Posted on: 19th Sep, 2009 05:44 pm
hi i would like to know that i owe to the credit card $7,500 dolars with a APR of 27.24%.i would like to know how and how much should i pay to maintain a good balance with this high APR.
In my opinion I woudl say donto maintian any balance if you can.
If you pay off yoru cards monthly on tiem thats will help you to improve yoru score
If you pay off yoru cards monthly on tiem thats will help you to improve yoru score
unquestionably, you ought to pay as much as you can afford to drive the balance on this card down - every month.
Yep
27% is really high
27% is really high
ya 27% is good.
how in the world anyone can describe a 27% interest rate on a credit card is unbelievable to me. what gives you the temerity to say that, suyoq? are you living in some sort of environment that charges 40 or 50 per cent on credit? if so, then it makes some sense; otherwise, you're way off base.
i apologize for what seems to be too harsh a message just above. i stand by my statement, but i could certainly have written it much better.
understand where you're comeing from though gmakerley, that interest rate is exactly why people get crippled by credit card debt.
labebaloka - without a shadow of a doubt your best bet is to get that debt down as fast as humanly possible.
you might really benefit from trying to refinance what debt with a lower interest loan. if you have a house or some decent security you may be able to get a secured loan which you can use to pay off that credit card, the interest savings would probably be quite significant.
debt consolidation or credit card refinance might really help you. much better to pay off the whole cc debt in one hit with a lower interest loan than to try and chip away at it $50 extra a week or something, you'll save a huge amount of money with the reduced interest rate alone.
once you do get your card paid off though - cut it up. you can't afford to get back into this position again.
labebaloka - without a shadow of a doubt your best bet is to get that debt down as fast as humanly possible.
you might really benefit from trying to refinance what debt with a lower interest loan. if you have a house or some decent security you may be able to get a secured loan which you can use to pay off that credit card, the interest savings would probably be quite significant.
debt consolidation or credit card refinance might really help you. much better to pay off the whole cc debt in one hit with a lower interest loan than to try and chip away at it $50 extra a week or something, you'll save a huge amount of money with the reduced interest rate alone.
once you do get your card paid off though - cut it up. you can't afford to get back into this position again.