Avatar
Please consider registering
guest
sp_LogInOut Log In sp_Registration Register
Register | Lost password?
Advanced Search
Forum Scope


Match



Forum Options



Minimum search word length is 3 characters - maximum search word length is 84 characters
sp_TopicIcon
financial worries
June 16, 2006
1:58 pm
Avatar
jewel
New Member
Members
Forum Posts: -1
Member Since:
September 27, 2010
sp_UserOfflineSmall Offline

I have really been stressing lately about money issues. I owe a ton on credit cards and will be paying on my auto loan for another 4 yrs and 8 months. I am trying hard to try to eliminate some of my credit card debt. I realize that this will take time and it is a long process. As long as I don't use them and pay more, eventually they will be paid off. One of my credit card companies sent me a disclosure that stated in a few months that the interest rate is going to go up to 32%. I have never in my life been late on a bill and don't know how they can raise the rate that high. I owe them $2000 so it will take me some time to pay that one off. That is my top priority to pay that one off first. Another thing that stresses me out is that I now have student loans as well. I feel like I am paying down some of my credit cards, but the student loan is slowly accumulating more debt that I will have to pay back when I graduate. And what if I can't find a job right away. I am not stressing to the point that it is interfering with my everyday life. Thank God for medicine. I am just looking a the big picture and my financial future. I don't even have a savings account right now. I think that maybe I will open one and put a small amount in it each week if I can just so that I have something to fall back on in the event that I get laid off or something. Another thing that I am unsure of is do I make double payments on my car so I can get it paid off in half the time and own it, or pay high interest credit cards down. Anyone on here good with giving good money advice?

Jewel

June 16, 2006
2:08 pm
Avatar
reachingout
New Member
Members
Forum Posts: -1
Member Since:
September 24, 2010
sp_UserOfflineSmall Offline

If you contact the credit card companys they will lower your intrest rate and even your payment they really good about that most of the time...Good Luck...

June 16, 2006
2:09 pm
Avatar
gayle
New Member
Members
Forum Posts: -1
Member Since:
September 29, 2010
sp_UserOfflineSmall Offline

What is the interest like on your car? I think your best bet is to pay down those cards. Good Luck!

June 16, 2006
2:11 pm
Avatar
jewel
New Member
Members
Forum Posts: -1
Member Since:
September 27, 2010
sp_UserOfflineSmall Offline

I already tried contacting the credit card companies and they couldn't help me. My interest rate for my car loan is 8.7%.

June 16, 2006
2:27 pm
Avatar
gayle
New Member
Members
Forum Posts: -1
Member Since:
September 29, 2010
sp_UserOfflineSmall Offline

ok, then pay off everything with a higher interest rate first, that will cost you more in the long run and by consistently paying those will help your credit.

June 16, 2006
2:46 pm
Avatar
CAMER
Member
Members
Forum Posts: 100
Member Since:
September 30, 2010
sp_UserOfflineSmall Offline

jewel...check online, cuz they always have 0% intrest rates if you "transfer" a balance....I do this all the time & am still paying 0% and owe about $11K on this!!!! i went thru Chase, At & T Universal, Citibank and just keep TRANSFERING balance once the 6 mos or year @ 0% goes up......check out "credit card companies" and all the popular cards with come up with rates, and what other freebies they may give you.

Just know, it takes time, and try to pay off as much as you can afford each month, without adding onto the bill.

June 16, 2006
3:04 pm
Avatar
StronginHim77
Member
Members
Forum Posts: 453
Member Since:
September 30, 2010
sp_UserOfflineSmall Offline

First, pay off the smallest bills, then throw that "freed up" amount of money on the next highest. If you have a choice in each level of debt, always pay off the debt with the HIGHEST interest rate first. If you can, sell the car and buy a cheap run-around. A car is a luxury you cannot afford when you have high credit card debt. The credit card companies will not lower your interest rate unless you threaten to file for bankruptcy IF THEY DON'T. Then, they will listen to you and might drop a few points because they will only recover 10 cents on the dollar, if you file bankruptcy.

Best of luck to you.

