| What to do about super high interest rate??? |
|
|
|
|
|
Stuartthomas
Contributing Member
Cash: $ 8.40
Posts: 41
Joined: 12 Jul 2010
Location: California
|
do you know how often you go to your home and take holidays also improve your credit score....
|
Tue Jul 20, 2010 7:57 am |
|
|
Credit Money & Life
Member
Cash: $ 4.85
Posts: 24
Joined: 18 Jun 2010
Location: Dallas, TX
|
What does that have to do with anything? That makes no sense
99% of Debt Settlement companies offer no Attorney Representation in the event you get sued.
Prime Debt Services is the 1% that offers Attorney Representation if you are sued and is an actual Law Firm.
|
|
Tue Jul 20, 2010 5:10 pm |
|
|
Debt Relief
Member
Cash: $ 2.85
Posts: 14
Joined: 20 Jul 2010
Location: Charlotte
|
|
 |
|
You need to first resolve not to create any new debt. So leave those credit cards home. Cut them up if you have to... You "may" want to keep one of them in case of an absolute emergency. But resolve to operating on a cash-only basis for a while. If you don't have the cash in your checking account to cover it, don't buy it.
Then I would create a budget. Sounds like you've done this already. Log everything you spend money on for about a month (regardless of how small). Then determine what you "have to have" and what you can do without. Create a budget based on the info by eliminating "nice to have" items and reducing "have to have" items as much as you can. Then stick to it like your life depends on it. This should free up additional funds that you can apply towards your CC balances.
Once you have a budget in place, I would make minimum payments on the CC with $7500 and put ALL excess cash towards the $4000 CC. If you do this you'll see progress fast as you eliminate one of your payments all together. Then apply everything you can towards the $7500 CC until it's paid off.
Debt Relief - Debt Reduction
|
|
Tue Jul 20, 2010 5:10 pm |
|
|
Stuartthomas
Contributing Member
Cash: $ 8.40
Posts: 41
Joined: 12 Jul 2010
Location: California
|
| reply |
|
|
i would have to say the same which have already discssed by many people ..i think you are right ..why to pay more interest if you have option to cut it down ..just pay off your debt..credit score is the thing that will go up in your life several time..so don't worry too much about that...
same day loans
|
|
Wed Jul 28, 2010 6:10 am |
|
|
creditcrack
Contributing Member
Cash: $ 8.00
Posts: 40
Joined: 25 Jul 2010
|
Realize your plan, it is very interesting and productive, I think!
3 in 1 credit monitoring website
|
|
Wed Aug 18, 2010 12:17 am |
|
|
FrankHertz
New Member
Cash: $ 1.20
Posts: 6
Joined: 24 Mar 2011
Location: San Diego
|
I agree with the many opinions here as well.
Paying off your debt should be your top priority. But you should also diversify your debts so that no one credit line is carrying over 50% of the debt.
Over time, this will certainly help to improve your scores.
credit score scale
|
|
Sat Mar 26, 2011 11:17 pm |
|
|
KatherineLee88
Preferred Member
Cash: $ 22.65
Posts: 112
Joined: 10 Jan 2011
Location: Iowa
|
|
|
|
quote:
Originally posted by affiliates111
Credit card debt is a the worst debt you could ever have. Avoid using them because the interest rate is predatory.
I agree with the first part. Disagree with second part.
In comparison to other debts like a mortgage or car loan, credit card debt usually has a higher interest rate, so in this regard is it the "worst debt." However, it could be argued that it is better debt than a car loan or mortgage because it is "unsecured." But... yes... it is probably the worst.
As for the second part, at the 29.99% the initial post stated, this I wouldn't consider to be predatory. Yes. It is high. However, the poster did indicate they had a lower FICO score and had some late payments so the credit card lenders were well within there rights (and logic reasoning) to have the APR at 29.99% because it appeared to be a risky borrower. Since credit card debt is unsecured, the lenders are really risking this money - nothing is stopping the person was declaring bankruptcy in which case the lenders get nothing. At least with a car or house, they have something to go after.
Predatory rates are when rates are like 70%. I read about a card that jumps to that after a couple lates. Now that is definitely unreasonably high.
I don't see my interest rates of 17-22% on my cards to be predatory. It's just the price of using money you DON'T have yet - or in my case... since I pay in full everything month they could have my APR at whatever number meets their fancy because it'll never matter.
|
|
Tue Mar 29, 2011 2:08 am |
|
|
coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
|
I guess it depends on whether you're the prey or the predator. 
|
|
Tue Mar 29, 2011 5:47 am |
|
|
KatherineLee88
Preferred Member
Cash: $ 22.65
Posts: 112
Joined: 10 Jan 2011
Location: Iowa
|
quote:
Originally posted by coaster
I guess it depends on whether you're the prey or the predator.
Ha. In my case I am the predator and the credit card lenders are the prey because I'm making money off them and they have yet to see a penny! Ha suckers!
In a few months I'll add the Chase Freedom card to my wallet and start siphoning some money from JP Morgan instead of just US Bank and Discover. Muhahahaha.
|
|
Tue Mar 29, 2011 12:13 pm |
|
|
|
