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If you pay the minimum payment will the credit card company accept this and will the interest remain high with minimum payments?
Wiki User
∙ 15y ago
Worst situation in the world to be in. You don't have enough money to pay balance in full right? Bad news, you need to do just that. Get rid of it now. Do whatever you have to. Don't pay minimum. That is just a guide and not meant to pay card off within any period of time. They have no obligation to lower interest or payments. In fact they have you exactly where they want you, high interest, high late fee and past due fees. Alternative Answer If you can't pay it off, transfer it to a 0% card. See this website:
http://www.stoozing.com/
Wiki User
∙ 15y ago
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Why is it unwise to pay minimum payments on your credit card?
It is unwise to pay minimum payments due on credit cards because the payment will cover only a small portion of the principal amount and more on interest and financial charges.
If one had a credit card balance of 400.222 at 21.99 interest and paid only the minimum payment how much of the payment would actually go to the principal balance and how long would it take to pay it?
Your current payment is $16.00. If you continue to make the minimum payments it will take you 4 years and 8 months to payoff this debt. The total interest paid will be $214.24
What are the minimum payments on a credit card?
Depends on how much you owe. The more you owe, the more the minimum payment.
Why have a lot of the credit card companies doubled their minimum payments?
Because of the increase in interest rates. If you pay a .5% or 1% payment sometimes your payment isn't enough to even pay your interest and the principle increases every month. Now you have to pay at least a little to the premium.
Thomas charged 2400 on his credit card to buy furniture the interest rate charged by the credit card company is 24.9 percent after one payment the minimum payment on the debt is 50?
2399.80
Why is it unwise to pay minimum payments on your credit card?
It is unwise to pay minimum payments due on credit cards because the payment will cover only a small portion of the principal amount and more on interest and financial charges.
How does amex calculate your minimum payment?
Minimum payments are a percentage of your current balance. As your balance lowers, so does your minimum payment amount. For a specific equation on how the minimum payment is calculated, contact Amex directly.
If one had a credit card balance of 400.222 at 21.99 interest and paid only the minimum payment how much of the payment would actually go to the principal balance and how long would it take to pay it?
Your current payment is $16.00. If you continue to make the minimum payments it will take you 4 years and 8 months to payoff this debt. The total interest paid will be $214.24
How are Interest Payments made to the Investors in case of a Corporate FD?
The Interest payment is usually made depending upon the Investors choice. They can opt for Monthly or Quarterly or Half-Yearly or Annual Interest Payments. The company will declare upfront the mode of interest payment. It will either be through cheques mailed out the investors address or through ECS into the investors bank account.
What are the minimum payments on a credit card?
Depends on how much you owe. The more you owe, the more the minimum payment.
What calculates the payments for loan based on constant payment at a constant interest rate?
Simple interest.
Why have a lot of the credit card companies doubled their minimum payments?
Because of the increase in interest rates. If you pay a .5% or 1% payment sometimes your payment isn't enough to even pay your interest and the principle increases every month. Now you have to pay at least a little to the premium.
Thomas charged 2400 on his credit card to buy furniture the interest rate charged by the credit card company is 24.9 percent after one payment the minimum payment on the debt is 50?
2399.80
Why won't my bank let me make a principal only payment on my loan?
Banks have specific policies in place that may not allow principal-only payments on loans as they rely on interest accumulation for profit. It's important to review your loan agreement and discuss options with your bank to understand their limitations and potential alternatives for early repayment.
How long after a missed car payment does the finance company repossess the vehicle?
The question is, "Why would you worry about a missed payment when you have interest in the vehicle?" The money that you used as your down payment and any payments you have made total your interest in the vehicle. Why are people running from the repo man when in fact you can place the finance company on notice that, if your interest is repossessed, you will file criminal charges in federal court against the finance company and get triple what the car is worth. I guarantee you they won't take it. You can also put a mechanics lien on the vehicle to protect your interest in it.
If you pay the minimum monthly payment will you owe interest?
Yup, you will owe a lot of interest, because a monthly minimum payment just keeps the card current and upto date. Whatever is your APR divide that by 12 is your monthly interest on the balance at that time.
How do you use a loan payment calculator?
The purpose of a loan payment calculator is to estimate the amount of your monthly payments as well as the salary you need in order to make the payments comfortably. For a standard loan calculator you need to input the amount of the loan as well as any added fees, the interest percentage, how long the loan stands for as well as the minimum/maximum payments you can make per month.
