Genelia asked:
have a bunch of credit card debt but can now pay it down faster. Is it better to pay it off faster and not save any money?
http://1mortgagecalculator.info
have a bunch of credit card debt but can now pay it down faster. Is it better to pay it off faster and not save any money?
http://1mortgagecalculator.info
Imo pay it off asap. You could always borrow it again if you need to.
Pay it off and start with a clean slate. that debt will prevent you from obtaining student loans
cut some expenses and do without till you are debt free. Then destroy the credit cards
paying off credit cards with 20% int rates earns you 20% on your money
putting money in a savings acct earns you 0.2%
do the math
Eliminate unsecured debt by up to 60%!
Of course. You will earn almost nothing on a savings account right now.
Pay off your bills and STOP charging things. You are a college student and already in trouble with credit.
Pay it off as quickly as possible. Paying high interest doesn’t make any sense if you can pay it off. After they are gone it should be fairly easy to save.
You left out a couple critical details. First off how much debt? If you’re in college I would assume you’re fairly young and you shouldn’t have much in debt. A bunch to you may not be that much. There are people who have 50K and more in credit card debt. Now that’s a bunch. I would guess you have only a few thousand
Secondly you need to know your interest rates on your cards. If you have more than one credit card then pay down the card with the highest interest rate. Many cards have low introductory rates like 5% or even 0% just to hook you like a drug dealer then they will jack that rate up to 20%+ after you have thousands of debt on your card
If you have any savings of any kind then yes use that to pay down the card. Thanks to “helicopter” ben bernanke and his buddies at the federal reserve he has lowered interest rates to nothing. Money in a savings account earns practically nothing today. It’s good to have a little bit of savings but I would recommend you to use a good portion of even all of your savings depending on how much debt you have
Credit card companies are the scum of the earth. The hang out at college campuses and hand out credit cards like candy at halloween. Credit is something that should be earned not just given. Credit card companies knows that college students will rack up huge debt and get their mom and dad to bail them out. And the ones who don’t they enslave these college students for many years trying to pay off
I have no sympathy for credit card companies and love to see it when people default on their credit cards. Credit card comapnies have been screwing us for years and I like to see the other way around
you should pay your credit card debt fast! Otherwise, the interest will keep scratching your account. You could still start over again with a cleaner account. Next time, use the credit card if necessarily needed. Do not just pay everything with your credit card.
U better clear the credit card’s debt first…to avoid interest etc.,
All the best.