Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Location: Huntersville/Charlotte, NC and Washington, DC
26,700 posts, read 41,763,058 times
Reputation: 41381
Advertisements
I have a bad credit card i want to pay off. The balance is around $1500 and can pay $80-$100 a month towards it. Here is the trouble. I was a little stupid and took some cash advances and transferred a balance from another card to this card. The Interest rate on the Cash and balance transfers is very high (I knew this but I had some emergencies and in between jobs). I just want to pay this off or get it down to around $200. I make more than the minimum every month but it usually goes towards the interest and i end up with the same balance b4 i paid even if i didn't touch the card for that month. It seems like the only option i have is to transfer the 1500 to another card. But the trouble is that i cant qualify for the really good balance transfer cards which require like perfect credit scores and mine is around 700. Plus i dont want the temptation of more credit. Any other way to stop the interest and make payments that mean something besides taking another credit card?
I feel your pain.
You're not the first person to have to go through this, and you won't be the last...
Don't hate me, but...is it possible to get a temp job for a month, say over the Winter holidays or something... and just pay it off? I know...it doesn't seem like fun, but you're young and can handle it - and you'll benefit from getting out from under the debt. Then you can switch to using a debit card for now - and just put the cc in a drawer for bona fide emergencies...Your good credit is one of your most important financial assets!
Location: Huntersville/Charlotte, NC and Washington, DC
26,700 posts, read 41,763,058 times
Reputation: 41381
Quote:
Originally Posted by chaz longue
I feel your pain.
You're not the first person to have to go through this, and you won't be the last...
Don't hate me, but...is it possible to get a temp job for a month, say over the Winter holidays or something... and just pay it off? I know...it doesn't seem like fun, but you're young and can handle it - and you'll benefit from getting out from under the debt. Then you can switch to using a debit card for now - and just put the cc in a drawer for bona fide emergencies...Your good credit is one of your most important financial assets!
Sorry...sermon over!
not a bad idea. i've pretty much tried to abstain from credit card usage. i just use cash or my debit card or for emergenices my american express (which I DO pay off every month). i already have a pretty nice PT job but i'll probably consider another one or just working more hours at my current one.
Look at the interest posted on last month's bill. Pay that much plus as much as you can more. Each month you will get the interest paid and gradually the amount of the bill will drop. It's going to be slow, but you MUST pay all last month's interest or you will just keep getting in deeper. You have to pay more than the minimum or you'll never get out from under the debt. The CC companies like to see you just pay the minimum. They know it's more money in their pocket.
Also, Pay as soon as you can. Don't wait. The interest is figured on your average daily balance. The longer you carry that balance, the more you pay.
I have a bad credit card i want to pay off. The balance is around $1500 and can pay $80-$100 a month towards it. Here is the trouble. I was a little stupid and took some cash advances and transferred a balance from another card to this card. The Interest rate on the Cash and balance transfers is very high (I knew this but I had some emergencies and in between jobs). I just want to pay this off or get it down to around $200. I make more than the minimum every month but it usually goes towards the interest and i end up with the same balance b4 i paid even if i didn't touch the card for that month. It seems like the only option i have is to transfer the 1500 to another card. But the trouble is that i cant qualify for the really good balance transfer cards which require like perfect credit scores and mine is around 700. Plus i dont want the temptation of more credit. Any other way to stop the interest and make payments that mean something besides taking another credit card?
Alan boy,
Try to pay a little more than $100 a month. Maybe get a part time job. And also budget, budget, budget. Do you have a way of tracking all of your expenses? I have an Excel expense tracker. If you want it, PM me and I'll send it to you.
Talk to the loan officer at the bank where you do business. Ask if you can borrow $1500 at a better rate than you are paying your card, and then have a note to pay every month at the bank instead. If you have direct deposit, you can even have the bank take it straight out of your account. For a good customer asking for that small a sum, they might be willing to save you a bunch of momey. If I were a bank, I'd gladly accept your offer of about half that 29.9%you're paying Visa.
I did what Mugsy did. I found VERY low rates for 6-12 months.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
