Your Questions About Pay Off Credit Card Debt Fast

Betty asks…

Is there anyway I can pay off my credit card debt faster without starving?

I’m almost 22 years old. I have really good credit. I rent (do not own) and I am a college student. I’m struggling to pay for school and housing, food and my car (car is paid off, just insurance and gas is enough) along with my credit card payments every month.

I owe about $4500 on a visa credit card (target)

I also owe about $450 on a wal mart credit card.

I was using these would I didn’t have enough money for gas, rent, food, things like that. There is very little spending on them that is just careless.

Like I said, I have good credit, I just need help because I’m paying total over $200 a month on these (put together) and I also am paying student loans, car insurance, rent, utilities, groceries and BARELLY making it.

Any info that would work for me will be greatly appreciated.
I can’t get my largest student load deffered because it’s in my step-dad’s name.

I don’t eat out or go shopping. Last time I bought clothes or shoes was well over 6 months ago and that was a dress for my brothers wedding.

I work 2 jobs.

I make all my credit card payments, I have never defaulted or quit paying, it’s just getting tought to KEEP paying right now, could I defer payments for a couple months?

richmama answers:

Take a really close look at your budget. Where are you spending money? You might want to carry around a notepad and track every penny you spend for a week. You’ll be amazed at how much money you waste.

Look for things to cut — eating out, new clothes, etc. Take every penny you can squeeze out of your budget and throw it at the highest interest rate credit card, while making minimum payment on the other. Whent he highest rate card is paid off, move to the next till they are all paid in full.

Find ways to bring in more cash — have a garage sale, collect alum cans, get a part time job.

Here’s a few cost saving ideas:

Carefully review your utility bills for things to cut. Are you paying for line maintenace on phone or cable? Do you really need call waiting and those other extra fee services? Do you need premium cable/internet?

Food: Plan menus based on the weekly grocery adds. Make a list and only buy what’s on the list. Don’t buy convenience foods and snacks. From scratch soups and stews stretch your food money.

Joseph asks…

is it a good idea to take a loan put into savings to pay off credit card debt?

this is only for a little while. to pay off debt faster.

i am taking a 2 nd loan earning interest to pay off both.

richmama answers:

No, it’s not a good idea. When you go to a bank and take out a loan, where do you think they get the money? From people who deposit money in the bank!

Whoever loans you money will charge you extra money called interest. This interest is used to make a profit and pay interest to the depositors. So you will always pay more interest on a loan than you will get by depositing the money.

Your goal should be to pay off debt as soon as possible and then save money. Only take out another loan if the interest is lower, but only take as much as you need an pay it off quickly.

Donna asks…

if i have about 6,000 dollars in credit card debt, how can I pay it off fast and build better credit?

richmama answers:

First try to avoid using them. Set a budget for Christmas and stick to it. You are trying to lower your debt at a time of year when it will take a lot of perserverance.

If this debt is on more than one card, try to consolidate the debt into the lowest rate card(s) you have.

In the meantime, try to apply for a card at a lower rate (even if the rates is only for a year or so) and again transfer the debt to the lowest rated cards. By transfering to the lowest rate, more of the monthly payment will apply towards paying off the card.

As cards are paid off, apply the amount that you would have spent in monthly payments towards the highest interest rate card you have.

Instead of making more than the minimum payment on all cards, make the minimum on all except the highest interest rate card and apply all your efforts to paying the highest interest rate card off first. Then go to the next.

As you do this, more and more of the money spent on your credit cards will apply towards paying off the balance.

Don’t close the accounts you pay off. Leave them open but don’t use them. This actually builds your credit.

Also, making payoffs on mortgages or auto loans builds your credit.

Ken asks…

Should I get a loan to pay off credit card debt?

My Discovered card has offered me a personal loan to pay all of my credit card debt on one bill. They quoted me 12.9 % @ a fixed rate for a $20,000 loan. Well, my credit card rates range from 8.7 to 10.9 (variable). Discover told me that even though the rate is higher I would be able to pay off my debt faster. And any additional money paid would go straight to the principal. And my credit score may increase because I would free up my credit card debt. But I don’t know. Right now I am paying the min on my credit card bills @ $550 a month and the Discover loan would be $540 a month and I would have my debt paid off in 4 years. What do you think ?

richmama answers:

Ha. No u will be in more debt. If i was u i would first pay to the ones that i owe the least. And so on. It will take time but don’t borrow anymore money because u still have to pay it back”) hope i helped.’)_ good luck

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