest then the next, but add that payment to the next and so on. Also some more advice go to daveramsey.com. very good info
2006-11-18 04:03:14 · answer #6 · answered by beekerexpress 2 · 0⤊ 0⤋
Pay off as much as you can quickly and try paying big amounts off each time if you cant afford to pay it off in lump sum.
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2006-11-18 03:41:53 · answer #7 · answered by criddlekellie 2 · 0⤊ 0⤋
It is a good question:finances question.It is better pay one by one your credits cards.
2006-11-18 03:33:43 · answer #8 · answered by cobrasnake 6 · 0⤊ 0⤋