 What's the best way for a teen to work towards becoming a millionaire when they're older? |
| Maybe not a millionaire, but I want to have a good amount of money to fall back on just in case. I'm 14 right now and I have a pretty good allowance. My mom won't let me get a job, but I... |
|
 WHAT do you call this? |
When rich people loan money to regular people and the regular people pay back in payments.
Do you know what its called? And what website can I go to do this?... |
|
 I dont know what to do, my debt is swirling outta control?!!? |
| where do i start to try and rectify things, the bank call me every day to inform me i am over my overdraft and they need a payment! i'm getting charged for being over it, i have a job but at the ... |
|
 Can i get a new debit card with a different number to avoid fraudulent charges? |
| i have some online site charging me $1.95 a month for some memebership thing, but i have cancelled it a long time ago, and even cancelling it was a hassle. they gave me so much difficulty that i had ... |
|
 I need money quickly? |
i need money fast, and i need aprox £5000 asap to pay of debts as the debt management isnt really my thing and my credit rating isnt going up, what shal i do?
Has anyone got any good ideas?
... |
|
 I got an e-mail from pch(UK) saying that i am a winner. they sent me a tle # and a pin # to transfer the funds |
is there such a thing as pch(uk) and can this be a real e-mail.
they sent me a telephone # and a pun # to transfer the winning funds. How can i find out if this is legitimate ?... |
|
 I feel like we are the only one's struggling like this. My family and I live in a rented three bed house. |
| We rent because we lived out of the country for a long time, we have two young children and at the moment we can't raise enough capital for a deposit on a house. We run two cars, we do a weekly ... |
|
 Can somebody give me loan of Rs. 1000000000,for ten years,without any collateral or security,? |
| with interest of total 6% of the above mentioned amount payable at the end of 10 years.After ten years total amount + interest of60000000 will be paid back.... |
|
 How can I make £200 in two weeks? |
Additional Details
I have a job already but I've had an unexpected £200 bill.... |
|
 How can I help my parents pay for gas money for my car when I dont have time for a job? |
| I am in sports all the time and on the weekends i go 3 hours to my dads house so I cant have a job and I need to find a way to help my parents out with my gas money!... |
|
 If you had $5,000.00, what would be the best way to invest it? |
| What I am looking for is the most returns for the amount invested. I know there are many ways to invest but I've run out of ideas and there are two many investment schemes out there. I would ... |
|
 What are your most expensive bills? |
| In addition to heating oil, gasoline and electrcity, what are your most expensive mothnly bills?... |
|
|  |
allysonchaynes | Pay off credit card or keep $$ in savings? |
Hello. We have about $8000 in credit card debt (due to an unexpected household emergency). We currently have enough $$ in savings to pay off the credit card...but that will deplete our savings to only a few thousand $$. The credit card has a much higher interest rate than our savings account so it would make sense to pay it off (and not run it up again). But, then we lose the "cushion" we have in savings until we can build it back up. What would you recommend...(a) pay off the credit card out right; (b) keep making monthly payments; (c) or maybe pay off half and then pay off the rest monthly? We do make more than the minimum payment each month...as much as we can afford. Thank you for your guidance. |
 |
 
John G
 |
Pay it off. You're just playing with numbers anyway. If you pay off the balance, you'll save on the interest you would have accrued. If you don't pay it off, you'll have money lying around, but you'll be charged interest.....in other words, you'll be losing money just to "feel" safe. Pay it off because if worse comes to worse, you'll have an 8K limit on your card to use "in emergency." You're just playing with numbers except one way you're losing money. |
|
Cribber
 |
Pay off the card! Then put the amount you would be paying monthly in savings to build it back up. Interest on the savings comes no where near to the interest you are paying on the card.. so get rid of it. |
|
Rachel
 |
Pay off the card. Yes, you will be losing your cushion, but you would only need that cushion in the event of an emergency (which hopefully won't occur). If there was some emergency and you needed money, you could then charge that...that of course is not ideal, but you would be no worse off than you currently are. So, without question, definitely pay off 100% of the debt. |
|
Kllme
 |
pay dept 1st so it doesnt increase |
|
nemeczek
|
pay your cc debt now! |
|
Pure Kenergy
 |
Pay it off, as this will allow you to continue building your savings without the credit card debt hanging over your head and causing more money to be lost in interest to the credit card company than you will make with the interest in your savings. |
|
angel
|
pay off your credit cards in full-but leave them open for emerg funds. It also helps your credit if you keep them open. |
|
EWA S
|
pay the credit card off..you will lose more making monthly payments..more cash in the long run. (can i be your friend...only down to thousands in the savings u said?..lol) |
|
La Vie Boheme
|
Pay it off. Think of all the money you will be saving by not having to pay interest. |
|
Jonny Dangerously
|
Pay off your high interest credit card using your lowest interest credit card then pay that one off.
It's only worth using the savings if you don't run the card back up.
If you can manage to have that much self control it would be a wise thing because all those payments you aren't making to that credit card company can now go back into building up your saviings account. |
|
Ren
|
As hard as it would be to do, I would pay the credit card debt off. The interest will just keep compiling and you will lose a lot more money in the long run. Then, just pay as much as you can to yourselves each month for savings instead of to the card and watch your savings replenish itself and grow before you know it. Plus, by paying off that debt, you will have that available credit open to you again if another emergency should come your way. |
|
eyebum
|
Pay it off. Be careful as you start building that money back up to replenish your cushion, of course, but pay it off.
