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It's a tough start but I recommend tracking your expenses. From that we can help you construct a budget to check against and see if we can get you out of the debt hole.
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# ¿ Oct 8, 2015 08:26 |
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# ¿ May 16, 2024 11:46 |
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Uncle Wemus posted:Do you want a list of my recent spending or what do you mean? If you have a whole month of expenses that's worth looking at. If you don't record them. Makes it easier to help with the budget and to see where your spending is really at.
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# ¿ Oct 8, 2015 08:59 |
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n8r posted:Have you gotten rid of your credit cards? This is a good one as it would mean you have a far lower interest rate to pay.
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# ¿ Oct 9, 2015 19:41 |
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With the changes you have made you should now have some unallocated money each month. Given that the Capitol One card is likely to be costing you $95+ a month in interest at the current balance that is the logical place to put that money. That card needs more than minimum payments.
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# ¿ Nov 17, 2015 04:15 |
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Uncle Wemus posted:What should I do about the Discover one? Thats a transfer but 6000 bux is a lot to pay off. Should I just go full force on the Capitol One card? Because the Capitol One card charges 19.8% interest you need to pay that off first. The minimum monthly payment on the Discover One is fine just so long as you don't charge anything to that card. Once the 0% period is coming up just apply for another 0% card and do a balance transfer again. That buys you more interest free time to attack the balance. What we're suggesting is the avalanche method of repayments. This decreases the amount of interest paid each month quickly and the money not used for paying interest allows you to repay the debt faster. To put it in more tangible terms every $100 you pay off on the Capitol One card you save $1.65 in interest each month. Whereas $100 put on the 0% card saves $0 in interest per month. It's the interest paid each month that makes being in debt difficult.
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# ¿ Nov 17, 2015 06:08 |