credit card debt problem?

Wednesday, December 16th, 2009

tunderwife asked:

some background.last year i worked as a teacher in a private school. so i dont get paid in the summer. this year i will be working in a public school, yet i wont get paid until what could be the last of aug.
the problem. my credit card bill for this month is around $800.after paying my other bills i dont have enough money to cover the entire bill. i still have two weeks to come up with the money but i doubt i will. my question is should i pay only the min. payment on my card or should i pay as much as i can? i dont want to empty my bank account. also i might not get paid from my new job in time to pay next months bills. what should i do?

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11 Responses to “credit card debt problem?”

turg143 Says:
December 18th, 2009 at 12:19 am

Cut your credit card! How can you end up with monthly credit card bill of 800$, did you buy a house with your credit card?

Babe Says:
December 20th, 2009 at 10:46 pm

i would say pay more then the min, but considering your circumstances I would pay the min to stay current. try to avoid using the card unless emergency. When you start getting a regular paycheck pay it off. Key thing is to NOT use it.

cmp8423 Says:
December 22nd, 2009 at 8:37 am

If you are going to drain your bank account, then one call the credit and discuss some payment options or two pay the minimum payment (this will not hurt your credit since you are paying what they require as a minimum) and when you start getting paid again, put more money towards the balance on the card.

SpursFan123 Says:
December 23rd, 2009 at 6:29 am

Always pay as much as you can. The interest rate on credit cards will eat you up unless they are offering some sort of a short term deal. If the interest rate is very low, then you can afford to pay just the minimum. You’re very smart for worrying about this. Many people don’t assume the responsibility of paying off debt and let it build until it’s unmanageable. Good for you!!

njspanteach Says:
December 24th, 2009 at 5:19 pm

This is a definite teacher problem. We’ve been doing this for years. OK. You can get a job or look for one of those credit card free transfers to another card.

Good luck!

Kim N Says:
December 24th, 2009 at 5:33 pm

i would pat just a little over the min payment. it is ok to let your credit ride on the card for a little while. actually, the credit card companies like when they can make interest off of you. it will cost slightly more in the long run but your credit will benefit from it and by having enough money in your account to get by you wont be as stressed when next month’s bills come.
dont pay the absolute min payment tho. that kinda shows them that you dont have the money and they will be watching you…so if you pay a little over then it makes it look like a honest effort, but they still get their interst.

hummingbird Says:
December 27th, 2009 at 7:50 pm

Pay the minimum on time until you get on track. When you can double, triple up, but the secret is to be on time and pay what they require. Get a side job if needed to get on track. I would also tear up your credit cards and close them if you can’t afford to make the payments.

CommonCents Says:
December 29th, 2009 at 10:41 am

Only pay the minimum payment and put the rest in the bank.
You will have the $ for next months minimum also.

You really need the cash in the bank, paying more would be foolish. In a couple months you will be back on track.

Another option is to get a new balance transfer card at 0% for a year….

Don’t stress out! You have income. Don’t worry about a small amount of interest for a month or two if necessary.

zcommodore Says:
December 30th, 2009 at 2:08 am

If your credit isn’t too bad, you can get loans from $1000 to $25,000 at this site:

You can get a better rate than your credit card there as well.

rosco Says:
January 2nd, 2010 at 11:37 am

Hi, I would pay the min.on the balance . That`s all you will be out is the extra interest charges.This way you will have money available for un expected expenses that may arise.It`s better to have money on hand then holding your breath till you get straightened out.Good Luck

iamfree714 Says:
January 3rd, 2010 at 4:28 pm

First, I’ve been in the credit and collection industry for over 17 years. So please, I don’t want you to think that I don’t know what I’m talking about. Depending on what type of credit card you have, you do have a couple of choices. Remember if you still not choose to decide on what to do, you still have made a choice. Ok, American Express “Green Card” is a pay what you owe every month. If this is the card, you can do a sign and travel on your balance ( At least they used to let you do that) but High Interest. Or, if not an Amex Card, pay the minimum and keep paying the minimum until you cash flow is back to normal. By paying the minimum you do not hurt your credit score. We all know that your credit score is almost everything to you when it comes to buying things and getting the best interest rate. Now sounds to me like next month might be another dilema. Don’t fret, just yet. One thing you do not want to do is empty your savings account to make it by for a month or so. Another plan is call all creditors. Your car payment (if you have one) can be deferred. What that means is the place that gave you your loan will put the payment you deferred at the end of the contract. Usually though they want at least a portion of the monthly interest if not all the interest. Cheaper than the car payment, but it extends you payment 1 more month on your contract. This will not hurt your credit score either. Do you have friends or relatives that maybe you can borrow a couple of bucks from each of them and repay them back when your cash flow is straight again. Remember credit is an assett, don’t make it a liability. IIf you have more questions please feel free to email me. I would not stear you wrong and I’ve been in the credit collection business over 17 years and know the ins and outs of it. What you can do and what you really shouldn’t do. I hope this helps you out.
Have a nice weekend!
Rob

credit card debt problem?

11 Responses to “credit card debt problem?”

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