Comments on: Pay Off Your Credit Cards in Half the Time http://cashmoneylife.com/pay-off-your-credit-cards-in-half-the-time/ Money Management, Small Business, Career Thu, 09 Feb 2012 19:08:34 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Ryan http://cashmoneylife.com/pay-off-your-credit-cards-in-half-the-time/#comment-26044 Ryan Sun, 17 Oct 2010 01:12:57 +0000 http://cashmoneylife.com/?p=1864#comment-26044 Pat, I would pay off the higher interest rate first. But these are close enough that it shouldn't make a huge difference if you pay them both off quickly. Pat, I would pay off the higher interest rate first. But these are close enough that it shouldn’t make a huge difference if you pay them both off quickly.

]]> By: Pat http://cashmoneylife.com/pay-off-your-credit-cards-in-half-the-time/#comment-26034 Pat Sat, 16 Oct 2010 16:28:06 +0000 http://cashmoneylife.com/?p=1864#comment-26034 I have 2 credit cards...one 21%/23% interest...Would it be better to pay half of the b alance on each or pay one off completely and half on the other..balance on each is $3500 I have 2 credit cards…one 21%/23% interest…Would it be better to pay half of the b alance on each or pay one off completely and half on the other..balance on each is $3500

]]> By: JAY http://cashmoneylife.com/pay-off-your-credit-cards-in-half-the-time/#comment-21404 JAY Mon, 25 Jan 2010 20:39:07 +0000 http://cashmoneylife.com/?p=1864#comment-21404 Because it was fun at the time. Looking back it wasnt fun, it was just me being young and stupid. Paying it all off now, but can def say, the pain in paying it off is alot worse than the fun I had spending. Lived and learned I guess. Paid extra on accounts, and closed all but one. Like I said it was painful, but I am glad I stuck to paying them down instead of going bankrupt. Now if I just stay smart and dont get into that situation again. Cash is the way to go, if you can not afford to pay cash, you do not need it. Because it was fun at the time. Looking back it wasnt fun, it was just me being young and stupid. Paying it all off now, but can def say, the pain in paying it off is alot worse than the fun I had spending. Lived and learned I guess. Paid extra on accounts, and closed all but one. Like I said it was painful, but I am glad I stuck to paying them down instead of going bankrupt. Now if I just stay smart and dont get into that situation again. Cash is the way to go, if you can not afford to pay cash, you do not need it.

]]> By: Ryan http://cashmoneylife.com/pay-off-your-credit-cards-in-half-the-time/#comment-19903 Ryan Fri, 02 Oct 2009 13:42:43 +0000 http://cashmoneylife.com/?p=1864#comment-19903 Guy, your credit score probably won't change much, if at all. You may even be able to get any over the limit fees waived if you contact your credit card company and ask them to remove the fee. You can also request the credit card company not to allow you to go over your limit. It's important to pay attention to your credit card balance and try not to go over - the added fees can cost you a lot more than you bargained for. Guy, your credit score probably won’t change much, if at all. You may even be able to get any over the limit fees waived if you contact your credit card company and ask them to remove the fee. You can also request the credit card company not to allow you to go over your limit. It’s important to pay attention to your credit card balance and try not to go over – the added fees can cost you a lot more than you bargained for.

]]> By: Guy http://cashmoneylife.com/pay-off-your-credit-cards-in-half-the-time/#comment-19901 Guy Fri, 02 Oct 2009 05:38:50 +0000 http://cashmoneylife.com/?p=1864#comment-19901 Hello everyone, I went over my credit line by $6.00 this is the first time it has happened. This is also my first credit card and I didn't know what it meant. Is my credit score damaged because of this? I always pay on time and I always pay more than the minimum amount due(almost triple). Thank. Hello everyone, I went over my credit line by $6.00 this is the first time it has happened. This is also my first credit card and I didn’t know what it meant. Is my credit score damaged because of this? I always pay on time and I always pay more than the minimum amount due(almost triple). Thank.

