Making the Minimum Payment

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Making the Minimal Payment: Student Credit Card No-Nos

The common student will be up against the prospect of some credit card debt at some point in his / her life. This article will clarify the reasons why you should make a payment beyond the minimal payment. It will cause you a great deal of harm in the event you only make the minimal payment and that is why it is a student credit card no-no.

If you purchase a high definition tv for two thousand dollars and your credit card rate is about eighteen percent, let’s imagine you make the minimum payment. It will take you approximately twenty-seven years to pay this particular off and you will conclusion paying almost 6000 dollars in finance charges. Think about that: explore paying beyond the minimum payment has ended up costing you 5000 dollars in finance charges. There is an assumption that the monthly minimum repayment comes in at two percent.

If you make four percent of one’s monthly payment, this will cut down the amount of time you make any payment on the credit card by about seventeen to be able to twenty years and you will just pay a thousand dollars inside interest. Think about paying above the minimum payment and what it’s done with this example from above. You have been able to keep 4,000 dollars more on your bottom line. Think about if you were to commit at a rough return of 10% a year. Which four thousand dollars can double over that twenty years at least and be ahead by 12 thousand dollars.

If you, as a student, consider your credit cards in your expenses. Budgeting is approximately income and expenditures. You need to make sure that you enhance your income while reducing your expenses. You are able to decrease your monthly expenditures by increasing your credit card payment. This will allow you to get gone a monthly payment far more quickly and the cost is going to be your highest monthly expense. When you pay off the credit card, you might be paying yourself 18% Interest because you do not have to pay out that interest towards the credit card companies.

Within your economic life, you will be unveiled in the concept of compounding. This is what allows you to retire. How long you are in the stock market or have other investments enables your money to substance and grow thus steadily over the years. Contemplate this same concept along with your credit cards. If you keep making the minimum payment and end up paying four more thousands of dollars in Interest, you have also swindled yourself of the adding to effort that could possess happened if that money had been in the market for an extended time period.

Money is an interesting factor and you can see with this article. Making the minimum monthly payment is a student credit card no-no and is not something you can do without hurting yourself in the long run. Enjoy this!

Comments: 92

  1. Bianca August 5, 2013 at 10:15 am Reply

    Basically, does it lower your credit score by making minimum payments as opposed to paying off the balance of your credit card, or does making payments on time the deciding factor of your credit score?

  2. Quiana September 5, 2013 at 1:02 pm Reply

    Or maybe a combination of both? I have approximately $3500 in credit card debt and am making double minimum payments on that debt. My question is should I make minimum payments and put the rest into investments or keep doing what i am doing.

  3. Fabiola October 2, 2013 at 7:47 pm Reply

    I recently had to defer my salary at my job for an extended period and cannot afford to pay my credit card debt. What should I do? A friend advised me to not make the next payments and negotiate with credit card companies on the debt. Is this wise? Would you advise I do something else? Thank you.

  4. Christian November 1, 2013 at 11:43 pm Reply

    I want to apply for a walmart credit card but im not to sure exactly how that stuff works. Lets say i want to purchase a playstation for $400 and i use my credit card, how does the rest work?

  5. Rocky November 27, 2013 at 2:51 am Reply

    I’m doing a persuasive speech on why people should pay off their credit card debt, but first i need to know how people feel when they have the debt. THANK YOU 🙂

  6. Signe December 17, 2013 at 8:10 am Reply

    I recently purchased a car and was told by a coworker that when paying off the loan, it is smarter to make the minimum payment at the beginning of the pay period, then 2 or 3 weeks later make your other payment in excess of your minimum.

    This way the second payment goes towards your principal in full with the interest having been deducted from your first payment and since they cannot double charge you interest the same pay period.

    Is this in any way true?
    Thank You

  7. Shena December 23, 2013 at 11:17 am Reply

    Let’s say I have a credit card with 16% interest. If I make a payment before the due date that gets posted and the minimum payment becomes $0.00 until it starts over for the next month…if I want to make another payment before the next month starts over, does it still take out interest out of that payment?

  8. Addie January 28, 2014 at 1:15 pm Reply

    iv got a credit card with a balance of about £2000 to be paid off, but im on a 10 month interest free period. when i go to make a minimum payment online, it says my minimum payment i need to make is £0.

    is this because you dont have to make any minimum payments during the interest free period? can i get a new card and transfer the balance to another interest free deal when it runs out?

  9. Wilford January 29, 2014 at 2:42 am Reply

    Obviously I want to pay in full to pay it off.. But does it make a difference as long as ur paying it? If I make minimum payments on it will it look worse on my credit report?

  10. Maragret February 1, 2014 at 11:29 pm Reply

    hi im 28 and have $25000 credit card debt.
    i do make $4000 net income and paying $1200 rent ,$570 car, insurance 100,util 150 , gas 400,food 400, minimum card debt 600.
    now i’m married and have plan for baby. but can’t save no money at all . because of debt.
    is calling bankruptcy can help? or is there any better way can reduce or avoid my credit card debt? i do make payment on time but minimum payment doesn’t helps at all. can’t pay more. please help. thank you.

