or should i split the money into all three cc. i owe 9000.oo
2007-09-08 19:13:42 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
The answer really depends on a couple of things:
1. Is the $4000 expendable? Meaning, do you have any other form of savings? If this is the bulk of your sole savings, then as Maria2Blue mentioned, try to make payment arrangements with your creditors so that you don't entirely deplete yourself (in case of emergency). Almost every credit agency will be willing to work with you on this, since they'll at least be recouping some of their monies, and you'll be showing a gesture of goodwill. Otherwise,
2. You said you owed money to three creditors. If possible, the best thing to do would be to eliminate as many debts as possible. So, if you can pay off two lower interest cards, and still have something left over to put on the higher interest one, that would still save you money AND help improve your overall credit situation. Plus, unless it's a retail charge account, that higher interest rate card might actually prove to be lower than the two combined lower interest cards.
Good luck to you, and G-d bless!
2007-09-08 21:44:31 · answer #1 · answered by Anonymous · 1⤊ 1⤋
Ask all of your credit cards for some type of payment arragement. We all have it available (we have to abide by OCC) you just have to ask....even if you don't need it ;)
Make your story feel real sorry like you were just laid off and your job was outsourced to India and your apartment burned down and you're going thru a divorce. If one of your credit cards is about $1500, tell them you only scraped up $700-$800 and you really want to pay them back because you know you owe the money and you appreciate them as a company and any help they can give you. (make them feel valuable)
I work with a credit card collection company and we are able to reduce the apr to 0% for the rest of the balance until it is paid off. We just need the right situation and the customers acting like they 'need' the help. We are able to credit up $599 (anything more has to be reported to the IRS on a 1099C) in fees/ finance chrgs/ etc.....It sure will make your $4,000.00 go a loooong way. Call them, and let me know how it goes. I guarantee they will help.
2007-09-08 20:10:57 · answer #2 · answered by Maria2Blue 3 · 0⤊ 1⤋
Hi,
Other people are giving you advice on the $4K cc payoff, but i just wanted to say that you should ignore the poster who is asking for all of your personal financial information (and says he is doing it in the name of god and to make you happy, etc.) The last thing in the world you want to do is have your identity stolen by an online scam artist.
2007-09-09 09:41:45 · answer #3 · answered by Barrabas_6025 4 · 0⤊ 0⤋
Favorability ratings can change a lot between now and November, so if I were a Democrat, I would not admit defeat due to that poll.
2016-05-20 01:29:27 · answer #4 · answered by ? 3 · 0⤊ 0⤋
Pay the one with the highest rate first. I'd pay $2500 to that one and $750 on each of the others.
2007-09-08 22:25:33 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Pay the highest interest rate card first. You'll save the most interest cost.
2007-09-09 04:40:20 · answer #6 · answered by bdancer222 7 · 0⤊ 1⤋
Pay off the highest interest rate card first.
2007-09-08 19:21:07 · answer #7 · answered by Anonymous · 1⤊ 1⤋
pay off the 2 credit card, then pay your last credit card. don't use any credit card until you've pay them off. pay in cash. you want to lower your debt to income ratio.
2007-09-09 07:58:22 · answer #8 · answered by hi91977 3 · 0⤊ 1⤋