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All my credit card accounts are current but I'm using them to basically live. I have a huge amount of credit card debt and the minimums are becoming to much. Should I stop paying my minimums?
Wiki User
∙ 13y ago
You state two different facts here:
- all my credit card accounts are current
- I have a huge amount of debt
In #1 above, you are saying that all your accounts are up to date, meaning there is no debt ... that is what being up to date means.
If you stop paying the minimums, those creditors are going to come after you ... and can legally take you to court and get a judgment against you. It's THEIR money that YOU spent, and you still owe them that money and they have every right in the world to use whatever means necessary to collect those borrowed funds from you, even if it means garnishing your wages, and/or placing a lien on any of your worldly possessions.
Rule #1: Never try to eek out a living on credit cards ... if you don't have the money to repay those credit cards every month, then don't charge anything to them. Think of it this way ... everything you bought at what one things is face value has interest added to it. A going rate these days is 29% interest on credit cards. So, what you bought for $20 at 29% interest, just cost you $25.80. That extra $5.80 in this case is just lining someone else's pockets, certainly not yours. As the debt increases, so does the amount of interest.
Rule #2: Pay more than the minimum ... no, pay the entire amount ... do whatever it takes, a 2nd job, 3rd job, anything and everything to pay off those debts. Your credit rating is probably at a very low point - those debts are going to stay with your for the next 10 years on your credit reports. Ten years!! It's going to take that long or longer to improve your credit rating.
Rule #3: Destroy all your credit cards, cancel the accounts or ask for them to be closed immediately if not sooner!! Work out payment options with your creditors - ask for them to lower the percentage rate if you sign an agreement to repay a certain amount each month, then do whatever is necessary to actually pay that amount - religiously!!
There is debt counseling freely available - and they will help you with your debt. You will pay them, and they will distribute the funds to where they need to go. For that mediation service there is usually a small fee, but that transaction fee is certainly far less expensive than paying some corporate bigwig excess millions of dollars that he or she didn't even have to work for ... and it's your money that you are giving away!!
Wiki User
∙ 13y ago
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What is full cycle accounts receivable?
Full cycle accounts receivable is basically a kind of current asset. It is the amount that arises after the rendering of services. It is added to the accounts receivable section once the accounts are cleared. It comes on the left side of the balance sheet under the head of current assets.
Is accounts recievable a current liability?
Accounts receivable is a current asset, never a current liability.
Is accounts receivable a current or non current assets?
Current assets
Payment of accounts payable increase or decrease current ratio?
It depends from which source accounts payable are clearing if it is from current asset then it will reduce the current ratio
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There are a few banks that offer business current accounts. HSBC Bank is one of the most popular banks that offer these types of accounts to their customers.
What is full cycle accounts receivable?
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Are National City checking accounts free, or is there a service fee?
National City does offer a free checking account with their basic service that has no minimums and no maintenance fees. It provides reward points and has a switch service for easy transfer from your current bank. It requires $50 to open. Some of their other accounts, though, do require minimums and automatic activity, such as direct deposits. An example of this is their Elite Checking Account, which requires $5,000 deposited each month to qualify for no monthly fees.
Is accounts recievable a current liability?
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Does zakat deduct from current accounts?
Foreign currency and current accounts are exempted from this deduction.
Is accounts receivable a current or non current assets?
Current assets
Payment of accounts payable increase or decrease current ratio?
It depends from which source accounts payable are clearing if it is from current asset then it will reduce the current ratio
What is another name for up to date?
Current. Are the accounts current?
Who offers business current accounts?
There are a few banks that offer business current accounts. HSBC Bank is one of the most popular banks that offer these types of accounts to their customers.
What accounts are not classified in the current assets section of the balance sheet?
Accounts payable.
What is the difference for account receivable and accounts payable?
When company make sales in credit it creates the accounts receivable while when company purchases on credit it creates the accounts payable so accounts receivable is current asset while accounts payable is current liability.
What is the most efficient way to compare current accounts?
Money Supermarket accounts allow you to compare many of your current accounts at the same time. This is a fast and easy way to get your job done.
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