 Why do schools not teach a consumer/credit understanding class? |
| I think this should be given in all highschools , all 4 years make it mandatory ,,, just as important as English , Math , Science,etc.. since understanding money , and credit is only learned now by ... |
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 Me and my finacee are trying to buy a house. We both have credit scores around 530. Anyone have any ideas? |
| We keep getting turned down over and over, surely there is someone who will finance us, we make the money, but our credit sucks. Please ... |
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 Credit Questions? |
| Okay so my credit isn't the greatest and I am working on improving it. My question is this, how am I supposed to improve my credit if no one will GIVE me any?? It's really frustrating any ... |
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 I owe on a 30 year home loan 250,000. What is the easiest way to pay it down? |
| I know of the sure fire way which is add to the principal each month, however, any other solutions? I would like to pay it off in 15 to 20 years.... |
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 Collection agencies keeps harrassing me! What should I do? |
| I had surgery in 2005 and the insurance paid for it yet they sent me to a collection agency. I got everything taken care of between the hospital and the insurance. I even sent them a signed letter ... |
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 Help me I have A ? about a Debit Card? |
| Hi every body I have A question! Do you Know How much you spend on a debit card ? do you get billed for it?Please I need to know I used my parents Debit card without them knowing i need to now will ... |
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 18 never had credit ever. Mom has bad credit. Can i get a credit card and get a CAR? |
| i just turned 18 on the 18th. i dont have any previous credit and my moms credit is pretty bad. i just am tryin really hard to find a way to get a nice car.... |
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 How doI get rid of bill collectors? |
| My adult daughter hasn't lived with us for more than 10 years, and whatever bill they are calling about has to be at LEAST that old. I tell them she hasn't lived here in 10 years and ... |
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 How to i file a complaint against bank of america teller? |
| Does anyone work at Bank of America? There was a really rude teller (apprently she's know for that), how do I go about complaining about her?... |
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 I was a co-signer on a car loan for my friend he paid all the payments on time for a year, but now no payment ? |
| i was a co-signer on a car loan for my friend he paid all the payments on time for a year, but he has not made payment for about a month, plus hes moved out to another state.. what can i do to get ... |
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 How do I get rid of my credit card debt? |
| I had some things happen to me, and depending on my cards for a while. I am only 1,750k in debt, which is really nothing compared to a lot of people. I am living on my own trying to save save save, ... |
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 Loan or Credit Card? |
I will shortly be purchasing a car and will need a loan of some sort to fund this. Which way is better:
To have a personal loan for £4000 over 2 years at a rate of approx 7.9%
T... |
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 Double up on your car payments or double up on your rent? |
| Which one is the wiser choice? If you could be ahead of the game as far as payments and you needed the security of paying ahead of time.... |
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 Hi,i aplied online for a bad credit loan they sent me a letter the other day which goes something like this? |
| we are pleased to inform you that your aplication has accepted,please send a cheque for £49 for brookers fees and prossessing your loan and we shall proccess your loan immedatly,does this mean i ... |
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 What's your idea of credit cards? |
| Some people have credit cards and get in dept, but overs get better credit.... |
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 What should I do to keep creditors from calling? |
| I am in a position that I won't be able to pay on two lines of credit. We're having a baby, we've cut down expenses to help with that, but w/ the credit card payments, we won't ... |
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Phoenix | I'm self-conscious of how much credit card debt I have...Do I have too much debt? |
I'm 25 yrs old, college graduate, I make approx. $45K gross income between 2 jobs(full-time job and part-time waitressing gig). I always pay my bills on time and I try to keep my Fico score up, but I'm self-conscious of some credit card debt I have.
I owe a total of about $7,000 between two Visa cards(I also have store cards, but they're paid off). It was originally $10,000 a few months ago. The one card has a balance of $3300 and a $11,000 limit. The other card has a balance of $3800 and a $4300 limit. I pay bigger payments on the 1st card because the interest rate is literally 4X higher than the other one. I've been paying $1300/mo towards these debts & I want to be debt free by next summer.
This debt was racked up during a long period that I was drastically unemployed and not making enough money to cover costs of living(I'm not allowed to live at home). I've never been late w/ the payments though.
Do I owe more debt than the average person? :( Am I in "financial distress"?
Additional Details
I already stated that I haven't been late w/ payments and I'm paying my cards off with $1200 CASH per month, which is waaaay more than the required minimum payments...not using 1 card to pay off the other. I haven't been late yet. You didn't really answer my question, whether it's a lot of debt or not, but the fact that you suggested "bankruptcy" when I'm consciously able to pay more than the minimum, kinda hurts my feelings and shows that you really think I have a lot of debt.
