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What happens if you pay as much as you can on credit cards but it is not the minimum?
Wiki User
∙ 18y ago
If you are paying less than the minimum, then you risk all sorts of fees imposed by the credit card companies. If you cannot afford the minimum, call them up and ask for a lower minimum, interest rate, and see what deal they can work out for you. They just need to know that you will not completely ignore your debt and that you plan to pay. Note about credit card companies: They love it when you don't pay off your cards, they make a load of money off interest and fees. The rule of 72 would be an interesting thing for you to learn. Take your interest rate and divide into 72, that is how long it will take the credit card companies to double their money off your credit card balance. For example; lets say you have a $5000 balance and your interest rate is 12%. Your balance will double in 6 years if the balance stays at $5000. Making only minimum payments barely chips away the balance, you are paying mostly interest with a couple of dollars towards the principle. Word to the wise: get credit counceling and get out of debt any way you can. Consolidate your bills, but don't use a credit consolidator (they charge money and can hurt your credit - even though they say they don't). Final advice: Read "Smart Couples Finish Rich" or "Smart Women Finish Rich" by David Bach. You can learn to pay off debt and save for retirement at the same time.
Wiki User
∙ 18y ago
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How much are the credit crunchers trading cards?
30p for 4 cards
How much credit cards do you need?
you dont need any credit cards you can live off cash and money you earn and not pay ridiculously to much in interest.
Are prepaid credit cards as safe as regular credit cards?
Prepaid creidt cards are safer than regular credit cards. They work much like a debit card so that when the money is exhausted on the card, the card will be rejected.
What is a good thing about having low interest business credit cards?
Low interest business credit cards have much less low risk than high interest credit cards. Less cost is imposed for the person using the credit card.
Are you better off having no credit cards or having multiple credit cards with no balance?
Its best to have only a few credit cards to no credit cards. Say you have 4 credit cards with a 500 limit on each and a zero balance, There is the potential for you to charge 2000.00 whenever you want. When you have so much available credit, Lenders are scared to loan to you, Therefore hurting your credit. Best bet: If you dnt use 'em, Lose 'em.
Why are 0 cards needed to leave the country?
When leaving the country as much as possible one must have a good standing credit. 0 cards mean bad credit score, which happens to anyone who are stuck in financial crisis due to unpaid credit card debts.
What is the most effective way to pay off credit card debt?
The best way to pay off credit card debt is to pay as much above the minimum payment as you can. If you owe on more than one card, pay the minimum on the cards with the lowest interest rates until you have paid off the cards with the higher rates first.
How much are the credit crunchers trading cards?
30p for 4 cards
How much do you have to pay monthly on a credit card line of 400 dollars?
Most credit cards require a minimum payment of 5 % per month. That would be $ 20 on a balance of $ 400. It all depends on the companies policy.
How much credit cards do you need?
you dont need any credit cards you can live off cash and money you earn and not pay ridiculously to much in interest.
Are prepaid credit cards as safe as regular credit cards?
Prepaid creidt cards are safer than regular credit cards. They work much like a debit card so that when the money is exhausted on the card, the card will be rejected.
How do you become poor?
You charge to much credit cards.
How much are prepaid credit cards?
$20 up. :)
What is a good thing about having low interest business credit cards?
Low interest business credit cards have much less low risk than high interest credit cards. Less cost is imposed for the person using the credit card.
Are you better off having no credit cards or having multiple credit cards with no balance?
Its best to have only a few credit cards to no credit cards. Say you have 4 credit cards with a 500 limit on each and a zero balance, There is the potential for you to charge 2000.00 whenever you want. When you have so much available credit, Lenders are scared to loan to you, Therefore hurting your credit. Best bet: If you dnt use 'em, Lose 'em.
What are the minimum payments on a credit card?
Depends on how much you owe. The more you owe, the more the minimum payment.
How much does Vanquis cost for members?
Vanquis Bank is a company in the U.K that offers credit cards to people who have poor or limited credit. Their credit cards have an interest rate that is between 39.9% to 59.9%.
