No, making a payment(s) on someone else's debt does not legally obligate the payer to continue to pay or to assume the debt as his or her own.
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$1150.00 X 3% = $34.50 minimum payment or $1150.00 X .03 = $34.50 minimum payment
34.50
-revolving credit -a credit limit -monthly statement -enable cash advances -minimum payment required -insurance offered
Paying your bills in full is always better than paying the minimum monthly payment. When you are paying your minimum monthly payment your balance continues to grow because you continue to shop and the interest continues to be add-on and it will take years and years to pay off. (by law, the bill will show how long it will take to pay your bills, if you are paying the minimum monthly payment). That is how people get overly in debt and high balances affect your credit score. my advise is: treat credit cards as a replacement of cash, (to take advantage of the rewards/benefits of the card), NOT AS A FAST LOAN.
If your payment is smaller than the minimum monthly payment, you'll incur finance charges, under-minimum fees, late charges, and so forth; your account may be listed as past due as well.
Most credit card companies demand a minimum monthly payment of 5% of your balance owed.If you owe $1000 your minimum payment would be $50.You can send any amount you want. However your balance owing will steadily increase. It will only affect your credit rating.If you pay only the minimum payment each month, it will take years for you to pay your bill.
yes
Yes. The co-signers credit can be affected if a monthly payment is late. He may also owe late fees.
Most credit card issuers have moved to a monthly minimum payment due of 4% of the outstanding balance. For a $50,000 balance this would equate to $2,000. Some issuers only require 2% or 3% minimum payments, which would equate to $1,000 or $1,500, respectively. You would need to check with your credit card issuer to determine their particular minimum payment requirements. Check out CreditCards.com/calculators.php to look at different scenarios.
Always try to pay off the full amount - you'll pay out a lot less in the long run. You should budget for your purchases even when you use a credit card.
What is the Annual Percentage rate set at? Are you making more than the minimum monthly payment? Is the collection agency charging any monthly fees? If you are making a $10.00 a month payment and the finance charges are $8.00, only two dollars is being applied to wards the balance, each month. Check to see how much of your monthly payment is going to the finance charges and then increase your monthly payment to cover the minimum monthly payment and finance charges.