I try to pay over the minimum but all I seem to get is a higher interest rate or my credit line cut. I have not been using those cards for months. I try to keep my use to minimum with one since I have been trying to get out of debt. I feel stuck!!! Anyone have ideas?
2007-01-26 06:02:55 · 9 answers · asked by Ann 5 in Business & Finance ➔ Personal Finance
Read the book The Total Money Makeover by Dave Ramsey. He describes a debt snowball as part of his plan where you list all of your debts from lowest balance to highest. Pay the minimums on everything except the lowest balance.
With the lowest balance, you put EVERY extra scrap of money you can find on that payment each month. When that one is paid off, you do the same thing again to the next lowest one until they are all paid off.
It's amazing what you can do when you get focused on one thing like this.
2007-01-26 15:15:36 · answer #1 · answered by Jen G 5 · 0⤊ 0⤋
If you have several credit cards, pay as much as you can on the highest interest rate and the minimums on the others.
Stop using your credit cards, period. Some people freeze their cards - put it in a glass of water and stick into your freezer. That way, it will take about 30 minutes to get it out, so that using your credit card is a considered decision, not an impulse buy. Write checks and see if there is anyway you can reduce your spending. It takes a long time to pay those off, and I'm still not done.
2007-01-26 06:15:07 · answer #2 · answered by John T 6 · 0⤊ 0⤋
My best advice is to refinance your home, if you have one and have enough equity in it, and include these debts in the mortgage. They get spread out over a longer period of time and have a much, much lower interest rate. If you cannot do this I then I recommend to make the minimal payments on all the cards and try and save up enough money and pay one card off completely at a time. It is much easier to pay them all down this way but it still takes time. One thing not to do is pay less then the minimum or to fall behind on them. Good luck, need help with the mortgage contact me...
2007-01-26 06:21:02 · answer #3 · answered by Anthony P 2 · 0⤊ 0⤋
pay off your debt, certainly. look at it this way -your mastercard pastime value is probable a minimum of 10%, top? And any sturdy low fee rates account will no longer be able to assure you better than 4% pastime improve on you money. So no depend what, your debt will proceed to improve swifter than your low fee rates. specific, that is complicated which you would be paying off pastime rather of vital, yet that subject will no longer get from now on appropriate until you commence paying it off. call the mastercard company your self and in a well mannered way ask to talk with a case supervisor. clarify your subject and furnish evidence of your earnings (in line with danger a replica of your paystub or earnings tax checklist). enable them to comprehend which you rather prefer to pay lower back this debt, however the increasing pastime is a concern. advise countless ideas - in line with danger they might forgive most of the pastime, in line with danger they might decrease your pastime value in case you close up the account (so which you do no longer spend extra money you haven't any longer have been given), in line with danger they might decrease the fee as long as you pay a collection quantity each month, etc. they might no longer agree, besides the shown fact that it would not harm to ask, and there isn't any counselor taking a decrease of the kind.
2016-11-01 08:47:38 · answer #4 · answered by nocera 4 · 0⤊ 0⤋
Look at everything that you spend money on each month, not just the credit cards. Shop for price on your insurance, phone, internet, everything. Here are some guides to review: http://www.findlocalinsurance.com/library.html
Pay down the highest rate card first.
2007-01-26 07:03:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋
well, my husband and i are in the same boat. we've decided to take out a loan and pay them off. the loan interest is much better than the credit cards. it's the same payment every month, and you will have consolidated your debt, so it's only one interest rate.
2007-01-26 06:13:22 · answer #6 · answered by Anu Y. 2 · 0⤊ 0⤋
From what i know u have to call to find out the full amount u owe without the intrest charges and pay that whole amount to get out of paying the intrest on that one particular card Good Luck
2007-01-26 06:12:36 · answer #7 · answered by shabo 4 · 0⤊ 0⤋
Call the company and ask them to lower your interest rate . If they give you a hard time, keep moving up the ladder until you get someone to agree to it...it might take a few tries but it can be done.......be persistent but nice.....
2007-01-26 06:10:22 · answer #8 · answered by Lori W 2 · 0⤊ 0⤋
Here is a place that you can learn how to correct your problem. http://www.mycreditadvise.com
2007-01-26 06:10:12 · answer #9 · answered by Anonymous · 0⤊ 1⤋