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Tony L | Question about credit cards? |
I have two credit cards with one being $4000 and one with $2000, It is rediculous on the interest I am paying. With one $100 a month payment I pay half that in interest. I have the money to pay them off but dont want to use all of my savings.What would the best thing to do?Pay it all off or pay part or what? |
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JOSEPH W
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If you have the money to pay them off in one go,them its a no brainer,pay them and stop paying interest on the money you owe. |
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candi_junkie
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Using the site below I typed in your debt and guessed the interest rate (you can do it) then put in a payment of 100 for each and it said you will end up paying $3870 just in interest! And will take forever to pay off.
First you should call the card companies and request a lower interest rate. They won't always do it but its a shot. Also you may be able to convince them to raise the limit of the 4000 one to move over the other 2000. They may lower the interest rate if they know they are going to get more of your money. I would pay off what you can afford without totally getting rid of your savings but 3800 is a lot of money just to give away.
you could also possibly get a personal loan from a bank which would have a way lower rate and set monthly payments. If you do that you should cut the cards up so you don't use them again.
http://credit-cards.interest.com/content/calculators/new/howmuch.asp |
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The Dude
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Sign up for one of those 0% interest for 1 year cards. Then transfer both balances over. You said you had the $$ in your savings, so pay 1/12 of it every month. You will still have your savings, and continue to accumulate more throughout the year. That way, at the end of 12 months of paying, you will have accrued savings.
I've done this 2 or 3 times. Your credit report takes a very small hit from hit, but nothing bad. It's not nearly as bad as 1 late payment. I still have great credit. |
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Kris D
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Ideally don't put more on them then you can pay off within a month. That said definitely pay more then the minimum each month to pay them off, making minimum payments will only maximize the interest you pay. If i were you id pay as much as you can without depleting your savings then avoid maxing your card out. Maybe you can shop around for a card with a lower rate or a 0% intro rate for transfers then move the money to that and pay it off before the 0% rate runs out. Either way you should pay that off as fast as you can without putting yourself out of course. |
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mr_fartson
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The money you pay in interest will likely be greater than what you receive from the savings you have invested. So, unless you need the savings for something, you would probably be better off paying off the cards, then working form a budget that allows you to save money.
On th other hand, if you want to keep the savings invested, you can pay down the cards gradually - but it will cost you. Could you get a bank loan at a lower rate of interest to pay off the cards?
You might want to invest some time and money to discuss options with an accountant. |
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top40oldies
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The best thing to do would look for a card that offers balance transfers at 0% interest for the first year. Then for that time frame, you will be paying off the actual amount you borrowed and none of the interest. That will lessen what you owe dramatically. |
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XoxoxoxoX
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Pay it all off your debts. Image the interest $50 a month that you can save by not paying to the credit card company. Does your saving account pays your more than $50 interest a month? Even it does, you will have to take the amount of interest you earned subtract the interest that you are paying to credit card to measure the really interest that you can put in your pocket. Just pay it all off. |
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Dani
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Don't deplete your savings, but step up payments. Can you consolidate these debts with a lower interest? At the rate you are going, you'll never pay them off and I assume you plan to keep using your cards. Then they have to be manageable. |
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midnite rainbow
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Pay them off, cut them in half and bank the payments. That's the only way you'll ever get ahead. |
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carebear532
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pay them off. and throw them away. You will feel better, later.
trust me on that one. Since I had paid majority of them prior to moving to Oklahoma. And I felt better that they were out of my way, But to help you more. You can put that money you would had been paying on them in a safe place. And within a year or two you can see you what you had saved. Sometimes being a penny pincher can make you, not as fun. Life is too short. Pay them off and enjoy the freedom of no extra bills. |
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lt_gunz
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If you don't want to pay them off in full at once, make several large payments over the next few months. Once you've lowered your balance significantly, lower the credit limits on them (if you so desire). Then, once you have a balance that you can work with, try to pay the smaller balance in full each month. It will take a while (6 months-2 years), but eventually the credit card company MAY lower your interest rate. |
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nbeneschmitz
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if you can do it, paying off your credit cards is the best investment you can ever make.
these cards are now routinely at over 20% - there is almost no investment out there delivering that much.
pay them off, close the accounts and chop them up.
back when i was broke i used credit cards like crazy.
now that i have a little bit of money, i only use the money in my bank accounts.
why finance anything other than a car or a house?
why even finance a car if you have the money. |
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msannielin2u
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Since you've already spent the money, get what you can from the situation. This is an excellent time to build your credit score. Pay $50-$100 more on your bill each month and when the time comes for you to buy a car or house, you'll have an easier time with the credit bureaus. |
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gonzo
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Pay in full! Pay the total amount on your statement. Give them every penny you have otherwise you will end up paying more interest and more interest....It is better not to have savings comparing to have debt. |
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Alter E
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pay it all off, you can use your credit cards as a savings until you can build it back up again. And plus, you must have a really bad apr. or you defaulted on your payments @ one point and now are paying for it. Once you pay off your credit cards you will have very good credit afterwards. (give it a month or two) and then get another credit card @ a lower apr with a FIXED rate. This should keep this prob from happening again. And cancel your higher apr card once you have recieved another one. |
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