Separate names with a comma.
Discussion in 'Credit Talk' started by me, Aug 11, 2000.
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Generally the only way they will lower the minimum payment is if you are in financial trouble. As a rule, I generally suggest you pay at least 10% of the balance each month.
JP, totally agree. You should avoid making just the minimum payment. If you just make the minimum payment, it could take a lifetime to pay your debt off and you will pay a lot more in interest than the principal amount. The 10% rule works great.
Profit from the experience.
Actually, I usually pay well over the minumum payment.
This card is from my local bank. When I finish paying off all my debt, this is the card I want to keep. However, I want to pay off the card with the highest minimum payment percentage payment first, and this happens to be the one with the highest minimum payment percentage. I would like to pay the minumum on all but one card (until I get that card paid, then I will move to the next card)
It is not a question of me not being able to pay it.
Also, I need to decrease my debt to income ratio in order to obtain a private education loan so that I can finish my degree.
Pay off the card with the highest interest rate first!
Why are you looking at paying off the highest minimum payment card first???
This should be a no brainer!
I have an Aria card with a $1000 limit and I have used that limit up. They ask for $5 minimum payment, LOL if I sent them the $5 they wanted as a minimum payment I will be paying this card off after my great grandchildren have children. (I'm only 23) So what I do is give them like $50 or $60 instead of the $5. I'm surprised they just wanted $5. LOL
Of course those crooks want only $5.00 if you understood how accounting proceedures in a bank work.
As long as your payments are made you are a good account. Your also paying 25% or so interest rate. So make the payments and your an asset, enriching the banks profit statement. All this is is a creative bookkeeping trick!