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 How old does a cheque have to be before you can't cash it? |
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 How to avoid Union dues? |
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 Is it illegal for the bank to charge you for going over your overdraft limit? |
| i've just read somone alses question that was a bit like this, my partner had had a bit of trouble with his bank (Natwest) witch was no fault of his own, his phone bill was due to go out and ... |
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| I am $50K in credit card debt, what are my options in terms of debt consolidation? |
| I own my home, but do not have enough equity built to refinance and get $50K to pay off credit card debt-what are my options? Someone told me a second mortgage may work, but I have only owned my home ... |
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 If i become bankrupt will i be able to keep my car, i have a disabled husband and son? |
| i am close to bankruptcy, i am heavily pregnant and worried about losing my car, it was purchased through my husbands and sons disability money as we cannot do without one but as it is in my name and ... |
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 What would you do with $10,000 dollars? |
| My grandparents just gave me 10,000 dollars and I'm having trouble knowing what to do with it. So, I'd like some advise and like to hear about what some of you would do. Thanx.... |
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 Is it possible for a person to live on a salary of $13250? |
That's the minimum wage in New York City before taxes. Could someone actually live on that?
Additional Details
I don't actually work for minimum wage. I'm just trying to ... |
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 What would you do If you ole seven thousand dollars in credit card and the apr is 30%? |
| It's not my fault I got layed off from work, Now i'm having problems making my payments. I talk to the card company and they said they cant even lower the interest. I called a few credit ... |
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 How can i get $800 in two weeks? |
Additional Details
legally. thanks.... |
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 Does anyone think that the online paid surveys are a con? |
i am thinking of joining up but they all want a fee up front, i dont mind paying a fee if theres a guarantee you will partake in the surveys
do you think i will be ripped ... |
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 Getting Calls From Debt Collector? |
They are requesting £300.00 for ebay fees, but I have never used eBay for buying or selling, only browsing! I dont know what to do because they have my address. I dont know how they go it!
W... |
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 How much credit card debt are you currently in? |
| While I would like to hear from everyone, I'd especially like to hear from Americans and Canadians. Thanks. I have heard averages from anywhere from $1000 to $8000. I'd like to get a sample ... |
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monkeyboi_xp | Explain why it is unwise to make only the minimum payment on your credit card? |
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mkb_310
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because you are only paying the interest on what you owe...you are not necessarily paying down the credit card....the closer you are to the credit limit, the worse it affects your credit score |
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Jessica H
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because you will NEVER get anywhere on paying your credit cards down the interst will EAT YOU ALIVE! |
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Mark G
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Well, it's kind of like taking a few dollars and throwing them in the street so that you can delay paying your bills. Credit card companies love people who only pay the minimum balance, because they make far more money off of them than anyone else. Pay the whole balance each month if you can. If you can't, look for a lower interest rate form of financing to pay the bill. Don't carry credit card debt. |
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linlyons
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eyesac said, "At 18% interest, a $2,000 balance will take 19 years and cost an extra $2,600 if you make only the minimum payment required each month."
now i didn't do that calculation.
but i did find an amortization calculator.
and it says:
http://ray.met.fsu.edu/cgi-bin/amortize
Principal: 2000.
Payments per Year: 12
Annual Interest Rate: 18%
Number of Regular Payments: 228 (19 years)
Payment Amount: 31.04
Principal borrowed: $2000.00
Annual Payments: 12 Total Payments: 228
Annual interest rate: 18.00% Periodic interest rate: 1.5000%
Regular Payment amount: $31.04 Final Balloon Payment: $0.00
The following results are estimates which do not account for values being rounded to the nearest cent.
