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NEED to find a solution to repay 1k-2k credit cards

Regular Contributor

Re: NEED to find a solution to repay 1k-2k credit cards

Are you only paying the min amount due because that is what you can afford? If you want to increase the amount going to principal pay more than the minimum. Maybe im missing something but the min amount due is the smallest payment required to simply keep your account in good standing.

Message 11 of 14
Member

Re: NEED to find a solution to repay 1k-2k credit cards

OP,  I would suggest taking a look at your financials and to see what your expenses are. From there, once you have an idea of what you are spending, see what you can save. It's not easy to save but it's the little things that count. A few coffees from Starbucks and a couple dinners can easily add $100 to your expenses. These are the small expenses you have to look at and to cut out. Whatever you can save, put that towards your CC's. For the amount (2K), IMHO, I dont think you need a loan. It'll cost you similar in interest. If you can, take a side gig as another user mentioned, pizza delivery, Uber, babysitting, extra shifts/hours at your current position, whatever you can. 

 

Look at it this way, an extra income of $100 a week - $400 a month, you can pay off the cards in as little as 4-5 months. If you can save more, by all means, the more you can throw at the CC's, the better. Post more info on what cards, APR, limits, what the balances are and we can see how to tackle it.

 

Best of luck!

Message 12 of 14
Contributor

Re: NEED to find a solution to repay 1k-2k credit cards

I wouldn't recommend a personal loan to consolidate. If you're only making min payments at the moment, chances are you're going to be right back to where you are in no time. Also probably won't be any cheaper on interest.

Are you able to pay more towards the payment?
Current: 6/14/2018 EQ 710 TU 705 EX 715
Starting: 2/8/2017 EQ 576 TU 546 EX 596
GOAL : 720 Across the board

Message 13 of 14
Established Contributor

Re: NEED to find a solution to repay 1k-2k credit cards


@Packard93 wrote:

I dont want to pay 19 dollar to bank with only 10 going to principal. bull. I want to maximize my pricipal . i want more of 29 a month to principal . I need better loan where can I get it with 100 percent 7yr payment history.The answers about I recieve are irrelevant. Dont reflect a solution to help .i never applied for loans in 7 yrs .I have no new cards . Only took these when they showed up  in my box with intro offers.


So... pay more than the minimum.  You aren't limited to the minimum payment on a card - and any amount above the minimum goes directly to principal.  You don't need to open yet another tradeline just to speed up your payments, and even if you just pay an extra $10-$25 on one card each month, you'd pay them all off much, much faster.

EQ8:850 TU8:850 EX8:850 EQ9:846 TU9:847 EX9:847 EQ5:806 TU4:783 EX2:818 - 2018-07-04
Message 14 of 14