Pay Off Credit Card

I can pay off a credit card, but soon I'll have to buy school supplies/clothes for my 4 kids and birthday and Christmas. Do I pay off the credit card and then save the payment for these purchases or do I put it all in saving and dip into it as I need to. My worry is that I'll spend all of it faster if its in savings, or I'll just use my credit card again. Any financial savy people out there able to give me advise?

I would pay off your credit card. You always want to make sure you never use more then half of the available balance on your credit card other wise it hurts your credit. I always says if you don't have the cash for it you can't afford it. I understand there are some things that you have to finance like a house, or new car.

2008-05-01 07:58:56 by Maria

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I have about 10K in credit card debt. I was planning to sell a rental house this summer and pay it off, but the house deal fell through. I have about 20K in stocks AND I have to refinance my house in August. Should I sell some of my stock to pay off my credit card debt? The interest on the cc debt varies from 0% on one to 18% on another card.

Pay off the debt....and here's why..


Look at the interest you pay each month. By paying off the debt, that is the amount of money you just gave yourself as a RAISE, and you didnt have to work an extra minute for it...:O)....

2009-07-01 15:24:43 by Wonderingmind!

Price: $8.95

Assume $8,000 credit card debt. Should I pay off cards first? I have a very high credit score due to paying off two new cars (long story).
I'm currently paying them down. Just didn't know whether I should even try to save for the down payment or put 100% into paying them down. I have about 1200 a month extra to "play" with. I want to fix all this college-time debt in case our economy heads into a recession.

let me if i can give you some advice

first get out of debt , cut up the credit cards and never use another one for as long as you live i am not trying to be rude , but very serious , debt is dumb , debt destroys more things then you know . at 42 i am and will always be 100% debt free

i have never owned a credit card , never bought a car with a loan have never taken a loan until i bought my house ( the only thing anyone should ever use credit for ) and i was approved
in less then 2 hours ( ps i had no FICO SCORE )

lenders do still look for people that stay out of debt


read this

www.daveramsey.com

2008-02-04 11:24:17 by Powderpuff

Price: $5.95

We have about $15,000 in credit card debt and would like to pay it off in one year. Is this possible?

Yes, if you have the disposible income to do it.

No fast food, no eating out, no movies, no extras! Make a budget and stick to it. Write it down. Pay for your groceries and gas and other things that you need with cash. Stop making unnecessary trips to the store, save gas (it's $3 a gallon!) and don't buy expensive food at the store. Buy the store brand, shop the sales, eat spaghetti and hotdogs like a college student.

Pay at least twice the minimum payment on each card. Plan it out on a calculator:

http://cgi.money.cnn.com/tools/debtplann er/debtplanner.jsp

Pay off the highest interest card first, then take the money you were paying on that one and apply it to the next higher interest card and so on. Be sure to put some money in a savings account, even if it's just $20 a week, so that if there's an emergency and your car breaks down or something you have money saved and don't have to charge it to the credit cards.

After you pay them off you should not use them unless you have to charge something you can't pay for any other way, like a rental car. Save your money, have 3-6 months of living expenses in the bank, pay cash for things you want.

edit:

If you take out a home equity loan and charge the cards back up again and can't pay the equity loan back you can lose your home. People have fallen for that one. I would personally not take out a home equity loan, especially if you have the disposible income to pay the cards off if you just scrimp and save.

2007-12-05 18:12:33 by jacki0o0

I've heard of companies like cureadebt.com that will settle your credit card debts for 70% of the amount owed. I've also heard of government grants to pay unsecured debt(credit cards), but I don't know where to get the info on them. I'm considering a second mortgage to pay these off with a lower interest rate. Thoughts?

We no longer use credit cards, so the balance only increases because of high interest rates.

Transfer your current credit card balance to an interest free card. This usually gives 9 months to pay off. Make paying off the debt your main priority above everything else. If you have balance at the end of the 9 months on the said card, transfer to another of the same free interest.By the way the credit card should not be used for any more purchases whatever. The sole purpose is to pay over all monies owing

2009-07-27 09:41:27 by The Bees Knees