Credit Cards?
What if you owe about $14,000 in credit cards what would be the best way of taking care of this? Minimum that is due all is the amt that is owed on each one? And you can't pay the full amt due
Public Comments
- Get a consolidation loan with a lower interest rate.
- Are you saying that you can't pay the total amount of 14,000 or that you can't pay the total of all the minimuns that are due? Try consolidating, sometimes 0% on balance transfers can help if you are not maxed out on the cards.
- consolidate and quit using those damn cards
- Pay the credit cards with the highest interest rates first. This website will help you- debt paydown advisor. Here is the link: http://tinyurl.com/3yquz2 It is really helpful and it's from bankrate.com...get all your debt info together - mortgage, credit cards, doctor's loans, etc... and sit down and answer these questions, it only takes a few minutes. It's like having a financial advisor tell you what to pay to whom and when....and it takes into account the credit cards that might have one low rate for awhile and later increase. The advisor is free, I think they do it so they can attract you to a home equity loan, but you can ignore that link at the end. I hope this will help you.
- Stop using credit cards until you are able to get your debt under control. You might consider another credit card with a lower rate for transferring the balance, just make sure you don't use it for additional purchases. Some cards offer 7.9% and even lower APR. A low rate makes a huge difference in the required montly payment and the time it takes to pay off the balance. You might also consider contacting the credit card companies and working something out with them to lower the rate because you are having difficulty making the minimum payment/s. Credit councelors can usually help get rates lowered and/or get you setup with a debt consolidation loan. If lenders think you are on the verge of bankruptcy, they usually will work out a "deal" to prevent that from happening. It's in their benefit to do this. Also, there are many non-profit credit councelors. A friend of mine sought assistance recently from a local agency and is doing much better with the help she received. Good luck!
- the minimum is just the lowest amount you are able to pay without ''getting on their bad side'' it is encouraged to make more than just the minimum payment. if you only make the minimum all the time... you will end up having to pay on those bills for years and years because of so much interest that it will gain. if you have a problem paying off your debt start looking for good balance transfer rates or zero percent into rates... that will make it easier to pay your bills because interest won't accrue.
- In order to get the best value for money out of your credit card you need to be disciplined in the way you manage your debt. Make sure you make the payments every month: If you cannot pay off the whole amount every month make sure you pay at least more than the minimum required. This will help you pay more of the capital off every month. Make sure you take advantage of the interest free periods in this case. Don�t abuse your credit limit: A credit limit does not mean free money. Credit Card companies are happy to raise your limit if they see you pay off your card regularly. Don�t be tempted to use this money it just puts you further in debt and will take you longer to clear it. Credit Card companies know that most people will not be able to resist spending more and you are just helping the big card companies to make more money. Check your statements every month: This is a small but important point. Credit Card companies are not perfect and often errors are made on your statements. Make sure all items on your statements are goods and services you have purchased. If you do notice an error contact your credit card straight away. Keep an eye on the interest rate you are charged. If you are on an interest free period make sure you are still not being charged interest. Know your rights: Many people do not know their rights when it comes to using their credit cards. Did you know that if you buy goods or services and these are not delivered or are not to the standard advertised then the Credit Card is liable. If you order a sofa and the furniture store goes under and you do not receive your sofa then the Credit Card company has to reimburse you the amount spent. A little tip: If you are paying for an item and it is to be delivered at a future date, always use your credit card as it will be a form of insurance if there is a problem. You can always pay the amount off when the goods arrive if you had planned to pay cash. for more information about credit card, sign up at: http://www.card-city.com/
- If you can, pay the min on the ones with the lowest interest rates and try to pay more than the min on the ones with the higher rates. If your credit is good - and you still receive card offers in the mail, find a card with a 0% intro rate on balance tranfers - one that good for 6 months or more. If you are approved for this - transfer as much of a balance as you can and continue to make payments anyway - at least you may save on lower interest rates
