Minimum payment to double on credit cards

[deeep water]

Re: Minimum payment to double on credit cards

back in the 70s the just sent you a card in the mail,,'just give this card to the casheeir and it will activate your account ,,, we had 6 or 7 cards ,, i told the wife we wont use them unless we realy need them ,,, well i went away several times to do some military stuff and a year later they sent us a bill for 17///18/// 22 dollers,,,i asked the wife wats going on did you use them ???,,i called the company and all they said was 'we sent you the cards so you have to pay " bs,,, prove i signsd for one or used one,,, never heard from them again,,, aned that was 30 yrs ago

 

[KRS]

Re: Minimum payment to double on credit cards

Where was this advice 10 years ago, when I needed it. I have $39,000 in credit card debt, most of it at 20%+. Already paying $700 a month, if that doubles than I'm going under.

 

[Drowned Rat]

Re: Minimum payment to double on credit cards

Just curious. If you pay off your credit cards every month, why do you need 5 or 6 cards!?! Are you spending like $50,000 a month on the cards or what? Learned my lesson when I was younger. I've got one card with a zero balance and I never use it. I only carry it for emergencies. I hate credit cards and I agree lenders are like leeches and they could care less if you have the ability to pay off a loan. As long as they collect their min. payment ad infinitum, they're happy.

 

[Kalian]

Re: Minimum payment to double on credit cards

Man, I feel for you azfyrfyter, BTDT. I hope you get through it. Maybe you can call the creditors and see if they can reduce the interest rate. Some of them will, but most won't.

 

[KRS]

Re: Minimum payment to double on credit cards

Thanks for the help, I've called them and they treat me like a red-headed stepchild, they know I'm stuck. Here's the kicker, I have NEVER ever been late on a payment, but they won't help me.

 

[ZmOz]

Re: Minimum payment to double on credit cards

Originally posted by Drowned Rat:<br /> Just curious. If you pay off your credit cards every month, why do you need 5 or 6 cards!?!

Rewards. They pay me! It's also nice to seperate certain expenses. And if I have an emergency I can come up with quite a bit of cash very quickly.

 

[snapperbait]

Re: Minimum payment to double on credit cards

AZ.. Have you tried getting on one of those debt management plans?....<br /><br />I'm pretty sure there's some legitimate free help out there, if you were so inclined...

 

[KRS]

Re: Minimum payment to double on credit cards

I have been thinking about it, I don't know of a reputable one... it may make the difference. I will not go BK and steal money from the creditors, but if I can negotiate a better rate and payment plan, I can live with that. Anyone know of a reputable place?

 

[mattttt25]

Re: Minimum payment to double on credit cards

i carried a $5-6K balance through college and for a year or two afterwards. but hey, i was poor. i learned quickly they only hurt you. i have two cards, $20K limit, and they sit for the emergency.<br /><br />i pay everything with my debit/atm card. accepted everywhere and the money is spent right there.

 

[theriver]

Re: Minimum payment to double on credit cards

What about tapping into home equity to pay off credit cards?<br />Just a thought.

 

[Bondo]

Re: Minimum payment to double on credit cards

Maybe I'm just Different,..........<br />But,......<br />I've NEVER made a Minimun Payment,..... Ever.....<br />The Minimun I'll pay each month is 3 to 5 Times the Minimun,......Usually Much More than That......<br /><br />I've got a Pocket FULL of credit cards,....<br />My credit limits are from $5000.00 on 1 card to just short of $20,000.00 on My Best account......<br /><br />Right Now,..... I'm carrying a balance on 3 different cards,... 1 with 1.99%,.....1 with 4.9%,...... That's Cheaper Money than the 2 Mortgages I just bought This year........<br /><br />My primary card I use for everyday mail order type purchases is at 14%,..... But I keep that payed monthly, or bi-monthly at worst......<br /><br />I've even bought a couple pieces of Realestate using CCs,....

