Need advice about paying off a credit card.

M

MentalPiracy

Veteran XV
So I am making more money monthly and have been saving up to pay a credit card. It's at about 9500 right now. This is the only debt I have left and some one was telling me to save and pay it off all at once. But I thought about it and I can pay about 4k now and rest later. I'm pretty sure it will lower my monthly payment. Or if any of you have another recommendation I'd like to know. So what do you think would be the best way? Thanks in advance for advice.
 
How old is the debt, and can you take the hit on your credit if you tell them to suck it?






Seriously, wtf, almost 10k?


Call them up and settle the debt. They may take less.
 
Plasmatic said:
How old is the debt, and can you take the hit on your credit if you tell them to suck it?






Seriously, wtf, almost 10k?


Call them up and settle the debt. They may take less.
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this. if you can make one large payment they may be willing to take off a couple grand. good luck
 
I've probably paid an ass load of interest. It's about 8yo. I was thinking about calling but I was told that if you are a good boy and Make your payments every month they will be like "fuck you, you pay". My credit is at 790 right now so it's in good shape. I do want to see about getting a new truck after i pay it off so I really don't want to damage it.
 
:lol: wtf

credit card interest is compounded daily, the longer you wait to pay the more you end up paying. why the fuck would you save up for a lump sum payment :psyduck:
 
seriously there's online tools that can help you with this stuff in terms of planning it out. Credit card companies are only going to settle with you if you haven't been making any payments at all (at which point your credit score would have already been shot). If you are paying the minimum they are more than happy to let you accrue interest.

Credit Card Debt Payoff Calculator | NerdWallet - Credit Cards

and you should learn how credit cards work:
How Is Credit Card Interest Calculated? - NerdWallet
 
If you "settle" remember you will need to pay taxes on the remainder anyway since it was like income.

Just pay the shit off.
 
Settling for less will close the account and leave an unsavory mark, you might drop 100 points on you FICO score.

I would pay down $1k a month and STOP USING THE CARD. That would have it paid off by the time you next income tax refund, if any, would be due to arrive.
 
I did stop using it about a year ago. For a long time I was only able to make minimum payments. I recently got to a position where I make more and want this debt gone. I am cancelling the card after its paid off. Thank you for everyone's advice.
 
Having no debt is a great feeling. When I am driving down the road I look at every car on the road and think to myself, I say Self, every god damn car on the road has payments, except me. Everyone else is a debt slave. Hahahahahahaha
 
herp derp

it's not about having no debt, it's about balancing your debt and interest rates against current and future income
 
ThunderDawg said:
Having no debt is a great feeling. When I am driving down the road I look at every car on the road and think to myself, I say Self, every god damn car on the road has payments, except me. Everyone else is a debt slave. Hahahahahahaha
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good 4 u??

i have 3 25k credit lines that i abuse the fuck out of while unemployed

i have zero debt

i hope i never have 2 b peasant like u
 
MentalPiracy said:
I did stop using it about a year ago. For a long time I was only able to make minimum payments. I recently got to a position where I make more and want this debt gone. I am cancelling the card after its paid off. Thank you for everyone's advice.
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don't cancel it unless you absolutely can't control your spending with it. canceling an old, high credit limit card will lower your credit score because it will stop counting for your credit history and debt utilization. after you pay it off use it once every couple of months (and pay off right away) just to keep it active
 
trying to pay it off all at once where you just pay min until u get all the money is the most idiotic thing i ever heard. they are slamming you with interest on the whole amount.
 
Don't be dumb enough to pay compound interest at a horrible rate in the first place.

Credit cards are the biggest scam in the world. Pay them off in full every single month. If you can't do that, cut them up.
 
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