Basically, I'm a full time college student with expenses drowning me. Right now I owe $273.00. I also have the method of paying the minimum of $15.00.
I'm sure I wont be able to pay $273.00 right now, and the most I can rake up is $200.00 before the due date.
-- Is this good?
-- What will happen if I only pay $200.00?
-- What happens if I pay the minimum of $15.00?
-- If I pay $200.00, will the leftover $73.00 that I owe be interested?
Please help
2007-12-22 20:15:11 · 5 answers · asked by WOOOT 2 in Business & Finance ➔ Credit
pay the $200 now, that will save you interest.
if you just paid the minimum payment you would continue to accrue interest on the remaining balance... pay the $200 if you can and then if you can pay the other $73 off next month then do that... if not interest on $73 isn't going to be much... interest on $273 isn't going to be much either... but if you can pay it, you should... just to save you a little bit of money in the long run...
2007-12-22 20:19:53 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Paying minimum on credit card is never a good idea. Even though there is a new law that the credit card company have to include all the interest accrued and fee with 2% of the balance owe. Pay the $200 first (save you interests), and then you can pay the minimum on that $73 left...but if you can pay more than that, do do so. Because the credit card company is charging you interest on that balance. If you don't pay the $200 now, and keep paying the $15 minimum, in the long run you are just throwing you money away (by paying the credit card interest). So STOP using credit cards and pay it off SOON as you can. Good luck!
2007-12-23 04:39:07 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Interest will be charged for the balance $73.00. If you pay the minimum your credit card is still valid. As long you made some payment it's okay.
2007-12-22 20:20:24 · answer #3 · answered by Orange_5775 3 · 1⤊ 0⤋
you don't have to pay it all at once. you will have to pay interest, but it shouldn't be too much. If you only pay $15 at a time, you'll never get it paid off, but if you can't afford to pay it all, maybe you could try $50-$100 (enough,but not so much that it sets you back) a month. That's what i'm going to have to do.
2007-12-22 20:22:53 · answer #4 · answered by Miss Understood 7 · 1⤊ 1⤋
Yes you will have to pay interest on any amount that is not paid in full.
2007-12-22 20:17:49 · answer #5 · answered by Sparkles 7 · 0⤊ 1⤋