Total Repaid: $7077.12
Total Interest Paid: $5077.12
Interest as percentage of Principal: 253.856%
so, for your $2,000 card, you'll pay $7,000.
what was your question again? |
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deb1975@sbcglobal.net
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Because it will take literally YEARS to pay off the balance due to the interest. If you pay even $5 a month more than the minumum amount...that $5 extra will go solely on principle which is what you want...the faster you pay the debt down, the more money you save |
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mysticmoonprincess01
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dude, because of the interest you are paying. For example, I owed Dell like $800.00 for a laptop. I send $300. for the first payment and the interest was like$35.00 or so. Then I sent them another $200. the interest was like $25.00 Then I sent another $175 and my interest was like $12.00 or so. Then I paid it at $50.00 a month so I wouldn't have to pay too much interest. If I had of paid the normal $23.00 per month I'd be paying only the interest and the bill would neve go down. Well I really don't remember how much the interest was but I am giving you a sample. The interest rate was like 29% which is ridiculous but I had to file bankruptcy due to serious medical condition and out of work so I messed myself up and have to pay high interest rates....good luck |
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dragon_lord12832
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Because you are paying mostly interest and very little capital the law states that credit card companies don't have to make you pay more than 1% of the capital per month. . .in other words you could be looking at 7 years just to pay off a 20 gas bill. . .seriously, the whole time you are paying interest and credit card companies look at how much you owe when they assign your credit scores. . .so it hurts you there too. . .meaning the next time you go for a loan you will have to pay a higher interest rate. . .over time this will cost you thousands of dollars in interest. . .not wise!! |
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spiderhedron
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Because the interest charges will pile up faster with you making only the minimum payments, and you'll end up paying more money over the long term. |
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XC_HS_movies
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The interest that will be added to the charges is HUGE!!! If u buy, say, a coat that costs about $100, then it will take a few years to pay off that one coat+interest if u pay the minimum 2%. That is, a few years for just the one item, imagine charging hundred or thousands a month! The overall cost of the one coat will end up being more than triple of the original cost. |
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lil_cuddlebutt_17
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Because the Minimum Payment usually doesnt even cover the finance charges that have occured during that period, so your not really paying off your credit card, your paying the finance charges, take this for example: I made the minimum payment on my credit card and the next months statement said that my balance was only $2.00 lower than it was the last month I received it...after paying the minimun payment, which was $82.00!!!!! I had incurred $80.00 in finance charges that month because of the balance, the credit card companies will always put your payment towards finance charges first and your actual amount due second...the only way that paying the minimum payment would work for paying down the actual bill is if you have a credit card with 0% APR...and even then you have to read the small writing because sometimes the 0% APR is only good on a balance transfer or on purchases, you should try for a card that gives you 0% APR on both balance tranfers and purchases |
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biscuitperifrank
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because the credit card co. come up with the minimum amt. due to drag the payoff date out so that you are paying for years |
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Still reading
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Because you'll be paying interest from day one on every subsequent purchase. So, the donut you bought for breakfast will end up costing you many dollars because you'll pay interest on it from today until you finally pay it off--maybe in two or three years.
Add it up. If you have $150 balance and the payment is $10, it would take you 15 months to pay off that bill--if there weren't interest being added on every single month, whether you buy anything new or not! In that 15 month, you might accumulate an additional $40+ in interest--again if you never buy another penny on this card. Now it becomes 18 months! If you were buying a car that you're still driving in 18 months, that might make sense. But the donut or socks or movie ticket, or whatever, is long gone and you're still paying. Not to mention that in that 18 months, you've spent $40 on interest. That's 20 donuts you don't get to buy. |
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eyesack17
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At 18% interest, a $2,000 balance will take 19 years and cost an extra $2,600 if you make only the minimum payment required each month. And that's if you don't ever charge another penny. |
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aaron p
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Unless you are beating the interest rate you are paying somewhere else, the interest definitely adds up (it was a great deal on a sweater, but after the interest payments, you were paid twice as much for 1 year longer than you could wear it).
Another point that should be made is that if you pay the minimum, the credit card company is more likely to increase your interest rate in the future, and paying the minimum looks horrible on your credit report so buying a house or car will cost extra because of your habits. |
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