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my husband and i have credit cards and in total for bills on them (cause they suck...capital one SUCKS and so does first financial bank--DONT USE THEM) we owe like..500 bucks.

can i pay them off a little at a time or do i HAVE to meet the lowest payment due? like...one of the payments is 200 dollars for the minimum do. can i pay only 100 and still make it off ok?

2007-12-10 15:28:31 · 7 answers · asked by Anonymous in Business & Finance Credit

7 answers

I have capital one and I think they are great especially with how they handle frauds and refund my money back.

Since your information shows that you and your husband only owe about 500 dollars, it is okay to pay off $ 100 monthly, however, as you pay $ 100 monthly, you are only paying the principal and not including the interest. Since the minimum is $ 200 and you paid $ 100 monthly, the interest will add up to the rest of the interest or APR set on your credit card(s) and also it will make your credit score looks a little bit bad since you are fulfilling the requirement to pay at least the minimum, which is $ 200.

I suggest you pay at least the minimum or you can pay, maybe more if you can, like 10 or 20 dollars more?

If you have thousands in credit card debt, try debt consolidation. They are great. You just have to find out which one is best for you.
Just of the web - American debt control.com

2007-12-10 20:58:25 · answer #1 · answered by Diamonds 3 · 0 1

I agree that the numbers don't add up here. Usually credit card minimum payments are ~2-4% of the outstanding balance. If your balance were $5000 (and not $500) then 4% of that is $200 per month and the numbers make sense.

If you only pay $100 of a $200 minimum balance they will charge you late fees and your minimums will continue to increase as you don't send in enough. You will also never pay off the original principal.

You generally have to pay the minimum or your credit will suffer. You agreed to their rules and spent their money, so now it's time to suck it up and pay them back.

good luck!

2007-12-11 05:37:30 · answer #2 · answered by Rush is a band 7 · 1 0

If they want $200 that means between late payments and over limit fees that is where you stand. $200 over limit. If you only pay $100 you will still be overlimit and then get assessed over limit fees again and be in the same situation you are now. You need to pay that amount plus some so the interest does not take you overlimit again Yes a sad story, and a rip off but that is how it works. Would suggest paying at least $150 to get you back into a working payment plan, more if you can

2007-12-11 11:46:25 · answer #3 · answered by Pengy 7 · 0 0

I'm surprised to see that your minimum payment on $500 is $200 a month. Generally, the minimum payment is less than 10% of your balance. Credit card companies never want you to pay off your balance too quickly because they like you to pay interest charges as long as possible.

Call the 800 number on the back of your card and verify if that's the correct amount. If they tell you that you can pay a lower minimum amount, still try to pay them off as quickly as possible. You'll feel a lot better with that debt paid off.

2007-12-11 04:31:24 · answer #4 · answered by Ceebee 3 · 1 0

one million. attempt to get yet another card w/ low APR and circulate money over 2. start up paying off the cardboard w/ the utmost APR; in elementary terms pay minimum money on the different enjoying cards 3. in case you may borrow money from family individuals individuals such that they fee a decrease pastime fee than the mastercard companies then gain this

2016-11-14 09:53:21 · answer #5 · answered by philbeck 4 · 0 0

If yu get a credit card from http://www.findmycreditcardonline.com/ you will help. You will make low payments and little interest rate

2007-12-10 16:26:36 · answer #6 · answered by Anonymous · 0 1

i would send them back with a small payment and should they send back the money then keep the receit of money sent to them

2007-12-11 10:45:51 · answer #7 · answered by Anonymous · 0 0

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