I have 400 dollars credit card debt and a revolving tuition balance that I cannot get a loan to pay off?
Monday, November 23rd, 2009 at
4:50 am
Mу credit іѕ suffering, bυt іf I pay οff mу credit card bills wіƖƖ mу credit score rise, despite mу revolving tuition balance?
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Tagged with: Credit Card Bills • credit card debt • Credit Debt • credit score • Pay Bills • Score Rise • Tuition Balance
Filed under: Free Money Saving Tips Debt Relief
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Pay the minimum that you must pay on your student loan, and the maximum you possibly can pay on your credit cards to get that paid off ASAP. Also, stop using the card unless you can pay the amount due in full at the end of the month so it doesn’t get back to running a balance again.
$400 isn’t a huge amount of money, but it’s a sloppy habit to get into paying banks interest for casual buys. Just work a link extra shifts at a job and pay it in full if you can.
Next, your student loan. If the interest rate is reasonable (say under 6%), keep making the regular payments. Take the money you were paying the credit card (now that it is zero!) and make deposits into a savings account for emergencies (so you don’t have to use the card again). When your savings account has two months’ worth of regular expenses in it, increase your payments to the student loan to pay that off.