Paying off CC Debt - GoFuckYourself.com

uno · 07-07-2006, 04:08 PM

Is it better to pay off double or triple the min. montly payment on larger debts or on the smaller debts to totally knock out the smaller debts first, then climb up the ladder?

Dirty D · 07-07-2006, 04:15 PM

Pay all that shit off immediately...

Credit Card debt is for suckers

fallenmuffin · 07-07-2006, 04:17 PM

I agree with dustman. Pay off as soon as you can. Keep the accounts open for the history.

You couldn't pay me to use a Credit Card. (well I'm open to offers

)

stickyfingerz · 07-07-2006, 04:19 PM

Pay off smallest to largest. Knock out the small debts first.

BradM · 07-07-2006, 04:19 PM

What is debt?

2HousePlague · 07-07-2006, 04:20 PM

From a cash flow standpoint: Reduce the higher interest rate principal, first. Size of loan is irrelevant.

From a credit standpoint: Every incidence of successful borrow >> repay is a plus on your report.

2hp

gregtx · 07-07-2006, 04:22 PM

pay off the one with the highest interest rates first.. consolidate them to one card if you can.. at a lower rate.. then pay them off...

and close all but two.. one as your main (pay off each month) and one as a backup in case you need it for emergencies..

the more accounts you have open.. the more it affects your fico..
the more balances you carry the more it affects your fico..

becoming debt free was one of my big milestones.. credit cards and student loans all paid in full.. now i just have a mortgage and one lease payment..

tdude · 07-07-2006, 04:23 PM

Don't forget to use your dormant cards from time to time for small purchases to show activity. Some banks will want to close accounts that are inactive for too long.

Don't close the old accounts!

gregtx · 07-07-2006, 04:23 PM

pay off the one with the highest interest rates first.. consolidate them to one card if you can.. at a lower rate.. then pay them off...

and close all but two.. one as your main (pay off each month) and one as a backup in case you need it for emergencies..

the more accounts you have open.. the more it affects your fico..
the more balances you carry the more it affects your fico..

becoming debt free was one of my big milestones.. credit cards and student loans all paid in full.. now i just have a mortgage and one lease payment..

StuartD · 07-07-2006, 04:32 PM

Quote:

Originally Posted by fallenmuffin

You couldn't pay me to use a Credit Card. (well I'm open to offers

)

Actually, using a credit card is very smart for credit building and earning trust from lenders.

Building up an insurmountable debt on a credit card is not so smart though.

gregtx · 07-07-2006, 04:38 PM

Quote:

Originally Posted by fallenmuffin

I agree with dustman. Pay off as soon as you can. Keep the accounts open for the history.

You couldn't pay me to use a Credit Card. (well I'm open to offers

)

hard to rent a car or get a hotel room without one these days.. sure debit cards work.. but it can also freeze your funds..

woj · 07-07-2006, 05:08 PM

Quote:

Originally Posted by 2HousePlague

From a cash flow standpoint: Reduce the higher interest rate principal, first. Size of loan is irrelevant.

From a credit standpoint: Every incidence of successful borrow >> repay is a plus on your report.

2hp

wdsguy · 07-07-2006, 05:10 PM

find a few 0% balance transfer offers.

Peaches · 07-07-2006, 07:27 PM

Quote:

Originally Posted by gregtx

pay off the one with the highest interest rates first.. consolidate them to one card if you can.. at a lower rate.. then pay them off...

and close all but two.. one as your main (pay off each month) and one as a backup in case you need it for emergencies..

the more accounts you have open.. the more it affects your fico..
the more balances you carry the more it affects your fico..

becoming debt free was one of my big milestones.. credit cards and student loans all paid in full.. now i just have a mortgage and one lease payment..

Dammit, I hate when you post what I was going to post.

shahab6 · 07-07-2006, 07:30 PM

Quote:

Originally Posted by uno

Is it better to pay off double or triple the min.

I would say, the more you can pay the better.

Stallion · 07-07-2006, 07:30 PM

pay more than the monthly minimums..

Dagwolf · 07-07-2006, 07:38 PM

Write bad checks, then phone them and blame it on your accountant. Threaten to sue them if they attempt to charge you interest or bounced check fees.

When that stops working, max out whatever cards you have left and move to Guatemala.

BV · 07-07-2006, 07:38 PM

Pay the whole "balance due" each month or throw them away.

Like an American Express charge card.

slapass · 07-07-2006, 07:39 PM

Higher interest first.

But they have proven that psychologically it is important to finish off some smaller ones as you go. It has a greater effect on the psyche.

Spunky · 07-07-2006, 07:43 PM

Pay them off and keep one and cut up the rest..too easy to get buried in debt

Brujah · 07-07-2006, 07:46 PM

run them all up, get more, run those up too.. repeat until you die.. leaving an enormous amount of debt unpaid.

uno · 07-10-2006, 04:17 AM

Quote:

Originally Posted by stickyfingerzdotnet

Pay off smallest to largest. Knock out the small debts first.

That's what I was thinking.

gooddomains · 07-10-2006, 04:49 AM

that's the way to go

selena · 07-10-2006, 05:28 AM

See icq for from Dave Ramsey disciple. ;)

07-07-2006, 04:08 PM	#1
uno RIP Dodger. BEST.CAT.EVER Industry Role: Join Date: Dec 2002 Location: NYC Area Posts: 18,450	Paying off CC Debt Is it better to pay off double or triple the min. montly payment on larger debts or on the smaller debts to totally knock out the smaller debts first, then climb up the ladder? __________________ -uno icq: 111-914 CrazyBabe.com - porn art MojoHost - For all your hosting needs, present and future. Tell them I sent ya!

