2007-01-21 13:30:27 · 13 answers · asked by Shaun R 2 in Business & Finance ➔ Credit
Yeah, whatever you don't just pay the minimum! It will take you 30 years to pay off a credit card doing that. By paying the minimum PLUS 25% (if the minimum was $100, you pay $125), you can pay off the card in under 3 years. Less time if you make higher payments.
2007-01-21 13:33:01 · answer #1 · answered by surfinthedesert 5 · 0⤊ 0⤋
Yes, always pay at least the minimum before the due dates. Never being late on a payment is the key to a good credit score. If you only pay the minimum, though, you will never get out of debt. You could look around for a very low interest credit card (it might be for only 3 or 6 months), use it to pay off your other debts if the amount isn't outrageous, and then pay as much as you can possibly afford each month to whittle down the total. And keep on doing that. If you have a home, you can look into getting a home equity line of credit and use it to pay off all your debts. Home equity lines are running at about 8 or 8.5 percent now. Good luck.
2007-01-21 21:38:32 · answer #2 · answered by Darby 7 · 0⤊ 0⤋
Most people spend great amount of money without much thought to what they're buying. Write down everything you spend for a month, cut back on things you don't need, and use it to reduce your debt more quickly.
At first time pay down the balances of loans/credit cards that charge the most interest, then the next.
2007-01-22 01:04:40 · answer #3 · answered by Shirrwood 2 · 0⤊ 0⤋
First and foremost - cut up your credit card or freeze it in a chunch of ice in the deep freeze....
Second - keep plugging away at those payments or consolidate all payments into one using a reputable finance company.
Once you are free of credit card debt - you can re-evaluate your situation and decide if you can handle having the card again.
2007-01-21 21:34:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes, as soon as you get your paycheck, pay your bills for loans and Credit cards. If you find yourself with extra money than pay extra towards your loans principle. Get yourself out of debt then save money to pay cash only for most purchases. Never be late and always pay extra!
2007-01-21 21:34:34 · answer #5 · answered by fade_this_rally 7 · 0⤊ 0⤋
For what it is worth this might help. There is a free download software look at my profile for the url finance. The software gives you a perspective of where you are with your debts and gives a strategy on how to clear them. Its shareware software that I used with some success. It just might help you.
2007-01-22 00:39:45 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Pay off the highest interest debt first.
2007-01-21 21:39:25 · answer #7 · answered by ceprn 6 · 0⤊ 0⤋
Pay more than the required requested amount.
Don't spend more than you can pay off at once.
Pay on time -- don't be late one day.
2007-01-21 21:33:33 · answer #8 · answered by JB 4 · 0⤊ 0⤋
Paid them off as soon as possible and never use them again. Possible exception is for a car or home.
"Them that understand interest, collect it, and them that don't, pay it!"
2007-01-21 21:33:24 · answer #9 · answered by Nusha 5 · 0⤊ 0⤋
become a dancer !! better than paying credit cards with othercredit cards lol
2007-01-21 21:32:53 · answer #10 · answered by realist86 3 · 0⤊ 1⤋