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netman110 | Best way to pay off this debt? |
Ok me and my wife made 33000 in 2006 50,000 in 2007 and now my wife is about to get a 16000 a year raise. We had issues with bill, but will now be able to pay everything back. The question I have is do we pay slowly over time. $50 a month here $50 a month there. Or pay it all back like pay off creditor 1 300 creditor 2 400 and so on? which is best on our credit as we have Horrible credit now. Total debts 5000 |
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Magnus
|
Faster the better. There's a couple different ways to do it. You can consolidate your debt. So if you have $5,000 of credit card debt on a couple different cards (or even 1), you can transfer the balance to a low rate card. You may have poor credit, but there are tons of deals out there for cards with introductory rates and the companies want your business. Just be sure you pay them on time, otherwise the default rate kicks in and the interest skyrockets. Generally, companies will charge you for transerring a balance based on the amount, so it can cost a couple hundred bucks. But it will ususally pay off as you don't pay that in interest. If you don't consolidate, pay off all the high interest loans and balances first. Credit cards are the main ones. Pay as much as you can afford. Then work your way down in terms of interest amount. And if you're going to pulling in over $60,000 a year, you should have no problem paying that off in less than a year (assuming you don't have too many other big payments). Hope this helps. Good luck. |
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patrick p
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Call each of the creditors, ask them if they can reduce the interest rate as you've gotten some better offers and are thinking of moving to a competitor. Keep a list of what the (final) interest rate is for each card you have.
THE BEST WAY to pay this off is to look at the list of interest rates, pay the card with the highest interest rate off, as aggressively as possible (whatever you have to spare, outside of emergency savings and normal bill/spending money).
Continue to pay the minimums on all other cards - only the minimum, b/c if there's money to pay more than the minimum, it should be reprioritized back to the card with the highest rate. Once the highest interest rate is paid off, move on to the second highest, and so on.
This will mean, in the long run, you'll end up putting out the least amount of money b/c you'll be knocking out pricinciple of the higher (bad) interest rates fastest. |
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Bogie
 |
wow first of all, is your wife's company hiring, cause i only get like 3% raises. and second, that is not much debt at all. what i have found to work. make your largest payments to the creditor you owe the least to. make the minimum to the highest. pay off all your debts one by one folling this formula. quickest way to get rid of them. |
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bdancer222
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First, work on paying off current credit card debt. Take every penny you can squeeze out of this new budget and put it on the highest interest rate credit card, while making minimum payments on the rest. When the highest interest rate card is paid, move to the next till they are all paid in full.
Next, tackle old debt. Start with the newest and work backwards. The older the debt, the less impact on your score. You can also settle for less than the full amount. Lump sum gets the best deals and any payment plan has to be short term. Making small payments only resets the Statute of Limitations (SOL), the timeframe to bring lawsuit.
Get any settlement agreement in writing and save it along with your payment proof, forever. Ask for delete for payment -- some will, some won't. Do not give colllection agencies direct access to your bank account.
If you only have $5K in debt, you should be able to clear all that up within 6 months. Paying old debt won't improve your credit score. But paid old debt looks better than unpaid.
You will need at least 24 months of consistent, on time payment history to improve your score.
Be sure to put some of this new income aside for a rainy day fund -- at least 6 months worth of expenses. And don't spend the money before you get it. Waiting till you can pay cash is always good. |
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BornAgain
 |
since you guys make quite alot together, around 70,000......i would pay like 300 a month, because the interest on that money is probably like 50 a month or something...........their probably charging 20 % interest or something..........so yeah i'd go with 300 or 400 a month so you actually make progress.............. |
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Boo G
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Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
http://www.debt-trap.com/category/Debt-Consolidation-Basics.html |
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bud68
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Pay them off as fast as your can. You save interest and it will help your credit record. |
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Wilfred K
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The best thing is too contact a debt consolidation. I think they can guide you in a better way as they are the specialist in that area. I know a company which is reliable you can try if you want http://ezconsolidation.com |
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Reality Check
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Congrats to your wife and her almost unbelievable 50% raise, which is almost unheard of in the corporate world!
That's about all I have to add to this thread.... |
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SheilaB
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Pick the debt with the highest interest rate and pay it off first. Then go to the next highest and pay it off. you will save alot of money in fees that way. you have to look at why your credit is bad. If you have no done so get a report. The new reports show you at the bottom what is affecting your credit. Example: If you have no credit cards they see that as not good.
If you have new items that's bad
If you have late payments, that's bad.
and so on. You can make your score go up in time if you make your payments on time. If you have a score of 570 and you pay all the payments you are making now on time for 6 months you will see a small rise in your score but if you keep them current for a year you should see about a 66 point rise.
If you have no credit cards they usually like for you to get one.
I did not know that until recently.
I thought no credit cards was good.
I got 3 small credit limits and the score went up.
if you apply for credit try to do it within a week or two, it will count as one instead of 15 or 20.
The more people you have check your credit the more chance of score going down.
When you check it yourself that does not count.
Don't try to pay off all of your credit to soon. When a lender is looking at your credit they want to see along established report, it looks better than a short one
Do not close old accounts, it lowers your score.
If you have a quick loan, the kind everybody can pay alot to get, that looks bad as well.
Paying of old debt that you have not been paying will make your score go down and it will stay on your credit another 7 years . It would be kind of stupid if you have something going off your credit in 4 years and you pay it then are stuck with it another 7 years.After it's 2 years old most don't look at it.
Some people think you should pay it off, in reality it would be the right thing to do but it's not always the move that will help you fastest. Good luck and try truecredit, i hate to publicize for somebody but for 14.95 a month you get everything you need to watch all three reports and scores, you update as often as you want, plus you get tools to help you and at the bottom of the report it tells you what is making your credit bad for each comapnies report. |
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