]]> By: Ms. Frugalicious http://cashmoneylife.com/pay-off-your-credit-cards-in-half-the-time/#comment-19860 Ms. Frugalicious Tue, 29 Sep 2009 03:38:23 +0000 http://cashmoneylife.com/?p=1864#comment-19860 I am working toward paying off credit card debt, and I've been able to make a sizeable dent in what I owe by doing two things: 1) I stopped using the cards, just as Ryan suggests...it really is impossible to pay off the debt otherwise. 2) I started earning more money each month. A friend of mine passed on an advance copy of Loral Langemeier's soon-to-be-released book, "Put More Cash in Your Pocket," and the examples in there made me realize that I could start a profitable side business by using skills I already have. I used to work as a tutor at a test-prep company, so now I am finding my own clients from the local high school. I put all the money I make toward my debt, and it makes a big difference. Using tax refunds or year-end bonuses, as Hank suggests, is another good idea. I am working toward paying off credit card debt, and I’ve been able to make a sizeable dent in what I owe by doing two things:

1) I stopped using the cards, just as Ryan suggests…it really is impossible to pay off the debt otherwise.
2) I started earning more money each month. A friend of mine passed on an advance copy of Loral Langemeier’s soon-to-be-released book, “Put More Cash in Your Pocket,” and the examples in there made me realize that I could start a profitable side business by using skills I already have. I used to work as a tutor at a test-prep company, so now I am finding my own clients from the local high school. I put all the money I make toward my debt, and it makes a big difference. Using tax refunds or year-end bonuses, as Hank suggests, is another good idea.

]]> By: Ryan http://cashmoneylife.com/pay-off-your-credit-cards-in-half-the-time/#comment-19816 Ryan Wed, 23 Sep 2009 20:37:23 +0000 http://cashmoneylife.com/?p=1864#comment-19816 Jessica, please see the response to the comment above. There is always the possibility of unforeseeable circumstances leading todebt. The comments regarding preventing debt refer to wanton consumer debt, much of which can be avoided by planning and practicing the art of delayed gratification. Regardless of how the debt occurred, the key is to work toward paying it off and working toward making sound financial decisions in the future. Even then, some things, such as the events you described, may not be preventable. Jessica, please see the response to the comment above. There is always the possibility of unforeseeable circumstances leading todebt. The comments regarding preventing debt refer to wanton consumer debt, much of which can be avoided by planning and practicing the art of delayed gratification.

Regardless of how the debt occurred, the key is to work toward paying it off and working toward making sound financial decisions in the future. Even then, some things, such as the events you described, may not be preventable.

]]> By: Ryan http://cashmoneylife.com/pay-off-your-credit-cards-in-half-the-time/#comment-19815 Ryan Wed, 23 Sep 2009 20:32:50 +0000 http://cashmoneylife.com/?p=1864#comment-19815 Mrs. D, There are always extenuating circumstances that are beyond one's control - such as illness, job loss, natural disasters or other catastrophic losses. No one can fully plan for these things and I don't believe this is what Financial Samurai was referring to when he mentioned people having the ability to stay out of debt by simply not spending more than they earn. If you have time, go read his article... it is about giving in to consumerism and instant gratification. Many people can avoid debt if they take the time to work for things instead of wanting to have everything at once. I cannot imagine what you and your family have gone through, but it is a testament to your faith and integrity that you have done so well with your finances. I pray the health of the person(s) in question has improved and they are on the path to a full recovery. Mrs. D, There are always extenuating circumstances that are beyond one’s control – such as illness, job loss, natural disasters or other catastrophic losses. No one can fully plan for these things and I don’t believe this is what Financial Samurai was referring to when he mentioned people having the ability to stay out of debt by simply not spending more than they earn.

If you have time, go read his article… it is about giving in to consumerism and instant gratification. Many people can avoid debt if they take the time to work for things instead of wanting to have everything at once.

I cannot imagine what you and your family have gone through, but it is a testament to your faith and integrity that you have done so well with your finances. I pray the health of the person(s) in question has improved and they are on the path to a full recovery.

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