June 17, 2006
12:01 am
Avatar
jewel
New Member
Members
Forum Posts: -1
Member Since:
September 27, 2010
sp_UserOfflineSmall Offline

Thanks all for the advice. I don't want to sell my car b/c I put a huge down payment on it and feel that I will lose out if I sell it. I am considering getting a second job, but that is tough since I am in school and working. One thing that I can do for sure is not spend any money. From time to time, I will go out and buy dvds or cds or clothes. I will have to put an end to this. All of my money should go for bills. It will be kind of boring, but I messed up and now I have to fix it.

June 17, 2006
1:02 pm
Avatar
lollipop3
New Member
Members
Forum Posts: -1
Member Since:
September 29, 2010
sp_UserOfflineSmall Offline

Hi Jewel,

I think you've been given some really great advice here.

Especially paying off the smaller bills first, then consoladate the rest onto a 0% credit card. Then you can use the extra money from the smaller ones that have been paid off for the larger ones without the interest.

Also try to figure out what "luxuries" you can cut out. For instance, I am trying to save a bit myself so I canceled my HBO and the call waiting on my phone. It only amounts to about $20 a month, but every little bit helps. I have also cut down on my smoking (from 2 packs to 1) which saves me $5 a day!

I also started making my coffee at home and bringing it

As I said, it may not seem like much, but it adds up!

That, combined with the money you are saving by giving up the booze...you'll be on the road to financial freedom before you know it.

Good luck,
Lolli

June 18, 2006
1:14 pm
Avatar
jewel
New Member
Members
Forum Posts: -1
Member Since:
September 27, 2010
sp_UserOfflineSmall Offline

Lolli,

I think that I am going to pay off the 2 smallest ones to just get rid of them. That should take 2 months. Maybe a little longer. Then tackle tbe one with the highest interest rate which will take about 7 months to pay off. Then I have another one that will take 7 months and the last one will take years since I owe $9400. I will only owe on that one so all the money that I was using to pay the other cards will go towards this. Does anyone think that I should make double payments on my car instead of paying extra for the credit cards? That way I will own my vehicle and won't have to worry about it anymore. You are right lolli. I am saving moeny by not buying anymore wine. I spent $14 every other day and charged it to my credit card. I don't notice a difference b'c I wasn't paying with cash, but my credit card balance isn't really going up now b/c I never use it anymore.

Jewel

June 18, 2006
1:15 pm
Avatar
smarterone
New Member
Members
Forum Posts: -1
Member Since:
September 24, 2010
sp_UserOfflineSmall Offline

I know those worries, i am working 0ut some deals with my credit cards now, But i like camer thought better, will check it out. Good luck

June 18, 2006
1:36 pm
Avatar
guest_guest
Guest
Guests

I have about 14,000 in loans on CC's as well but my interest rate is good as of now, about 3%. How that happens, I keep some cards empty and they usually send a low APR offer and then I transter to that one. Thats what i've been doing ever since, it saves on the interest. I was able to pay back about 6000 this year. So try keeping some cards empty and wait for them to give you the low APR. I have MBNA and providian and they give about 2% if I keep them empty for a couple of months. good luck

June 19, 2006
11:56 pm
Avatar
jewel
New Member
Members
Forum Posts: -1
Member Since:
September 27, 2010
sp_UserOfflineSmall Offline

I can't really transfer balances to other cards b/c I either won't get approved or it will be such a small amount that it won't be worth it to transfer. I wish I could just win the lottery, but I can't afford to play(lol!!!)

Forum Timezone: UTC -8
Most Users Ever Online: 349
Currently Online:
25
Guest(s)
Currently Browsing this Page:
1 Guest(s)
Top Posters:
onedaythiswillpass: 1134
zarathustra: 562
StronginHim77: 453
free: 433
2013ways: 431
curious64: 408
Member Stats:
Guest Posters: 49
Members: 110978
Moderators: 5
Admins: 3
Forum Stats:
Groups: 8
Forums: 74
Topics: 38561
Posts: 714262
Newest Members:
brianwolfe, swright, nina1985, February, lisabaker, robertwalker
Moderators: arochaIB: 1, devadmin: 9, Tincho: 0, Donn Gruta: 0, Germain Palacios: 0
Administrators: admin: 21, ShiningLight: 572, emily430: 29

Copyright © 2020 MH Sub I, LLC. All rights reserved.
Terms of Use | Privacy Policy | Cookie Policy | Health Disclaimer | Do Not Sell My Personal Information