By Admin on Jun 20, 2009 in Credit

credit card debt
greydonthemagician asked:


Hey,
I’m a student living away from home and I am stressing a little over my credit card debt. I currently owe 1,500.00 on my credit card. Is this a lot? should I be stressing out about it as much as I am?

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4 Comment(s)

  1. Anything above 28% of your income. This about what the banks will figure on payments. Some will state nothing above 1/3 of your income.

    insane draggin | Jun 20, 2009 | Reply

  2. $1,500.00 is not a lot in the grand scheme of things, but as a student with little or no income I understand your concern. You should first look into the APR on your credit card and figure out how much interest you will accrue. If you have a 20% APR then you will be paying $300 in interest a year.

    I wouldn’t stress out, but you should definitely work on paying that down and looking into a part time job.

    Un K | Jun 21, 2009 | Reply

  3. As a student with little or no income, any amount you can’t pay in full when the bill comes in is too much. Stop using the card and get this balance paid off as soon as possible.

    evilattorney | Jun 22, 2009 | Reply

  4. Everyone is different but in my opinion paying interests each month to the card company is quite a dumb thing to do.
    Obviously it depends if the money was used for an emergency, like you broke a leg or something.

    Hello YOU ! | Jun 22, 2009 | Reply

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