Answers
My husband and I have a combined credit card debt of 10k we both have credit scores in the high 600's but would like to buy a new car and wipe out our credit card debt. If I sell our current car that we own and pay off the credit cards how long will it take for our score to go up?
that all depends on the limit on the bank. if it was less than 50% on each card that was paid it will not have a huge impact but will raise the scores. If it was a high limit on the bank it will have alarge effect in the next reporting. Know this not all comanies repot monthly--some just quarterly
creditcarddebtconsolidationloa ns.net Debt consolidation: Loosely defined, it's the act of combining several loans or debts (usually credit ...
Im about $12000 in debt and want to get out now before I get more in debt. Im young, don't own a house and have a credit score of around 698.
The best way to pay off your bills... and get out of debt!
Make sure you pay all of your minimum payments; WHILE you attack your lowest debt. Attack it in the sense of pay as much as you can. Once you pay that one off, go to the second lowest debt and so on.
This is key and it really makes you feel like you are getting your debt paid off fast.
Make a monthly and/or weekly chart with what money comes in and what money goes out.
Best of Luck,
Elizabeth R.
Just curious what the 'real' average credit card debt load really is...my wife and I just took out a low interest personal loan to pay off our combined credit card debt of $4500 that we have lingering from college, we haven't made any purchases on the stupid things for over a year...where do you stand?
You did a smart thing. Revolving (credit card) debt is FICO scored as % balance to credit line - and anything over 50% is scored badly.
A installment loan will usually not change the score much one way or another.
My debt - I use the card for business travel, and it's usually paid to zero every month. The card is just for convenience and a bit of float.
I have several credit cards, many from the same institution. I'd like to combine all the ones from the same institution into one.
All the cards are paid off monthly - I am not carrying any debt.
Will this hurt my score?
Will this hurt me in any other way?
Closing them will pull your score down a few points. Less Available unused credit.
Kourtnie
Prosperity Financial
In august i will be going away to school. the cost of tuition is around 17,000 a year. at the same time i have about 4,000 dollars in credit card debt. is there any way i can payoff my credit card debt by adding it to my student loans? and how do i go about getting a student loan?
apply for federal student loans at http://fafsa.ed.gov
But be aware, you are limited to borrowing no more than the published cost of attendance of your school minus your EFC amount. (The cost of attendance is more than the cost of tuition). Also the money is given to your school and divided in half. You would get half your loan in the fall and half in the spring.
Here is a good book listing the interest rates and the max amounts you can borrow. pg 9 and 11. Plus the different types of grants and such.
Privately funded student loans (outside fafsa) are a bad idea. Higher interest rates, high fees, not to mention you will have to get a cosigner.
Consolidating Credit Card Debt
The recent economic circumstances have made most people aware of their finances, especially their debt. One of the biggest areas of concern are peoples their credit cards. People are looking to credit card debt consolidation to help reduce their overall monthly payments by transferring all credit card debt onto a single card.
This is a great idea for many people, but they need to be aware of some basic “traps” that people fall into when combining accounts to consolidate credit card debt. These traps can actually end up costing you a lot of money that you could be applying towards paying down your overall debt. Of course if you are transferring your credit card debt from a 26% interest rate card to a 12% interest rate card, the savings are obvious to see. However, if the rate is not that much difference, the fine print involved may end up costing you quite a bit.
...News
What to do when your spouse admits to $68000 in credit card debtWalletPop (blog) - Mar 13, 2010
I have been married for 12 years and have just been told by my husband that he has $68000 in credit card debt. We have separate charge cards, and more »BestCashCow.com (blog) - Feb 19, 2010
Between 1992 and 2001, the average credit card debt among young adults went up by 55 percent. • In the United States alone, there are more than one billion and more »LoanSafe - Mar 10, 2010
PRLog.Org (press release)This is a very favorable option for consumers that have a lot of outstanding credit card debt because of the extremely high interest rates many banks are Credit Card Debt Consolidation Loans To Help You Even If You Have A Bad CreditEasy Steps To Consolidate Credit Card Debt With Credit Card Debt Consolidation all 99 news articles »
Crain's Cleveland Business - Mar 15, 2010
“At some point in time, if a new job doesn't materialize, your ability to afford a car, to afford a credit card payment is just going to run out,” he said.BigNews.biz (press release) - Mar 07, 2010
An IVA Might Be the Solution for UK's Credit Card ProblemMany will how an IVA can help with your credit card debt and the answer is that an IVA will help you to combine a number of debts into one manageable debt. and more »
msnbc.com - Mar 13, 2010
See today's average credit card rates across the country. Look at prototypes from Ferrari and Lotus shown at the Genevat Motor Show. and more »Wall Street Journal - Mar 13, 2010
Credit unions report loans for new and used vehicles, but those figures exclude loans secured by boats. One credit union said its jump in credit-card loans and more »