Question: > Now making 50k but at least 25% going to CC bills > Current on all day-to-day bills including rent > Making payments in CC but balance not going down much > Had perfect credit all my life > Credit rating in 2000 was 900 now 650 due to CC balances
Parents are retired living in Europe > Have bank account w/parents $8500.00 > Pension and retirement checks get deposited in it
This is the only reason I don’t file Chapter 7 > Concerned this money which belongs to my parents would be lost
I don’t ever see myself paying this off in my lifetime > I would like to buy a condo or new car someday again
Any suggestions or advice?
Please respond to the newsgroup.
Answer: It looks like you’re paying about $4,500/year in interest. While that strikes me as a tidy sum, it hardly seems overwhelming – it’s less than half your annual rent. It looks like the monthly minimum is about what the monthly payment on a fairly fancy car would be.
If you want to pay the total off as quickly as possible, pay the absolute minimum on the 4.9% and 14.9% cards and pay as much as possible each month on the 19.9% card until it’s paid off. Once the most expensive card is paid off, pay as much as possible on the 14.9% card while paying the absolute minimum on the 4.9% card. Once the 14.9% card is paid off, pay as much as possible on the remaining card.
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