 I just went over-limit on my credit card - will this affect my credit score? |
i've never gone over before & never missed a payment.
Additional Details
i've already made a payment online for way more than the amount i was over.... |
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 I cosigned for a student loan but the borrower didn't use the money for school. Can I sue the person? |
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| Financial buffs, when it comes to finance, I'm an infant. I made a couple of purchases online, one at a shoe store, one at a music (instrument) store, and both were declined since I had ... |
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 Bankruptcy vs. paying off debt? |
| I am debating between filling bankruptcy and paying off my debt I have 12 - 15 delinquent accounts that have not received a payment (all charged off or in collections) in over two years including a ... |
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I am looking fo a private person that can help on a one on one
basis
This would free up extra money and help clear up our credit ... |
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 How do I find out who to pay? Debt collection? |
I have a debt and have not heard from the debt company for a while.
I know that this has been passed over to a debt collection agency but when they first contacted me I was out of work and only ... |
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brad s | Credit Card Debt Solution? |
Ok, So I owe lie $5200 one one card, $4700 on another, $500 on the third, and $300 on the fourth. I taled to a shady lawyer and he told me not to file for bankruptcy. He told me to stop paying for like 3 months and build up cash and when it goes into collections to start negiotating. Is this wise? I mean I can only pay the min. on each card but I calculated it and I will be 54 before my debt is paid in full (I'm 22). Also, Which one should I pay off first? I hear the highest amount sometimes and the lowest amount owed from other people....thanks!!! |
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Mary
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OMG--don't stop paying your debts--sounds like a settlement company--there are other options out there--you sound like me before I went into my debt managment program--Check them out before you try anything!
http://www.debtcounselingcorp.org |
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gosomeplacefun
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OK - wow... i surely hope at 22 this cc debt is for school and not shopping or you have a lot to learn... here goes.. i just posted a response on this for someone else...
A program airs on NBC saturday nights.. the millionaire's club or something like that... they state:
- pay off the lowest card amount first
- call cc companies and ask them to lower your interest rates so that your payments are not as high.
- ask the companies to accept a deal; ex. you owe $5200 on one card, ask the company, if you actually do have the card - or after you file income taxes and have a lump sum of $ to pa this off, to accept half of that $5200 ... they want to get their money back, but remember, they make their money by you not paying their money ... SO ...
- If they do not want to lower your rates, tell them you are transferring your balance to another card that is offering you lower interest rate for a 12 month period.. then they will work with you because remember, they make $ when you don't pay! True...
THEN - when you have paid off your cards, leave them AT HOME... only take them out for emergencies - if a water heater or something in your house breaks or if your car breaks down and if you need a tow, etc... if you have to pay anything else on your credit card, it means you do not need it... it is only a materialistic WANT and believe me, you will need those cards later when and if you ever own a home when you get older... |
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mahoganyd
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Think like this. The interest is extra money being taken from you. You don't want to give more than you owe. With that in mind pay the one with highest interest !st. or maybe even transfer to a lower interest rate then pay that debt off. Sit down and prioritize. call the creditors and negotiate what you can afford to pay.
1. write down (prioritize)
2. eliminate highest interest rate
3. negotiate with creditors
4. transfer to lower rates
5. pay off |
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ck-cfp
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I doubt filing bankruptcy is the answer in your situation. At 22 you will ruin your credit completely for 7 years. You will also have very poor credit for quite some time if you allow these debts to go into collection. I don't know your complete situation but I'd guess that getting a part-time second (or first?) job could get you completely out of this debt in less than a year.
How should you pay this off? Start by paying more on the smallest amount. When you get rid of that $300 debt then you will free up a little extra cash to knock out the $500. By the time you get to the $5200 debt, you will have freed up enough cash flow to pay much more than the minimum. There's one exception to this rule. If the $4700 credit card is at a 10% interest rate and the $5200 card is at a 25% interest rate or some other dramatic difference like that then pay on the higher rate first.
Oh and cut up those credit cards and use only cash or a debit card. It would really stink to get out of debt quickly only to get yourself right back into the same situation. |
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WhatheHell
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I wouldnt advise the 'dont pay for 3 months then start negotiating' thing. Your credit score will drop significantly once your account is considered delinquent & it will take longer than the 3 months you didnt pay to repair your credit score. Start negotiating NOW! You would be surprised at where that can get you - lower interest rate/APR, lower minimum payments, etc.
Also check the APR on your credit cards. Whichever one is the highest, pay that one off first while still making payments (whether they're minimum payments or a little bit more) on the other cards. Nine times out of 10, if you have a store-specific credit card (i.e. Target, Macys, Sears, etc) the APR will be thru the roof so I'd work on those. Another approach you can take is to pay off the 'little guys' first (meaning the lower balance cards) & close them - if you want to - then work on the big ones. You can also do a balance transfer sometimes. Roll that high APR balance over to the lower APR card & close the higher one, that way you're making one payment. You can only do that option if you have enough room on your low-APR card. If not, it will set you over the credit limit which will result in more fees.
If possible, try to make more than the minimum payment on each card as well AND the most important thing: REMEMBER YOUR DUE DATES!!
Another important thing to remember: STOP USING them!!! If you are still charging on them, you'll never pay them down like you want to. I froze mine...literally. I didnt necessarily want to close them so I put them in a Ziploc bag full of water & put them in the freezer - it WORKED!
Good luck on getting debt free! Trust me, you are NOT alone!!!
P.S. I would avoid the bankruptcy thing too - it stays on your credit report for 10 years!! I just read this yesterday. I thought it was only 7 but they said its a decade for some bankruptcy options! (Check out this website: http://wiki.answers.com/Q/How_long_does_a_bankruptcy_stay_on_your_credit_report) |
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Ask M
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you decide
read thru creditinfocenter.com very carefully |
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heybulldog
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yes its true. if you stop paying they will sell your account to a collection agency for pennies on the dollar. The collection agency will settle for less.
It will trash your credit. |
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your_dear_old_mother
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I would pay off your credit cards using the debt-snowball method. See the link below:
http://en.wikipedia.org/wiki/Debt-snowball_method |
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Stardust
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That's the smart thing to do, don't file for bankruptcy. There's still way. Pay the highest amount first.
Stop using your credit card and adjust your lifestyle into more affordable way. Start visiting your family for their support and talk to them.....be honest. Maybe they will help you swallow your pride, now is not the right time for that. This is your future.
If you are working now...pay your debt every week at least 60% of your salary. Slowly you will recover just have faith,don't give up. |
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