I mostly asked this question to see what the average person's perception of being "saddled with debt" means, and if I fit that :( I hate having credit card debt and I'm trying to pay my way out of it as soon as possible. |
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blu_raven_13
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have you thought about a debt consolidation loan? if your credit score is decent you could go to your bank and get a loan to pay off the cards and then use them sparingly(it keeps your credit score up to use them occasionally and pay them off)... but you could probably get a lower rate if you consolidate. |
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Richard P
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I don't know if you owe more than the average person. But I commend you on you goal of becoming debt free.
Many people including myself have been or are in extreme debt.
I can not answer if you have too much debt. But maybe one of the questions you want to ask is are you living your life the way you want? There are some agencies and organizations out there to help if you want it.
http://www.debtorsanonymous.org/ |
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Aidan
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without college debt your doing ok; but you are high for someone so young and you will cripple your financial future if you don't get rid of this but you seem to be doing well so far, so well done!
- can you find a card that allows you to lower the interest rates by consolidating them so you can one or both of them out and use another card to keep your interest low and payments stretched?
- can you lower those credit limits or do you really need them that high? limit them now, so you are not tempted
- if you cant consolidate, make the min payment on the 2nd card and put everything you have into the 1st card to get the interest and principle down |
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jcontrols
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No! You're better off than most folks! I love your plan! You're definitely on the right track. Can you get a 6 month zero % interest rate and move the balances from your Visa cards to the new one? Paying less or no interest will help you to pay it ALL off much more quickly! Best to you! ;-)= |
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117wstwd
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You should transfer as much balance as you can to the second card since the interest rate is so much lower. |
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Viva La Eire!
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not at all! don't worry about the average person, worry about YOU!! you are controlling it and watching it carefully! you dont seem like the person to go out and spend money willynilly!!!
soon you will have It paid off and you will be fine! |
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Dianna D
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I think you are doing great when you consider the debt so many people are in. You used the cards when you had to since you couldn't find work then. I think a lot of people your age are in debt 25,000 and up, and.making minimum payments-now they are saddled. I believe only 10% pay off their cards every month. You are so smart to be paying them off like you are. I'd probably pay a little over the minumum on the 2nd card and put everything toward the first due to the interest. Look at you, you have paid off 3000 in just a few months! Go ahead and see about getting pre-qualified for a house. (don't put your bills on it) You will learn a lot and the rates are still down on a 30 year payment. Be sure and do a 30 year note. You can always pay the extra principle if you like and watch that balance go down! My principle is 118.00 and 7600 interest and insurance and taxes.I(Escrow.I like to pay mine with my payment. Don't strap yourself down with a home, there is always something to do.. There are so many programs out there for 1st time home owners I would be interested in checking it out. Normally you have to pay PMI if you don't have 10% down, but the Gov. is helping first time buyers. (That way they make more money!) Ck out clarkhoward.com-he is great and I learn something everytime I hear his program on the radio.
He also has tons of notes you can read about any subject to do with money. I ck there before I do anything major. He even tells the best gas company, etc. Keep up the good work. Oh, Clark will probably tell you to finish paying pff your debt, then start saving. I am not sure. You are not in financial distress.
Look at how much you are paying on them every month!. |
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KatGuy
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You're fine. Many recent college graduates have tens of thousands of dollars in student loan debt in addition to tens of thousands of dollars in credit card debt, and they aren't even paying their credit card debt off aggressively, or have an income of $45k. |
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2Beagles
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If you only owe $7,000, then you're doing pretty good. You had a higher balance, but are getting it down by paying more than the minimum amount. The best thing you can do for your FICO score is to make sure you don't close any of the accounts once you pay them off. Closing them will lower your score. You ran into some rough times when you were without work and have a plan to pay your debt off by next summer. Keep up the good work and your credit score will improve even more! |
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hmark
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You're actually doing better than many. Even though the 11,000 limit card has the higher interest, you should concentrate a little more to the smaller card as your percentage is approx 88%. Part of the FICO scoring mechanism is determined by what percentage owed again your limit. The most ideal is 20%, but most people including myself will never have that until it's close to being paid off.
No, you are not in financial distress as you are probably doing better than your fellow student counterparts as well as regular workers. |
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squeet3
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You have an average amount of credit card debt. It looks as if you have a good plan to pay it off. Keep it up, you can do it!! |
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gobiasindustries
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I'd say you're doing better than most people your age. Keep on paying as much as you can toward both cards.
If you're worried about your credit score, you may want to pay off the $3800 balance on a $4300 limit. Part of your credit rating is based on the amount of available credit you have on each line of credit. If you are not worried about your credit score for now, you're right to pay off the higher interest card first. |
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wcanoodle
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If you start using one credit card to pay off another one or are late with payments or use credit cards for groceries and incidentals, then probably....you could always see about bankrupcy...but that would lower your FICO score. |
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