i have six cards that are almost all maxed out from college and moving and eating out....i want to buy a car in 6 months ..whats a good plan of action to pay off 2500 in credit card debt and still pay rent, utilities, etc...
2007-07-23 10:18:41 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
Look for a 2nd job on weekends or at night. If that cuts into your nightlife think about being a bartender, or a work at a restraunt. I would think of ways to save for the future so it will keep you from falling father in debt. Buy a loaf of bread and sandwich meat for a week. Yes is sounds dreaded but its only short- term and every dollar counts. No more Starbucks, drinks from the vending machine, only buy groceries on sale. And yes even drink the dreaded cheap beer. For about 6 months you need less than 50% of your available credit charged on each credit card. Your score will rise, and chances to buy a car with a good intrest rate will rise as well.
2007-07-23 10:28:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No easy answers here... the first thing you should definitely do is write up a budget. Include EVERY expense you can think of including pleasure. Once you do this, figure out how much money you have left and focus on paying off the credit card with the highest interest rate. You may have to get a second job. I know that's probably not what you wanted to hear, but it's probably the best advice. Good luck!
2007-07-23 10:24:50 · answer #2 · answered by tumultuoustempus 2 · 1⤊ 0⤋
Understand the power of compounding interest-your $2500 debt will not be $2500 6 months from now-you need to account for that. You should invest the money to get a software package like Quicken that will help with your projections and setting a budget, but you do need a budget. And stop eating out so much.
2007-07-23 10:27:18 · answer #3 · answered by Jamie G 2 · 0⤊ 0⤋
First of all do not pay the minimum you will never get done. Second of all cut back in all the extras(eating out too) (Coffee's included) Call them and tell them that you having been paying good and on time and 9 times out of 10 they will reduce the interest allowing you to get caught up quicker and last but not least leave your cards at home except for your debit and you will be less tempted to shop.
2007-07-23 10:24:10 · answer #4 · answered by mommarigold33 1 · 0⤊ 0⤋
Move in with a girlfriend to avoid rent and utilities, so you can give the credit card companies about $600 or $700 per month.
2007-07-23 10:23:16 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Do you have a job? Pay off the one with the highest rate first.
2007-07-23 10:21:43 · answer #6 · answered by hottotrot1_usa 7 · 1⤊ 0⤋
pay like 200 a month to a less get it down
2007-07-23 10:24:02 · answer #7 · answered by shorty21 5 · 0⤊ 0⤋
without knowing your current income and monthly expenses, it is impossible to advise you. You can start by ripping all of the credit cards in half.
2007-07-23 10:26:52 · answer #8 · answered by Anonymous · 0⤊ 1⤋