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Additional Details
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buffy_love62507 | Credit card solution for me? |
I have a lot of credit card debt. I have 3 cards total.
Card 1: Limit is $3460, carrying $3200 with 28.99% (because I defaulted last year and I am slowly taking care of the minimum payments) Minimum payment runs $120 a month.
Card 2: Limit is $3500, carrying $3300 with 10.7% fixed (thanks to my credit union, they took a over $3500 in high interest debt) Minimum payment runs $60 a month.
Card 3: Limit is $1200, carrying $500 with 13.99%. Minimum payment is about $20 a month.
I will be inheriting about $5,000 and I need to know they smartest way to spread this money over my cards. I really want to just pay off that $500 one to get it out of my life, but do you think I should just get rid of the 28.99% card first, since the others are pretty manageable?
Please, serious answers only. I do not want to be judged from the spending nor do I want to justify what I spent this money on. |
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Rachel
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I think that you should pay off the first card completely because that rate is ridiculous, and that will really help to start re-building your credit score. Then pay off the $500 card. Then put the rest toward the card with the lowest rate.
Try to make sure to put the ENTIRE $5,000 toward the cards. Don't say, I deserve a little treat for paying off my first card. The first step in debt management is to show some willpower and restraint, so the entire amount should go toward the debt; not a penny less. |
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Agent Liquid
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Pay them off in that order:
Card 1, then Card 3, then Card 2. Spend the entire $5000 now, it will save you a LOT of grief in the future.
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wxwoman
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pay on the highest percentage rate one. |
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Addicted to Diet Coke
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Pay off card 1 & 3 If you can afford it apply the minimum you were paying from card 1 & 3 to card 2. |
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delmoki
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Pay off Card 1 and Card 3, as the others have said. That's a LOT of interest you will be getting rid of. Then, work on getting the remaining card paid off. 10.7% is still pretty high, and that's money you don't need to be throwing down the drain.
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Anjell
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Definitely pay of the one with the 28.99% interest rate and then get rid of the $500 and then attack the $3500 balance @ 10.7%.
It's great that you're stepping up to the financial plate with your inheritance rather than spending it ! |
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miss'n my mom
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first call the card companies and ask for an intrest rate reduction.. secondly if you can find a card that you can transfer the balance of all your cards or take a loan out and pay off all the cards and have only 1 payment.. then use your $5k to put toward the balance if you can't do any of that Always pay off the high interest card first.. then cancel the card!! |
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MOM KNOWS EVERYTHING
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Always pay down the high rate stuff first. OTherwise, you're just throwing money down a hole. Pay off Card 1; put the rest toward Card; 2 Then, you should call the company on Card 3 and re-negotiate your rate. They should work with you if you've had a long period of regular timely payments. Cancel Card 1 AFTER you have paid it off. |
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Special K
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Definably pay off card 1 as much as possible, transfer the remaining to card 2. Also pat off card 3. I would leave card 3 open but close card 1.
28.99 is ridiculous. |
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Steve D
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Since you are inheriting $5,000, pay off cards 1 and 3. Cut up the cards. Pay an extra $300 on Card 2 and put the remaining $1,000 away for a rainy day - do not touch the$1,000 unless you absolutely positively have to. This is your emergency fund (unless you already have an emergency fund).
That will free up $140 in minimum payments that you should use to pay down Card 2 (so you are paying at least $200 per month). If you pay at least the $200 minimum, that will leave you pretty much debt free (at least credit card debt free) in just over a year, less if you can put more money towards payments.
As for judging you on the debt or what it bought, no one can judge you - it is all said and done and all you need to do is get to where you want to be financially. |
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SS
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dont. |
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mr_craptastic
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Why don't you just blow the $5000 and get 4 more credit cards maxed out?
THUMBS UP!
Edit: Retard! |
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