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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/

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โˆ™ 2008-10-12 11:34:42
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Q: If you pay the minimum payment will the credit card company accept this and will the interest remain high with minimum payments?
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Related questions

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 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.


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 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.


Why it is unwise to make only the minimum payment on your credit cards?

mimimum payment = maximum years of owning. It results in the highest possible interest payments, in some cases it can almost double your debt!


What calculates the payments for loan based on constant payment at a constant interest rate?

Simple interest.


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.


How do websites accept credit card payments?

Websites accept credit card payments through companies that offer payment and transactions processing services. The company processes payment, takes a fee and forwards payment to the company.


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.


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


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.


How do you get a remittance?

There are a number of way to get a remittance payment. The policies for receiving this payment vary from company to company, and you should speak with your bank on how they handle remittance payments.


When mortgage payments are made in what way does the interest portion change each month and why?

Each month, the interest portion of the payment decreases and the principal portion of the payment increases. The interest decreases because the outstanding principal balance decreases each month as payments arev made. At the beginning of a loan, the interest portion of a payment is large and the principal is small. Towards the end of the loan, the interest portion is small and the principal portion is larger.


How do i cancel my account, and stop payments?

Call and write the company. Tell the company that you are taking away your permission for the company to take automatic payments out of your bank ... Call and write your bank or credit union. Give your bank a "stop payment order". Hereโ€™s how you can do a stop payment order: Monitor your accounts


Do banks encourage you to make the maximum payment?

No. They want you to make the minimum payment, that way they can charge you more interest on your loan.


Why won't my bank let me make a principal only payment on my loan?

Is there interest owed? Payments go first to fees, then interest accrued, and then principle. It is possible to accrue interest when no payments are due.


If you get 1500 how much the payment will be?

It all depends on the rate from the company, and the required minimum payment. This site should help you: http://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx


What goes in a Cash payment journal?

All cash payments made by the company.


What do you mean by factor payments?

Factor payments means is a wage or interest or rent or profit payment for a service of scarce resources, in return for a productive services.


What is the relationship between the balance of payments BOP and interest rates?

If the interest rate is lower and balance of payment is large then the currant account will be deficit


Why is it unwise to only pay the minimum amount on a credit card?

Only paying the minimum amount (depending on how much you owe, your interest rate, and how your minimum payment is calculated) will take you years to pay off in which time it is most likely that you will have paid more in interest than you owed to begin with. For example, $5000 balance owed with an interested rate of 20%, with a credit card whose minimum payment is calculated: interest rate + 1% of balance, therefore a minimum payment of $133.33, will take you over 23 years to pay off and by that time you will have paid over $7,700 in interest alone!


156000 was borrowed for a home at 4.8 percent for 30 years 360 payments the monthly payment was 790.43 how much of the first payment is interest?

Interest for first month will be 1560 x 0.4 = 624;


What is the meaning of variable annuities?

A Variable Annuity is an insurance contract in which at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio.