How to Reduce Monthly Credit Card Payments
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Posted: Wed Oct 27, 2004 7:43 pm
Post subject: How to Reduce Monthly Credit Card Payments
Tim Johnson
Date: 12/31/2000 8:55 pm CDT
Does anyone have information on how I can reduce my monthly payments for my credit cards? I am roughly $11,000 in debt right now w/two credit cards: Bank of America, and the other, First Hawaiian Bank (I live in Hawaii). My monthly payments are roughly $220 for the both of them, most of course, going to interest. My rates aren't too bad. One is at 9.9% while the other is at roughly 16%. I think the min payment is 2% from both cards and interest is paid first. Am I stuck with paying $220 a month or can this amount be reduced? I would appreciate any useful feedback. Thank you.
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Posted: Wed Oct 27, 2004 7:43 pm
Post subject: How to Reduce Monthly Credit Card Payments
Board Monitor- NK
Date: 12/31/2000 9:32 pm CDT
You might not want to hear this, but I think you should be increasing your monthly payment, specifically to the card with the higher interest rate. If you continue to pay only the minimum payments, you're going to be paying well into the next decade.
If you can make a commitment to increase your payment, you'll be surprised at how quickly you can impact the balance. Each and every month, more and more of your money will go towards paying down the balance, instead of just paying the interest.
Of course, you can always think about a home equity loan if you're looking to spread out this debt over a longer period of time.
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Posted: Wed Oct 27, 2004 7:44 pm
Post subject: How to Reduce Monthly Credit Card Payments
Board Monitor - CA
Date: 12/31/2000 9:37 pm CDT
Tim,
Also take a look at our "Get Debt Relief" page for more tips/suggestions (if you haven't already). You can access this page by clicking on Credit Information from our home page.
Happy New Year and keep us posted on how your debt situation during the upcoming year (this is a good place to get support)!
Best Regards,
Curtis Arnold
CFCCT P.R. Director
http://www.cardratings.org
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Oct 27, 2004 7:43 pm
Post subject: How to Reduce Monthly Credit Card Payments
Tim Johnson
Date: 12/31/2000 8:55 pm CDT
Does anyone have information on how I can reduce my monthly payments for my credit cards? I am roughly $11,000 in debt right now w/two credit cards: Bank of America, and the other, First Hawaiian Bank (I live in Hawaii). My monthly payments are roughly $220 for the both of them, most of course, going to interest. My rates aren't too bad. One is at 9.9% while the other is at roughly 16%. I think the min payment is 2% from both cards and interest is paid first. Am I stuck with paying $220 a month or can this amount be reduced? I would appreciate any useful feedback. Thank you.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Oct 27, 2004 7:43 pm
Post subject: How to Reduce Monthly Credit Card Payments
Board Monitor- NK
Date: 12/31/2000 9:32 pm CDT
You might not want to hear this, but I think you should be increasing your monthly payment, specifically to the card with the higher interest rate. If you continue to pay only the minimum payments, you're going to be paying well into the next decade.
If you can make a commitment to increase your payment, you'll be surprised at how quickly you can impact the balance. Each and every month, more and more of your money will go towards paying down the balance, instead of just paying the interest.
Of course, you can always think about a home equity loan if you're looking to spread out this debt over a longer period of time.
archive
Posted: Wed Oct 27, 2004 7:44 pm
Post subject: How to Reduce Monthly Credit Card Payments
Board Monitor - CA
Date: 12/31/2000 9:37 pm CDT
Tim,
Also take a look at our "Get Debt Relief" page for more tips/suggestions (if you haven't already). You can access this page by clicking on Credit Information from our home page.
Happy New Year and keep us posted on how your debt situation during the upcoming year (this is a good place to get support)!
Best Regards,
Curtis Arnold
CFCCT P.R. Director
http://www.cardratings.org
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 3:33 PM
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