Crazyfinances
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| Paying off vacation debt |
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We recently took a vacation to Hawaii and spend close to $2500 (yes, I know its a lot). I put around $1400 of that on my credit card and have not been able to pay my credit cards bill completely yet. The interest is piling on. Any suggestions?
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Tue Nov 23, 2010 8:09 pm |
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patcfarr
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I think the thing you could do is to move your balance on another credit card with a lower interest rate. And then you can go about paying it off monthly. Make sure you pay that off so your credit score is not hurt. You can also go to a financial services company that will give you a plan to pay it off. They will even talk to the credit card company for you and get a plan going. Good Luck!
Best
Pat
Best,
Pat Farrell
www.thescienceofgettingrichprgram.org
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Wed Nov 24, 2010 4:02 am |
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C9Consulting
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Get on a tight budget (you'll be able to pay if off after awhile) and next time you go on a trip make sure that the majority of the money you spend is in cash. That way when you run out, you run out.
If you really want to get out from under it, a budget will easily help you decide how to pay it off as fast and efficiently as possible. PM me if you need more specifics.
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Wed Nov 24, 2010 5:51 pm |
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rob86
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Don't use debt to pay for a vacation and especially don't use it to pay for a vacation ...
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Tue Mar 15, 2011 8:04 am |
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littleroc02us
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quote:
Originally posted by patcfarr
I think the thing you could do is to move your balance on another credit card with a lower interest rate. And then you can go about paying it off monthly. Make sure you pay that off so your credit score is not hurt. You can also go to a financial services company that will give you a plan to pay it off. They will even talk to the credit card company for you and get a plan going. Good Luck!
Best
Pat
Why would someone pay a financial services company to pay off $1400 in debt? Makes no sense to me. Get on a written budget, get another job and work your butt off until it's paid off. I'm sure there is a lawn to mow or some snow to push if you really wanted to work the debt off.
Romans 13:8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”
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Thu Mar 17, 2011 2:55 pm |
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kate032
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First, never do it again. No vacation is worth debt. Then, cut back significantly in your spending habits so you can get the debt paid off as quickly as possible.
There are ways to cut back that you probably don't even realize. Cable television, dining out, beer & wine, and new clothes are all luxuries that you don't need right now. When you do have to drive, combine as many errands as you can in one trip. Turn your heat down, and as the weather warms up, don't use the air-conditioning until it gets really hot, and then keep the thermostat at 78 or higher. Lots of little things you can do that will add up quickly.
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Sun Mar 20, 2011 2:37 am |
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NolaP
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Tighten the budget and pay off as much as possible each month, or each paycheck. Good luck!
Nola
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Thu Mar 24, 2011 2:18 pm |
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GotCommonCents
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quote:
Originally posted by patcfarr
I think the thing you could do is to move your balance on another credit card with a lower interest rate. And then you can go about paying it off monthly. Make sure you pay that off so your credit score is not hurt. You can also go to a financial services company that will give you a plan to pay it off. They will even talk to the credit card company for you and get a plan going. Good Luck!
Best
Pat
This is bad advice. First, moving your debt around is simply a way to avoid facing the problem... DEBT. Focus on paying it off quick and the interest won't be a problem. Like others have said, find a way to bolster your income through anything such as mowing, having a yard sale, anything. Treat debt very seriously. It represents risk.
Also, do not use a financial service. You can make you own plan. It is very simple, just pay as much as you can towards it. You need to budget to know what you can pay.
For more advice about how to handle your personal finances and manage your life in a way that will be prosperous, check out my blog:
www.GotCommonCents.com
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Tue Mar 29, 2011 11:40 pm |
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KatherineLee88
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quote:
Originally posted by GotCommonCents
This is bad advice. First, moving your debt around is simply a way to avoid facing the problem... DEBT. Focus on paying it off quick and the interest won't be a problem. Like others have said, find a way to bolster your income through anything such as mowing, having a yard sale, anything. Treat debt very seriously. It represents risk.
Hmmm, but moving it to another card is not completely avoiding the problem. If can be balance transferred to another card for a much lower interest rate (lots of cards offer 0% initially and no transfer fees), then I don't see the problem with this. If the commitment is there to pay it off, it doesn't really matter if it's on a new card or the original card... if a good balance transfer card could be found it would probably be quicker to pay off. However, there are definitely negatives to opening another card that you may have no desire to use again - and it will tank a FICO score for a little while.
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Thu Mar 31, 2011 1:52 am |
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coaster
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quote:
Originally posted by GotCommonCents
First, moving your debt around is simply a way to avoid facing the problem... DEBT. Focus on paying it off quick and the interest won't be a problem. .
But.....if one has gotten into the situation where the debt cannot be paid off rapidly, then the interest IS a problem and moving the debt IS a viable and constructive way of recovering from the situation.
I think that the opinion expressed lumps all debt into one category, a category that results from poor financial discipline and planning. Yes, that's often the case, maybe even the majority case, but even financially prudent and fiscally disciplined individuals can suddenly incur unexpected debt in circumstances over which they have no control.
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Thu Mar 31, 2011 6:21 am |
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savana
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quote:
Originally posted by patcfarr
I think the thing you could do is to move your balance on another credit card with a lower interest rate. And then you can go about paying it off monthly. Make sure you pay that off so your credit score is not hurt. You can also go to a financial services company that will give you a plan to pay it off. They will even talk to the credit card company for you and get a plan going. Good Luck!
Best
Pat
It is always better to spend in limit and top pay off the debts monthly so that you will not find any problem in future when you need to look for another credit card.
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Thu Apr 14, 2011 12:29 pm |
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Ancelote
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| Re: Paying off vacation debt |
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quote:
Originally posted by Crazyfinances
We recently took a vacation to Hawaii and spend close to $2500 (yes, I know its a lot). I put around $1400 of that on my credit card and have not been able to pay my credit cards bill completely yet. The interest is piling on. Any suggestions?
Credit card interest is high. So you could apply for a personnel loan with low interest rate and settle the credit card balance. Now you have to pay low interest and pay premiums.
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Mon Apr 18, 2011 4:47 pm |
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jennypaul
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An amount owed to a person or organization for funds borrowed. Debt can be represented by a loan note, bond, mortgage or other form stating repayment terms and, if applicable, interest requirements. If someone wants to avoid debt then he must control his unexpected expenses.
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Tue Apr 19, 2011 10:32 am |
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AtoZ
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Go into debt for a vacation???Seriously bad idea. I woudl say get on a budget and tighten things down to pay that debt off quickly, but given you went into debt to go on a vacation suggests it may not work easily. Best of luck.
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Tue Apr 19, 2011 12:12 pm |
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