 

[Ron G]

Re: Minimum payment to double on credit cards

Im down to under 1000 on my cards ,like dave ramsey says when you play with snakes your going to eventually get bit,this dam wedding is going to put me in the poor house,im still shootuing for being out of debt ecept for the house in 2 years,<br />AZ you listen to dave ramsey?he has local prfiders all over the country that helps the way he teaches,

 

[neumanns]

Re: Minimum payment to double on credit cards

To all you guys CC debt free...Congragulations, I hope to join your rank's soon!<br /><br />It is still my gut feeling that Az and myself arn't the only two in this boat though. The average american is carring 10k so Az and myself are carring enoufgh for 8 families. Sombody's not fessing up.<br /><br />Az, were (neumanns)are right behind ya in amount owed.

 

[Ron G]

Re: Minimum payment to double on credit cards

IM 16,000 in debt not including the house which is another50,000 and about to take on the future wifes student loans and debts.ya'll aint alone in these battle.

 

[one more cast]

Re: Minimum payment to double on credit cards

neumanns, <br /> I put my divorce on credit cards because my ex got every cent I had and then some. After it was all done I went to the bank and borrowed the money and paid the cc's off. I had to take out a 7 year note and I'm still making payments but at least I'll know when the last payment is paid. I still use my credit cards now and then but try to only use them once and then not use them again until they are paid off. We also never pay just the min payment.<br /><br />PS Don't feel bad about spending money you don't have. Dubya does it all the time!

 

[eeboater]

Re: Minimum payment to double on credit cards

Be careful on those debt / credit management companies. While they are often non-profit, they negotiate "deals" with the CC companies. Sometimes that can show up as derogatory information on your credit report.<br /><br />Sean

 

[jtexas]

Re: Minimum payment to double on credit cards

neumanns you are not alone.<br /><br />azfyrfytr, you got to get that interest rate down, it'll literally bury you. take advantage of special rate balance transfer offers, but pay attention to the normal rate once the special rate period ends. <br /><br />But when you transfer a balance to a new card, do not, repeat, do not use the new card. Here's why: they have a 2-tiered rate. your balance transfer is at, say, 9%. But any new purchases are at, say 14%. But all your payments are applied against the low-rate balance until it's paid off.<br /><br />If you have a credit union, sit down with 'em & see about refinancing as much of that debt as you can with a signature loan. You should be able to get 8% or better at the CU, maybe with a discount for payment by payroll withholding. Cancel every card that you refinance (this might be a condition of getting the loan).

 

[QC]

Re: Minimum payment to double on credit cards

Not alone AZ and neumanns,<br /><br />We go up and down, pretty manageable right now, but not the right way to do things.<br /><br />When I was realy buried once I talked with a Debt dude thing place and he said that if you are staying ahead that it wasn't a good idea to get them involved. It will actually cost you a little AND it goes on your credit report. Home equity is good if you can trust yourself and what jtex says. Good luck!!<br /><br />Another thing, teach your kids right. I grew up with a single mom who was a spender . . . Not a great role model in this area. Now she makes a boat load of money and it all fits just right, but back then her Dad would bail her out.

 

[neumanns]

Re: Minimum payment to double on credit cards

Hey guy's....Let's not lose sight of why I started this thread; I was not aware this was going to happen. So perhaps just a bit of a heads up in case other's were not aware also.<br /><br />I find several thing's interesting in this thread. It is a bit revealing of what a great job Iboats has done in maintaning the quality of there boards that so many of us will reveal so much here that we proabably don't even discuss with family or friends.<br /><br />I also find it interesting that most of the advice offered is stuff I knew but was just slow in enacting. (in other words I wish I had started two years ago rather than four month's ago...but at least I'm started)<br /><br />And the other thing I found very interesting is Quitcat's last tidbit: I was never taught these things at home, managing money poorly was a thing that came to me courtesy of my father. It took some time to learn to manage a checkbook, and I am just now learning how to handle CC's. Both thing's that were not passed on to me but I hope to pass on to my kid's.

 

[clanton]

Re: Minimum payment to double on credit cards

Have two cards 1.9 interest most of the time. Pay balance at end of month most time. Truck loan on card for 1.9 until paid. Just canceled a sears card I had for 35 years. Most cards and banks are like ?????. I just switch to military bank of american, great so far.