Ask:
Okay say you have 200 dollars a month in your budget to pay credit cards but you have 300 a month that is due. How do you spend that 200 the wisest? Do you split the money evenly between all three credit card s, do you pay only one , or do you pay the most on the smallest bill and only send a little to the other two?
Answer:
Every financial expert will have a different answer on this one. Some say to pay a little to all some say to pay the higest balance first, some say the highest interest rate.
My suggestion is take the one with the smallest balance and focus on it. Call the other 2 companies and see if you can work out a payment plan and just pay them say 50 a month or even less then put the rest towards the smallest balance card. That way you are able to see yourself making more progress and eventually you'll have only 2 cards to pay and then do the same thing with those two until there is only one left to pay.
Answer:
i was thinking i heard somrthing like this. But if you only pay a small amount ob the other two wont they keep calling you for more money
Answer:
You definately need to call the companies ahead of time and let them know what you will be doing. They may not like it and they may still call you asking for more money but call ahead of time anyway. When you call, be as sweet and nice as possible and let them know you really intend to pay the bill but are just a little short right now. Let us know if it helps!
Answer:
I could just rip my hair out. I got my credit card bills out and made a plan. Im going to pay 30 on each and 100 on the one with the smallest balance in three months that one will be paid off and then I'll do the same wiht the next card down the list until all our paid off. Then out of nowhere I get the weirdest call today.
My dh and some family members had a bussiness we sold it last febuary. When we sold it we left it up to our accountant to close out the bussiness. That means he was supose to pay all the bills, today a collection agency called and said they have been trying to find us ( we moved) and got a few new numbers. That the company credit card had a 800 dollar balance on it and their has been no payments on it in a year. they want paid the full balance by the 29th. Are they crazy, we dont have this ,should my personal wallet be resposable for the company. I think my accountant should have to pay this. They say we are ultimatly responsible becuase our name is on the card. What the heck am I going to do? Please tell me they cant do anything but call me. Whatshappen when you just dont ever pay a credit card. Do they put a lean on your house?
Answer:
no they can't put a lean on your house credit card companies first try to get you to pay they will keep calling eventually when that does not work they will turn it over to a collection agency they will start sending you stuff in the mail. after a period of time with not being able to collect from you they will start to offer you settlements. here is an example lets say you owe 2900.00 they may off to settle for 1700.00 but you have to pay in a lump sum by a certain date(usually a very short time frame).. mind you all of this affects your credit report because the entire time the debt is uncollected you are being reported....i would contact the accountant becuase if there is one open acct out there who's to say there is not more out there they just have not tracked you down yet...and yes ultimately you are responsible since your name is on the card..
Answer:
you find a credit card company that has a low or 0 intrest even for 6 months transfer all of the credit cards onto one and pay 200 towards the new credit card or take out a home equaity loan pay off all credit cards and pay that off usually low intrest and tax decutable. sorry my spelling stinks right now. that is what we have done in the past.