get out of debt?

Question

i owe my visa 6,000 on a 9% interest... how much should i be paying monthly if my income is 1500 a month... cause i'm still in school :(

Answer 1

If you own ANYTHING on a visa, you should pay EVERY last penny you can spare. Being in school is not an issue. Your income is ONLY an issue to the extent is determines how much you CAN pay.

Answer 2

Is the $1500 a month gross or net? How much of the $1500 is left at the end of the month? What other monthly bills do you have and are any going away ant time soon? Have you stopped using the Visa? To me Credit card debt is bad debt and you need to get rid of it. I would not limit yourself to a certain $ amount for a monthly payment. I would monitor your monthly spending and see where the money is going and cut out some frills and put as much of the $'s toward the bill while still in school. It is going to create a rough start for you when you do finally graduate. Get out from under the Visa and put the money you had already been applying to the card into something that is going to actually earn you income rather than take income away.

Answer 3

I am sorry, really want to help you, but you need to give more details. What are your other expenses? And what is your take home pay (after taxes)? Luckily 9% is a very good interest rate because is pretty low. Okay, for the little info that you provide. I would tell you to pay either one of the high amount between the minimum (usually is the amount owe multiply 0.02) or your interest rate (depends on how your credit card company calculate, but usually is 6,000 x 0.09 / 12. Figure out which one is the higher then pay that amount each month. Sorry, too tired to calculate for you. BTW, STOP using this credit card and pay cash from now, and shred this credit card (but keep this account open, of course) Good luck!