i owe eleven thousand on both cards i make 906$ every month i was thinking all my money put in my bills but what if i need emergency etc
2007-11-28 17:12:21 · 6 answers · asked by dvcgurl 7 in Business & Finance ➔ Credit
You should put everything you can on those credit cards and get them paid off. Put all you can on the highest interest rate card, while making minimum payment on the rest. When the highest interest rate is paid off, move to the next.
With that much debt, you should look for other ways to bring in more money. Have a garage sale, collect alum cans, get a second job.
2007-11-28 17:21:28 · answer #1 · answered by bdancer222 7 · 1⤊ 0⤋
sounds like a good plan commenting to paying down those credit cards, that is smart. 1st thing to do is look for a lower interest rate "ie 0% on balance transfer 12months. Lets say you are at 20 percent. In 1 year that 11k you will be paying around 2500 in intrest. Now lets say you get into a 12 month 0 percent. Your monthly payment is about what you make a month. this is probaly the best option to look into. a personal loan with a fixed rate in payment plan is another good plan too.
2007-11-29 02:18:12 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Credit card debt consolidation adds up all your unpaid balances and converts them into a single payment. This payment is far lesser than each of the individual payments.
When you finalize a plan with a debt consolidation company, the company repays your dues to your creditors. Then you make a single payment to the consolidation company every month. Your average new interest rate is much below the old interest rate. All credit card debt consolidation loans include some type of credit card and debt counseling.
http://debts-to-wealth.com/category/Credit-Card-Debt-Consolidation.html
2007-11-29 12:46:36 · answer #3 · answered by Anonymous · 1⤊ 0⤋
You need to start with a budget. If you still live at home I would put every penny on the debt. Take a second job.
What you really have is a career crisis. You need to get your income up.
Go to daveramsey.com and listen to his radio show. He has lots of great advice on money and debt. It doesnt cost you a dime to listen to the radio.
Some say his views are radical. 250 yrs ago they called our founding fathers radicals.
I say he's in good company!
Debt free is the way to be!
2007-11-29 12:10:07 · answer #4 · answered by heybulldog 5 · 1⤊ 0⤋
Put all of your salary into the credit card then use the card to pay for all of your expenses.
You will pay the card off more quickly that way.
2007-11-29 01:35:43 · answer #5 · answered by itsmeflash 2 · 1⤊ 0⤋
Increase the amount you bring in every month by ANY means.
Get another job and really WORK for a few years.
Sell luxury items.
Dont live beyond your means.
2007-11-29 01:33:44 · answer #6 · answered by Juicy Fruit 5 · 1⤊ 0⤋