07-07-2006, 04:15 PM	#2
Dirty D Confirmed User Join Date: May 2002 Location: Paying Webmasters Millions Since 1999 Posts: 4,044	Pay all that shit off immediately... Credit Card debt is for suckers __________________ Dirty D - ICQ #1326843 - $1 Million Dollars of Bonus Money - 8,000+ FHG! Glory Hole Girlz - Crack Whore Confessions - Tampa Bukkake - Slut Wife Training - Fuck a Fan Electricity Play - Porn Video Drive - Theater Sluts - Skunk Riley - Ukraine Amateurs - Strapon Sessions

07-07-2006, 04:20 PM	#6
2HousePlague CURATOR Join Date: Jul 2004 Location: the attic Posts: 14,572	From a cash flow standpoint: Reduce the higher interest rate principal, first. Size of loan is irrelevant. From a credit standpoint: Every incidence of successful borrow >> repay is a plus on your report. 2hp __________________ tada!

07-07-2006, 04:22 PM	#7
gregtx Confirmed User Industry Role: Join Date: Jan 2002 Location: Dallas, TX Posts: 1,929	pay off the one with the highest interest rates first.. consolidate them to one card if you can.. at a lower rate.. then pay them off... and close all but two.. one as your main (pay off each month) and one as a backup in case you need it for emergencies.. the more accounts you have open.. the more it affects your fico.. the more balances you carry the more it affects your fico.. becoming debt free was one of my big milestones.. credit cards and student loans all paid in full.. now i just have a mortgage and one lease payment.. __________________ Processing Partners http://www.processingpartners.com

07-07-2006, 04:23 PM	#8
tdude Confirmed User Join Date: Jan 2004 Location: Pueblo, CO Posts: 149	Don't forget to use your dormant cards from time to time for small purchases to show activity. Some banks will want to close accounts that are inactive for too long. Don't close the old accounts! __________________ Innovation without monetization is art without an audience. Advertising sales: http://www.trafficdude.com Paid inclusion and Search Marketing: http://www.trafficdude.com/search

07-07-2006, 04:17 PM	#3
fallenmuffin Confirmed User Industry Role: Join Date: Nov 2005 Posts: 8,170	I agree with dustman. Pay off as soon as you can. Keep the accounts open for the history. You couldn't pay me to use a Credit Card. (well I'm open to offers )

07-07-2006, 04:19 PM	#4
stickyfingerz Doin fine Industry Role: Join Date: Oct 2005 Posts: 24,984	Pay off smallest to largest. Knock out the small debts first.

07-07-2006, 04:19 PM	#5
BradM Confirmed User Join Date: Dec 2003 Location: 1123,6536,5231 Posts: 3,397	What is debt?

07-07-2006, 05:10 PM	#13
wdsguy Ryde or Die Industry Role: Join Date: Dec 2002 Location: California-Shanghai Posts: 19,568	find a few 0% balance transfer offers.

07-07-2006, 07:30 PM	#16
Stallion Confirmed User Industry Role: Join Date: Jan 2001 Location: FL Posts: 6,632	pay more than the monthly minimums.. __________________ Project Manager/Program Manager/Webmaster Seeking Work [email protected] icq 856554

07-07-2006, 07:38 PM	#17
Dagwolf President of Canada Join Date: Sep 2003 Location: Leaving Hell, Entering Limbo Posts: 23,141	Write bad checks, then phone them and blame it on your accountant. Threaten to sue them if they attempt to charge you interest or bounced check fees. When that stops working, max out whatever cards you have left and move to Guatemala. __________________ Sleep well, and dream of large women.

07-07-2006, 07:38 PM	#18
BV wtf Industry Role: Join Date: Sep 2001 Location: Bikini State, FL USA Posts: 10,914	Pay the whole "balance due" each month or throw them away. Like an American Express charge card.

07-07-2006, 07:39 PM	#19
slapass Too lazy to set a custom title Join Date: Nov 2002 Location: Earth Posts: 14,625	Higher interest first. But they have proven that psychologically it is important to finish off some smaller ones as you go. It has a greater effect on the psyche.

07-07-2006, 07:43 PM	#20
Spunky I need a beer Industry Role: Join Date: Jun 2002 Location: ♠ Toiletville ♠ Posts: 133,949	Pay them off and keep one and cut up the rest..too easy to get buried in debt __________________ *YOUR INFORMATION HERE*

07-07-2006, 07:46 PM	#21
Brujah Beer Money Baron Industry Role: Join Date: Jan 2001 Location: brujah / gmail Posts: 22,157	run them all up, get more, run those up too.. repeat until you die.. leaving an enormous amount of debt unpaid. __________________ Free Premium Domain Lists and Tools at Clickmojo.com For Sale: Obscenity.com

07-10-2006, 04:49 AM	#23
gooddomains Too lazy to set a custom title Join Date: Jul 2003 Location: Netherlands Posts: 10,127	that's the way to go

07-10-2006, 05:28 AM	#24
selena Confirmed User Join Date: Aug 2004 Location: On The Edge Posts: 7,994	See icq for from Dave Ramsey disciple. ;) __________________ ~ Doer of Things at MetArtMoney Where Flawless Beauty Meets Art ~The MetArt Network ~ selena.delgado9