I currently have quite a bit of debt and it feels as if I am never going to dig out of this hole that I am in. Any advice, except "cut up the cards" would be appreciated. I only use the card in emergencies; however, with a baby that seems to be quite often as I just don't make enough money.
2006-11-23 18:27:23 · 7 answers · asked by Mom of One in Wisconsin 6 in Business & Finance ➔ Credit
The best Option is to Go to Your Creditors and request a Consolidation agreement.
This way you put ALL your debts into ONE Manageable Account.
Discuss this with your Bank as well,as You may find they will offer you a very Competitive APR (Interest rate) for the Life of the debt!
The other thing to do is to Avoid OTHER Credit cards,Store cards until you are debt FREE!
2006-11-23 18:31:02 · answer #1 · answered by J. Charles 6 · 0⤊ 0⤋
Pay off your debt with what ever you got on your spare, eventually your debt will be paid.
If you want to settle your debt as fast as possible, then increase the amount of your monthly payment.
If you want to know on when your debt will be finally paid, then you should do some calculation on your own.
2006-11-24 06:48:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Here is a website that explains the calculations for your credit score:
http://homebuying.about.com/cs/yourcreditrating/a/credit_score.htm
My advice is that you find as much information as possible to keep yourself from going under financially. It is difficult to have the disciple needed to get back on track.
2006-11-23 18:32:34 · answer #3 · answered by Susan M 7 · 0⤊ 0⤋
Your debt as a whole effects your credit rating, if you are spending more than you are making then yes, your score will be lower.
2006-11-23 18:29:32 · answer #4 · answered by Cherry_Blossom 5 · 0⤊ 1⤋
try doubling the minimum payment each month, cut off in other departments and save up to pay double.. I know how hard that is but it's necessary to cut your debt in half or more likely more than half.
2006-11-23 18:30:40 · answer #5 · answered by Joe 5 · 0⤊ 1⤋
yes.. all credit even not use counts
combine all credit--get one loan and pay off..
making one smaller pmt to one bank with smaller interst pmt lot better than credit cards high interest.
then you can cut up those credit card...pay off cut up.
2006-11-23 18:31:37 · answer #6 · answered by cork 7 · 0⤊ 0⤋
sure it does, every cent you owe makes your credit score.
2006-11-23 18:37:30 · answer #7 · answered by Anonymous · 0⤊ 0⤋