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Hi I'm new here!! I really need some help I am trying to repair my credit and get out of debt this year!! My credit score is about 675 now
I owe the IRS for 2015 $1967 2016 $3997
I owe Discover $635
Legacy $ 750
Walmart $692
Merrick $547
Capital One $173
Capital One $1066
Credit One $750
Credit One $1869
Where do I start what should I pay off first Thanks
IRS will screw you with penalties and interest. Call them and ask for a low payment plan.
Thanks!! I am currently on a payment plan but it seems like I have been paying them for years and the interest and penatilities keep growing I don't know what to do
What's your end goal? How much of a monthly payment do you have to use for your pay down plan?
I suggest you make minimum payments on the credit cards while you pay off the tax debt.
As you know, the interest and penalty on taxes is higher than any credit card you have (I owe 25k+ in taxes).
on the other hand, you are no where near the tax lien range, so paying off your cc might give you satisfaction and boost your scores.
@Anonymous wrote:Thanks!! I am currently on a payment plan but it seems like I have been paying them for years and the interest and penatilities keep growing I don't know what to do
I see you been paying them. Have you tried the offer of compromise? It isnt easy to get approved. But as long as your paying you'll aviod a tax lien and then garnishment which leaves you with nothing to live on. Thats why I filed.
Thanks!! I was paying them $150 per month but it has taken me years it seems like!! I am going to try to start paying them $300 per month!! I like your idea of paying them off first then the credit card I think this is the best method!!
@FireMedic1 wrote:
@Anonymous wrote:Thanks!! I am currently on a payment plan but it seems like I have been paying them for years and the interest and penatilities keep growing I don't know what to do
I see you been paying them. Have you tried the offer of compromise? It isnt easy to get approved. But as long as your paying you'll aviod a tax lien and then garnishment which leaves you with nothing to live on. Thats why I filed.
Thanks I have never tried an offer of compromise I may contact them about this
@newmomnewme wrote:What's your end goal? How much of a monthly payment do you have to use for your pay down plan?
I suggest you make minimum payments on the credit cards while you pay off the tax debt.
As you know, the interest and penalty on taxes is higher than any credit card you have (I owe 25k+ in taxes).
on the other hand, you are no where near the tax lien range, so paying off your cc might give you satisfaction and boost your scores.
Thanks!! I was paying them $150 per month but it has taken me years it seems like!! I am going to try to start paying them $300 per month!! I like your idea of paying them off first then the credit card I think this is the best method!!