Look at it this way-if you have another emergency now, you go in even deeper, or completely deplete what cushion you have. Either leaves you much worse off.
If you pay it off, you are back to Zero. If that emergency happens again, you can put it back on credit, but you won't be as bad as if you hadn't paid it. |
|
mellie
|
You didn't say if it was just you and a partner or are kids involved? If kids, pay half toward credit card and keep a little more cushion as something always happens with kids. If just you two, if you would still have something in savings pay that credit card off and get rid of the interest. I would then continue to put that minimum payment back into your savings monthly or more if you can afford it. With the economy right now I would be afraid to get rid of all of your savings but credit card fees have to go. |
|
pakita123
|
I would recommend you do all that it takes to stop paying silly interests money on those debts of yours. If you have the money to pay it all off then do it. |
|
sarah
|
Pay off the credit card. Suze Orman and Larry Burkett both recommend it, and they're experts about getting out of debt.
My question is, why did you not just pay for it out of savings if you had the money? In your savings, you should have enough money for 3-6 months worth of expenses as an "emergency" fund. Use that money next time, and work on rebuilding it.
Under no circumstances is it a good thing to wait to pay off the credit card. You'll have more money in savings if you pay it off from that money now, and then pay into the savings every month what you would have paid into the credit card--because the credit card cost increases more quickly than the amount of money generated from your savings.
Good luck and best wishes! |
|
Angela H
 |
I would take most of it and pay your credit card off. Then your intrest rate will go down, which means your monthly payments will go down, and it will improve your credit scores. Most everything is based on credit nowadays. Anything you apply for, buying a car, buying a house, or even renting, applying for a loan or another credit card, some places look at credit when getting ulitities turned on. It's imporant to save money, with the way things are nowadays, too. So, I put a big chunk of what I had and put it toward paying the credit card off. Having a few credit cards comes in handy for emergencies, and you can make payments without having to put out a ton of money, especially when I don't have lots. |
|
Brianna
|
You should pay off 6,000 dollars of the credit card, leave the 2,000 in savings for a coushin. Then, make a 100 dollar payment above the minimum payment to get the rest payed off within the next 18 months. If you have paid on your credit card on time for the last 6 months, you should call and try to get them to take the interest rate down quite a bit. They re-evaluate every 6 months! Most don't know or realize that a simple call can keep the rate down! I call every 6 months regardless of how low i have it now... i've always been able to get it down further too. If you are at... let's say... 21%, than you should try to get it down to 16%.
Try to pay off an extra 100 dollars per month, 50 extra minimum. meaning, if the minimum payment says 21 dollars, send them 71 dollars instead... or 121 dollars. Then try to put 100 a month or more still into your savings too.
the reason i say to pay off most but keep some is for your revolving debt. Your credit history is based upon it, loans are granted on it. We live in a society that gives loans to those with debt, which is a good part of the reason we are in this financial crisis at this time. Instead of rating someone on being debt free. But that large of a debt accumulates far too much interest to be worth while. Only a 2000 dollar debt would still be worth revolving as you pay it off. |
|
W>A>S>P>
|
Few words from me: pay it all off (unless you love paying interests or you think math is an opinion). |
|
Ali
|
There will be lots of different opinions on this so I will not give you one. I will just tell you what we are doing. We have gone through our savings and added credit card debt due to my husbands job status (in housing) and income being reduced over the last year and a half. We now need to start to take care of that. My husband has decided the route to go is to put money away back in savings and then attack the credit card debt. We do make more then the minimums though but our debt is so high it will take quite a lot of time and money to pay it off again. Just don'; let anything go late. Maybe pay off one or 2 smaller cards just to get started and then worry about the rest after you know your savings is secure.
|
|
George P
 |
I would pay half of it off, then each month, pay more a month, like $1000, until the card is paid off. You will keep your cushion, and pay the card off in 5 months.
You would be best to pay it all off, then you would still have the card to fall back on if you needed it in an emergency. |
|
Iloveshane
 |
I would say pay it off you would save a lot of interest on a 8000 balance. then try and build up your savings again and dont use the charge card anymore. |
|
nicedoc
|
Unless you feel there is a very good chance there will be a financial emergency (unstable job for example), I would pay off the credit card completely. It makes no sense to hoard the money in savings when you still have an outstanding credit card debt as the interest will continue to accumulate which you will have to pay off down the road eventually. |
|
scottythecomic
|
That depends on where you happen to see the economy going. I believe we're in a recession now and headed for stagflation at best and at worst, a total collapse of the economy as we now know it.
Indeed, we and the world are ripe for the oft spoken about one-world economy.
|
|
Tim
|
Pay half of the balance and as much as possible each month.
|
|
girlpower
|
cut those credit cards and don't use them again until you pay off this debt. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
25 | 25 minutes(s) ago
| | | |
25 | 33 minutes(s) ago
| | | |
25 | 56 minutes(s) ago
| | | |
25 | 1 hour(s) ago
| | | |
25 | 4 hour(s) ago
| | | |
21 | 8 hour(s) ago
| | | |
25 | 2 day(s) ago
| | | |
25 | 6 day(s) ago
| | | |
25 | 2 week(s) ago
| | | |
24 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Personal Finance 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
