Sick and tired of being sick and tired?

Question

I'm trying to pay off all my credit cards and seem to be having trouble with how to figure out the finance charges to add to my payment.
O.K., it's like this, if the credit card company sends me a bill for a minumn payment of $100.00, I know that through intrest and finance charges, about $1.00 will go to principle and $99.00 to the credit card company (not true, but you get my point). I have been sending more then the mimuna payment, but I'm not seeing any results, and what I mean by sending more then the minimun, I'm sending $50 to $100 more. How can I fugure out how much more to send with all the charges added to see some results in my payments?

Thank you for the help yahoo friends

Answer 1

This doesn't seem tough.

Assuming you are not adding new charges to the card, why can't you just take last months interest payment as an approximation of the upcoming month's interest payment, send $50 or $100 more than that, and you should see your principal go down around $50 or $100

Answer 2

To heck with the Universe.

But in so far as your question is concerned, I would focus on paying off one card at a time. Rotate a large payment on a monthly basis for each card.

So let's say you have 4 cards each with a minimum payment of 100$, instead of making meaningless payments to each card I would send in 400$ to Card 1 on Month 1 and then 400$ to Card 2 on Month 2 and so on, you need to cycle your payments in larger increments and watch the Outstanding Balance start to drop on yours cards one by one.

The KEY here is to NOT ADD any new transactions to your cards during this process and you will gain the upper hand before the year is out.

Answer 3

that's a good question. a suggestion would be to send "principle payments" to the company. CC companies are legally obligated to post any payment that specifically states "principle payment" directly to your balance. when your principle deflates, so do the finance charges, since its the princ. balance used to accrue those pesky finance charges.

Answer 4

Call your credit card company and tell them you are wanting to pay off your debt ASAP. Most will work with you to lower your interest rate while you pay it down, as long as you don't use the card while you are doing it.

I wish you well - God bless!

Answer 5

check out a non profit debt consolidation company. They can often reduce or even elimanate your interest rates. Normally you pay them one lump sum a month and they pay it out to your debters. Depending on what you owe you might be able to pay your debters off in 3 to 5 years. Google or yahoo it and make the phone call.

Answer 6

mimuna payment?

Credit cards are a blessing and a curse. More of a curse to some than others...