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Help me structure my debt!
- Thread starter Shaun.P
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thats what I was thinking!!! I remember my first credit card back when i was 18 and it 19.99 apr (and i thought that was crazy!)
At best.
Even then, I made sure I paid the damn thing off every month.
Advice to the OP: Debt this early in your life will only reak havoc to your finances down the road. Go see a personal financial advisor and get this hashed out ASAP. Even consider consolidation through an external vendor...
pianoman is correct, if you close the card (especially if it is not paid off yet) will actually lower your credit score.
Check out www.daveramsey.com for some great advice on how to get out of debt. He is a self-made millionaire who got there despite losing everything.
Hooray someone else knows of/listens to Dave Ramsey. My coworkers laugh at me for bringing my lunch to work instead of eating out every day.
Then again I am the only one who doesn't have a car payment every month.
Hooray someone else knows of/listens to Dave Ramsey. My coworkers laugh at me for bringing my lunch to work instead of eating out every day.
I listen to Dave Ramsey every day - the irony is that I am a lender (for a credit union).
Making your own lunch is brilliant. Unfortunately I don't save any money because I just buy nicer things
I listen to Dave Ramsey every day - the irony is that I am a lender (for a credit union).
I end up listening to him most days when I am driving home. I am working to pay my debt off, but I'm not necessarily following all of DR's advice.
I don't agree 100% percent of the time with him, but he does offer some really great advice in my opinion.
I don't agree 100% percent of the time with him, but he does offer some really great advice in my opinion.
Definitely, for one thing the $1000 emergency fund is a good starting point, but I wanted more of a safety net. So mine is about 2500 with 200 a month going into it. Occasionally I take a chunk of it and payoff whatever is left on a particular debt.
Absolutely, although the $1,000 emergency fund is supposed to transition (after becoming debt free with the exception of a mortgage if you have one) to a "fully funded" emergency fund of 3-6 months worth of expenses.
1. Capital One Classic Visa Card - 34.9% APR ?!?!!?!??!!?
WOW!!!!! that is a high apr!
Pay it all off and live on a fixed income... period. Too high of an interest rate to even charge anything on from the beginning.
That is the highest legal rate of interest in the Continental-US. CANCEL the card, it will NEVER be a reasonable interest rate or credit limit. The reason people say DO NOT cancel is that you want a credit utilization of under 25%.
If you have $10000 in various credit limits this means ALL the cards added together cannot be over $2500. If you cancelled a card with a $1000 limit you would be using $2500/$9000 now which is a 27.8% CUR. In your case the miniscule credit limit is not worth holding onto.
Furthermore, when creditors see this Grade D CapitalOne card they will be concerned with extending you any credit as they will feel CapitalOne has put you there for a reason.