Tagged Questions

6
votes
2answers
125 views

Credit Consolidation, Credit Settlement

I've done a little research but I would like to have actual feed back from people. I am currently behind on credit card payments and I am not sure exactly what to do. The interest rate is high and I ...
18
votes
8answers
675 views

Optimal way to use a credit card to build better credit?

I have a credit card with a $700 limit and I am curious how to optimize credit gain with it. Right now, I use it once a month (usually on something small like a drink from a convenience store or ...
7
votes
4answers
115 views

When does credit card counseling work?

I have a friend who has $18K in credit card debt and makes $25K a year. I think this person needs help, and I've thought about recommending credit card counseling. However, I've also read articles ...
7
votes
4answers
400 views

Is it OK to use a credit card on zero-interest to pay some other credit cards with higher-interest?

I was reading up on What is the difference between "good debt" vs. "bad debt"? and it says borrowing money from a credit card is a bad-debt. So, I was wondering if the credit card ...
2
votes
1answer
92 views

Calculate how much interest I will pay given a creditcard balance and a monthly payment?

Assuming I have a $1000 balance on a credit card with a 12% APR how can I calculate my total interest payments if I pay $300 a month? All the online calculators I've found are geared toward showing ...
14
votes
10answers
1k views

Snowball debt or pay off a large amount?

I recently received a large amount of money, well large in my eyes, around 5000 dollars. I have the following cards: $10619 citi card ($234.35/month) $2500 Best Buy Card - deferred interest ...
9
votes
3answers
178 views

Does getting more credit or credit cards improve your credit score?

I'm reading Ramit Sethi's I Will Teach You To Be Rich, and one of the tips from the first chapter is to apply for more credit card debt. He warns it's only for people like me who carry no credit card ...
3
votes
3answers
90 views

Where do I get the best interest rates on a loan?

What do you think about Peerform, Lending Club, and Prosper in relation to these other Banks, credit unions, etc.? I am looking for a debt consolidation loan and I have a decent FICO ~700.
4
votes
6answers
1k views

Is it better to spread debt out on multiple credit cards or consolidate it to just a few?

Is it better to spread out my credit card debt so that each of my cards is at around 30% of my limit or is it better to consolidate it all to just one or two cards even if these end up being at close ...
3
votes
4answers
401 views

Possible to use balance transfers to avoid interest with major credit cards?

I recently paid off a balance transfer and then this thought occurred to me. Let's say you have $3000 of debt outstanding on a credit card. The goal is not to pay interest while you work to save the ...
4
votes
2answers
101 views

What debts are both partners liable for in a 'community property' state?

I've just come across this article over on the mintlife blog and noticed that I do live in one of the ten community property states. I'm not overly familiar with this particular concept (keep in mind ...
5
votes
5answers
192 views

What to do when institutions stopped lending you money?

I know the question seems confusing, but this is a real life event. My friend lived beyond his means for a few years, combined with half year of unemployment his Credit Card Debt went to the roof. ...
9
votes
7answers
570 views

Will be debt Free in 3 years — What order should i pay off my cards?

I have budgeted to the point where i can close all credit cards i have in close to three years from now. My question is, should I simply pay 1/3 to each card (will be over minimum payment on all) OR ...
2
votes
2answers
114 views

How to do Credit Card debt consolidation or get rates lowered?

I have a friend that has five credit cards of debt. A couple of the cards have high interest rates (20-25%). The rest are 15% and below. The total debt combined of all five cards is ~$10k. How ...