AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
Debt quencher3/23/2023 you can distribute the extra $2,100 you will have at the end of the month, using those percentages: or 30.5%), and do that with all the previous.Įven when the total amount needed is $4,295. Sum all of it (Total amount needed: $4,295) and divide the amount needed for Card 1 by total amount needed (1,310 ÷ 4,295 = 0.3050. Lets say that, respectively, your cards need You need to do a similar excercise in order to decipher how much money would it take to lower the one at 82% down to 63%.įirst, the one at 82% has a CL of 7,000. The first part of the mission is to lower all down to 63%. This is when the balances of each card, as well as their credit limit amounts would come in handy.Įach CC will have its own balance (i.e. I would try and lower all balances based, not on their interest, or highest balance first, or lower balance first, but by Balance % (which will become the UTIL % when it passes onto the bill. However, if your credit score does not support a loan, I would like to offer a possible 4th road to follow. company did not paid.ġ) lowering the the amount of cash destined for interest, I agree with suggestion, and warning, even though you specified part of your debt was due to unforseen hurricane damage your ins. I qualify for pay off, tally, or other lending companies but I want to try to attack this myself to get myself out of debt. I've cut back on spending due to coronavirus, most of my spending is at the grocery store since I don't go out with friends or eat out. I can list my card balances with interest rates if that will help. My utilization across my cards is 89% due to high balances. I have excellent payment history and my credit scores are in the 700's. At the end of the month, I'll have an extra $2100 and I need to decide if I should apply the money to towards the lowest balance cards or my highest interest cards and work my way down to pay off my cards. I incurred some of my debt to damage to my home during Hurricane Harvey, insurance didn't pay for everything that had to be replaced. The minimum payments that I'm paying every month only pays about $30-50 every month due to my high interest rates. I need to decide if I should approach the snowball vs avalanche method to pay off my credit card debt.
0 Comments
Read More
Leave a Reply. |