2007-02-04 01:09:03 · 11 answers · asked by december73 2 in Business & Finance ➔ Credit
Spend less or don't spend at all.
2007-02-04 01:18:51 · answer #1 · answered by Arnoux 4 · 0⤊ 0⤋
If you are paying the minimum, it will take forever to go down. Most cards bill you for 2% of the total as a monthly payment. Sounds nice and low except that 2% of $1000 is $20.
Next month, you only pay 2% of 980+interest....and so on. As you can see, while your balance gets a little smaller, so is your payment toward that debt.
Easiest way is to set a fixed payment in your mind. If it's $20 now for example, keep it at that and always pay $20. If you can apply more to the minimum, it will drop even faster.
Below is a link to some credit cards with 0% introductory offers. If approved, all your payment will go towards the debt. PLUS, for everyone you refer that gets approved, you will receive $10. These cards are from American Express, Discover, Chase, Citibank etc...so they are legit cards....not Fred's Bank.
Hope this helps.
2007-02-04 01:26:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If your balance is high, and you are paying only the minimum, most of your payment is going to interest. You will be doing this forever unless you change the habit. If you are able, make larger payments (double or triple the minimum payment.) The best solution is to call your credit card company and see if they will work with you on lowering your interest rate.
I was in that web for awhile. My solution was to work a second job until I paid every last dime. Now, I never charge more than I can pay off in two months.
Good luck, I feel ya!
2007-02-04 01:19:42 · answer #3 · answered by PariahMaterial 6 · 1⤊ 0⤋
Pay twice as much on your balance, the interest is what's killing you. Check what your interest charge rate is, and call the Credit card and request to lower your interest rate. Good luck just getting thru the credit company and be prepared to be on the phone for over 30 minutes.
2007-02-04 04:07:14 · answer #4 · answered by Ms. Angel.. 7 · 0⤊ 0⤋
It would be essential that you stop making addtional purchases on this card, and make larger payments than the minimum. If you have a history of making your payments on time, contact the credit card company and ask them to review your account for a rate reduction. If you have a delinquent account, make it a point to make your payments on time, and after about 6 months contact the company again. The answer is always no unless you ask. Many accounts are eligible for rate reduction every 6 months, but the company will not do this unless you ask.
Good Luck
2007-02-04 01:41:09 · answer #5 · answered by Jose F 1 · 0⤊ 0⤋
Pay as much as you can each month, but definitely pay more than the minimum. Do not charge any more on your card. Call the credit card company to see if they can lower your interest rate so that more of your payment is applied to your actual debt, and not to interest.
2007-02-04 02:51:50 · answer #6 · answered by Stephanie73 6 · 0⤊ 0⤋
Pay more on your credit card each month or call the company & ask them to lower their interest rate
2007-02-04 01:19:38 · answer #7 · answered by hobo 7 · 0⤊ 0⤋
Credit cards are a great source of availing credit to meet your requirements. But they can lead to a debt trap from which you will find it difficult to come out. Hence you need to keep a close watch on your credit card expenses minutely
2007-02-05 03:06:12 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Cut the card up and throw half of it away this week and the other half next week so if someone finds part of it it is useless to them. Next just keep paying every month and you will get the balance to go down.
2007-02-04 04:25:13 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Spend lesser haha. Pretty obvious.
2007-02-04 01:17:45 · answer #10 · answered by Buckytooth 2 · 0⤊ 0⤋
stop charging. pay extra each month toward principal,
That interest is what gets you in trouble.
Check out dave ramsey web site
2007-02-07 05:11:54 · answer #11 · answered by tennessee 7 · 0⤊ 0⤋