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| I'm 13 I cant get a job and I want make at least $200 more dollars before the end of June and do not recommend illegal ... |
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 What profit does a man if he gains the whole world, but loses his eternal soul? |
What gain is there in all material pleasures if one knows not who they are in reality?
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Bodder4 I think that would be called spam. No intelligence spam to be more ... |
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 Hi, i feel shy to ask this, but i have to.? |
| Hi, just curious, What if half of what my husband own, like house, money cars, like half of everything he owns, is for his brother too, and then something happens to him like we get divorced or God ... |
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most of them are in the beginning of 2000... |
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 Bankruptcy? |
| If a person has so many student loans that they must file bankruptcy, will that effect them on how good of a job they can get?... |
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as in right now. and i don't have an extremely lucrative job right now.
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i can't decide which answer to chose so i am going to put it to vote.... |
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 If you had $100,000.00 in cash and only 4 years to live, what would you do? |
| You have $100,000.00 in cash, you will be in good health for the four years that you have left, and you have no family obligations such as a spouse or children. What do you do?... |
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mylot.com | Is it better to severly pay down one debt or pay over the minimum on all debts about equally? |
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Speee
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A friend of mine is a finance major at school, and she told me about this website powerpay.org you just put in your bills and it figures out a schedule for you and shows how much time it takes to pay it off if you do highest interest or smallest balance or whatever, but it puts it all into perspective for you. |
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Jeanne R
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While I somewhat agree with the other posters, I think you should pay the minimums on all of the debts but put the extra payment amount onto the debt with the highest interest rate. Keep putting your extra onto that highest interest debt until it is paid off. Then use that money to pay down the debt with the next highest interest rate next, and so all down the list. As you pay each debt off, you will have more each month to pay on each of the remaining debts paying them off more quickly. |
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Debt Slayer
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You need some quick wins to stay motivated. Pay the minimums on everything but your smallest debt. Then throw all of your financial effort into paying off that small debt. When it is paid off, cross it off the list and move on to the next smallest debt. You'll build psychological momentum and pay off your debts faster. |
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Lola76
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I agree with J- you should pay off the highest percentage rate first and meanwhile, pay the min payment on the others. That is the card you are being charged most in interest so you want to pay that down first. After you pay each one down, do not use the cards again because you don't want to go back into debt. Use only one card and pay the balance each month. Don't cancel the old cards though or it will go against your credit score. You can do it! |
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hdean45
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Pay on all of them but any extra should go on the one with the highest interest rate. |
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face
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I agree pay of one at time smaller ones first |
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J
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For each card find out what interest rate you are paying. pay the minimum off on all but the highest. Pay as much as you can on the highest. Also, don't charge anything on the highest card;
Repeat the process once the highest card is paid off. Try to get to only two cards and then see if you can only charge what you can pay off each month. |
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krazykyngekorny
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You pay the most on the one with the highest interest rate, because the unpaid amount of that one will cost you the most money. It will probably be the credit card with the smallest amount owing. Credit card companies lower the interest rate when the amount owed passes $500 (or some set amount). So, the greatest saving will be realized when that amount is paid off first.
______________________________________...
If ten thousand people believe a foolish notion, then
ten thousand people are fools.- Ben Franklin
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KrazyKyngeKorny(Krazy, not stupid)
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯... |
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Goonhilda
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It depends on the person.
If you're finding it hard to stay motivated and need to experience the thrill of paying off a debt, sometimes paying the lowest debt first (regardless of interest rate) will be better for you.
However, if you are a miser like me, and don't like paying any more than the bare minimum that you have to pay, then pay off the highest interest rate loan first, while making minimum payments on the other, and then move on to the second biggest interest rate. This will usually save you money per dollar borrowed. For example, say I have a loan for $2000, at 25%, and a loan of $2000, at 8%.
Each year I have the first loan, its costing me $25 for every hundred dollars I still owe on the loan. Every year I have the other loan, it's costing me $8 per hundred. The first loan will cost $467 in interest if I pay it off within 12 months. The second loan will cost $266. So getting rid of the higher interest loan will save me more money. If I'd only borrowed $1500 at 8%, I'd have paid about $200 in interest that year. So even if it's a lower amount, it's still not as cost effective in this case as getting rid of the higher interest rate loan. If you're on a tight budget, getting rid of the loan that is eating the most money might be the best long term option, while still of course making minimum payments on the other.
If you were only paying the minimums on each loan, you would usually be only paying 2.5% of the principal of the loan, and it would take you years, and vast amounts of interest, to pay off the loan. So if you're limited for money, paying the highest rate loan might be the best use of your money, although it might not give you the 'victory factor' you crave. If you're motivated, it's the best option. |
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*Almost ready*
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I've learned from experience that the best thing to do is write down all of the debts you have on a sheet of paper along with the interest rate and amount due for each debt. Find the debt with the highest interest rate and put your efforts into paying that off first while still paying as much as you can over the minimum amount due on the others. The bills that will always get you caught up in debt the fastest are the high interest rates ones! No sense in putting your efforts into paying off debts with 0% interest, even if it the lowest debt because in the long run you'll cost yourself hundreds of dollars. |
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src50
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To your credit record, its all the same assuming you make at least minimum payments on all. From your financial standpoint, pay off the highest interest rate first. |
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marathonwomen
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In my experience, pay the mininum's on all but the smallest and put all the extra money you can onto the smallest. Then when that one's paid off you take what you used to be paying and add it to the second smallest - it's a great way to motivate yourself to keep going when you're able to little by little get rid of them and focus on fewer and fewer. It's the Dave Ramsey plan and it worked for my husband and me.
www.daveramsey.com |
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elyslund
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Pay down one and you'll be answering the phone constantly and opening letters announcing 'past due'!
Pay as much as you can on all of them...law says you can ship them a dollar a month. |
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JanetB1
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There is always debt consolidation. We had to do that many years ago, when my husband had to quit work because of a serious back injury. It worked out really well and we just had one payment. When his benefits came in, it eased the burden and we were able to pay things off a lot quicker. It's just a thought. I hope that you can work something out as it is a real beggar. |
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