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I have saved $1000 and my credit balance is $2700. I have a $500 Bonus coming to me next month and was wondering does it make sense to take $500 out of my savings and combine it with the $500 for next month so I can send the credit company $1000 and bring the balance down to $1700?
Or just leave the savings alone and continue to build and just pay off the credit debt each month the remainder of the year starting with the $500 next month?
Can you transfer to a new card with no interest for x months?
Have you stopped charging on the card? If not do you pay off at least what you charged for the month and the minimum payment? If not stop using the card until it is paid off.
Keep the 1,000. That is not much of an emergency fund.
Use the 500, less taxes to reduce the cc balance.
Increase the monthly payment to as much as you can and make sure it is a lot high than the minimum payment.
Can you get a part time job? Sell stuff on ebay etc?
Can you transfer to a new card with no interest for x months?
Have you stopped charging on the card? If not do you pay off at least what you charged for the month and the minimum payment? If not stop using the card until it is paid off.
Keep the 1,000. That is not much of an emergency fund.
Use the 500, less taxes to reduce the cc balance.
Increase the monthly payment to as much as you can and make sure it is a lot high than the minimum payment.
Can you get a part time job? Sell stuff on ebay etc?
Yes the card is no longer in use. I'm supposed to get another bonus in August from my job so I will just focus in paying it off the remainder of the year and increase my monthly payment. I just decreased by cable bill by $40 to free up more money to bring down the debt. Also tomorrow I will decrease my cell phone bill by $10 to free up some more money. No I am not in position get a full time job but will look into selling things on ebay.
Stop using the card. Take the balance and divide it by 12 or 6 or 8 or whatever many months you wanna pay it off. Make that amount of payments at 12 payments you're paid off in about 13 payments.
Keep putting money away in your E fund and savings
Stop using the card. Take the balance and divide it by 12 or 6 or 8 or whatever many months you wanna pay it off. Make that amount of payments at 12 payments you're paid off in about 13 payments.
Keep putting money away in your E fund and savings
So any extra money I get like cash back, bonus from work or gift cards from my bank, do I apply that to my savings or remaining credit card debt.
If the $1000 is all that you have in your savings/emergency fund then you should not spend it paying off the credit card
I am in a similar position. I have also reduced my expenses as much as possible. I am so paranoid about the lack of job security that I have decided to focus on saving while paying down debt.
I recommend going on Discover.com and use their calculator to determine how much money you need to pay
each month to pay off your debt in a specified period of time.
I would not use your bonus towards paying down debt. I would bank that and focus on saving as much money as possible.
I am in a similar position. I have also reduced my expenses as much as possible. I am so paranoid about the lack of job security that I have decided to focus on saving while paying down debt.
I recommend going on Discover.com and use their calculator to determine how much money you need to pay
each month to pay off your debt in a specified period of time.
I would not use your bonus towards paying down debt. I would bank that and focus on saving as much money as possible.
I was thinking that any kind of bonus went toward debt. But I guess I will use the paycheck to pay off the debt and use any bonus money for my savings.
...do I apply that to my savings or remaining credit card debt.
Make a plan to pay off the CC balance... then stick to it.
Sooner is better.
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