Katrina B
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My estimate is: $82 a month
I'm sure that the 18% interest that they are charging you is higher than any interest rate a bank would give you.
Pay it now! If you keep making as large of payments as you possibly can, then your interest rates will fall, your credit score will rise, and the minimum payment will be smaller if you a bad month (like a major car repair).
After you get out of debt, consider making car payments to a savings account. I just paid cash for my car and it felt great!!!! The bank pays me money rather than the other way around!!!! |
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UNITool
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$2000 is very considerable - you mentioned saving up to make the payment though. Don't do that - send everything you can each and every month. It doesn't make sense to put money in a savings account to earn 2% APR when you coule be immediately reducing your debt by that amount (on which you're paying 18%). Don't "save up" to make one big payment. |
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fr_chuck
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Instead of saving it up, merley pay every extra penny on the bill each month, the more you pay off the balance each month, the smaller interest is charge the next month ( may not be much less but alitle is some)
Then you will still be paying your 3000 off but can do it in 100 or 10 dollars extra each payment what you can afford |
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Mom
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Pay what you have now. |
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mom_of_4
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I would give them the $2,000 and see if they will work with you on lowering your interest rate. I had a capitol one and had about a 6,500 balance on it. I gave them a lump sum of 2,500 and they dropped mine from 18.99% to 11.99%.
Good luck! |
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ladyoh
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don't know, but call and ask visa |
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tsopolly
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Put the $2000 down -- 18% is a huge rate. If you can, thry to transfer your balance to an 0% introductory rate, the pay the $2000. That way all of that money comes off the principal. |
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OhGreatWiseOneinHipWaders
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Instead of "saving up" just apply the extra amount on each month's payment. It will save you more of the interest charges this way. Get that card paid off, and be debt free! |
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goldwing
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If you can afford it , pay it...why in the world would you want to pay 18% on the balance when it can be 2000.00 lower (That is savings of about 400.00 per year in interest.). Good luck |
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PuterPrsn
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Pay what you have now, and then pay the rest when you have it. You can make more than one payment in a month, and the earlier you pay it off, the less the 18% will hit you. |
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Steven2006
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I whole heartedly agree with Katrina B and many others.
Pay it now! If you keep making as large of payments as you possibly can, then your interest rates will fall, your credit score will rise, and the minimum payment will be smaller. |
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KariM
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for $5,500 pay the $2,000 now. The interest is most likely not worth accruing while you save up to $3,000 (unless say you'll have that $1,000 next week, but you're still saving yourself from more interest so pay now and then pay again next week). Whatever you can do to keep interest from compounding into your balance is good. Basically, pay as much as you can whenever possible. Interest should stop accruing from the day you make the payment, thus lowering what you owe, and the less you owe, the less interest will accumulate, even at 18%. |
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ovov
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It will raise your credit score and also lower the min. You should consider asking for a limit increase. |
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Hammer
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$2000 is a considerable payment on anything! |
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David
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2 grand will make a noticeable dent |
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