  11. Charline February 16, 2014 at 3:12 am Reply

    I have had this credit card for over 7yrs and until this yr they all of a sudden started increasing my payment. In may it went from 160.00 to 240.00. I just received this months statement and it went to 300.00!!!. Why is this happening if I have never been late on any of my bills and there should be nothing on my credit report that has made this make this decision. Do I have any rights here?.
    MY CREDIT LIMIT HAS NOT CHANGED.
    MY BALANCE HAS BEEN THE SAME FOR A LONG TIME NOW SO WHY WOULD MY MINIMUM BALANCE GO UP?

  12. Rodrick February 21, 2014 at 5:48 am Reply

    This is a follow up to an earlier post.

    Due to my husbands recent disability, we are now under major finacial strain. If I continue to pay my credit cards, but am not able to pay the minimums, will I still be taken to court?

  13. Herman February 21, 2014 at 8:12 am Reply

    How do people make minimum payments on they’re credit cards and still be able to use them.?????

    I have a Capitol One No Hassles Credit Card and made the minimum payment but it says that i still have no available credit.

    (BTW: i will be making a full payment in 5 days when i have the money, but at least the minimum payment was due one the 26th of Feb)
    This was my first payment on it. And yes i have a 300 dollar limit and i owed them 327. and so i payed the 27.00 before the due date. (which is what the minimum payment said to do.)

  14. Shawnta February 21, 2014 at 8:13 am Reply

    Hi there, I got myself a leased car after figuring out a 3 year lease was the best option for me right now. I am close to the date of my first payment but I want to know what would happen if I send in a bigger payment than minimum every month…? (I WILL buy my car after the lease is over) What will the extra money go towards? Will it lower the minimum payment? Raise my credit a little faster? Will it go to the overall buy-off price? Anything else I’m missing?

  15. Ping February 21, 2014 at 8:13 am Reply

    my plan is to pay a significant amount on my credit card through my bank. I feel that it will give me more money to save and extra money to have. Since my credit and debit are the only cards I use through my bank, I thought it was a good idea. Is this something that would be beneficial for my credit, or it wouldn’t really make any difference? Also, is a cedit score of 705 really good or not good enough? I will like to be a homeowner by age 30 and qualify.

  16. Marguerite February 21, 2014 at 8:31 pm Reply

    what is the difference between minimum payment and full balance payments? is it better to make either or?

  17. Elizebeth February 22, 2014 at 3:56 am Reply

    i have to make a payment on my credit card…i was wondering if simp1y making the minimum payment on my card wou1d harm my credit score…if so how 1ong do I have to keep making min. payments before it does start serious1y effecting my credit score?

    a1so i am an 18 year o1d and this is my first credit card…if that make sa difference….p1ease inc1ude any information that you have on the subject…thank you very much

    brad

  18. Lauren February 22, 2014 at 6:00 am Reply

    Can you still use your credit card after just minimum payment?

  19. Lucius March 3, 2014 at 3:34 pm Reply

    So if my Credit Card offers a 0% APR for 12 Billing Cycles and I purchase something and make only minimum payments for maybe 3 cycles and then pay it off fully, will this still increase my Credit?

  20. Garry March 5, 2014 at 7:11 pm Reply

    hi i just customized my alienware M11x laptop and now im on the payment page im paying with my credit card because i can afford the monthly payment, but i have a hunch that when i click ok its gonna take the whole set amount of money out of my account how do i get a monthly bill from them?

  21. Johnnie March 5, 2014 at 9:56 pm Reply

    what is deffrence between student credit card and secured card?

  22. Laurence March 7, 2014 at 8:30 pm Reply

    At what time can the credit card companies increase your minimum payment? If you always make on time minimums, but not necessarily the full amount, would they still be able to raise it? Or does the minimum have to be like 30 days late or something?
    I always make more than the minimum and usually make the full amount. I’m just wondering how this works. Trying to find the line so that I can avoid it even when things do get tight.

  23. Rod March 11, 2014 at 1:52 pm Reply

    my situation is the more unbelieved situation you could image, be patient reading so you understand my situation. i have more than 9,000 of unsecured credit card debt, i cant make the minimum payments now, i was late on the one of them and my minimum payment went from 100 a month to 400 a month and other 100 other 30 other 30 i cant make the mini mun payments, i used to work but now im disable only receiving 639 month from ssdi, should i fill for bankrupt? is that true you cant get credit after you declare it?

  24. Heriberto March 17, 2014 at 3:37 am Reply

    I’ve been trying to figure out a budgit and looking at all my debt and i’m confused by my two credit card minimum payments the first i owe approx $7600 and the minimum payment is $128, the APR is 20.99 the 2nd i owe $6400 but the minimum payment is $204, the APR is 19.80 i don’t understand why the card i who less on has a higher minimum payment? Anyone know?

  25. Alise March 17, 2014 at 3:37 am Reply

    what is the best credit card is the best to start out with

  26. Hilton March 18, 2014 at 4:19 am Reply

    Due to a unexpected emergency 4 months ago I fell behind in my monthly bill payments, before the emergency I always had excellent credit. Until I can catch back up I am sending in small payments to each creditor that is less than the requested minimum payment will this prevent them from sending my account to a collection agency?

  27. Ray March 28, 2014 at 5:14 pm Reply

    i have to credit cards and debt over 2k i pay as much as i can but will it evetunally turn over to a collection agency

  28. Esteban March 29, 2014 at 10:48 pm Reply

    I got my student credit card, form Bank of America. My minimum payment is 15$ and I have around 400$ or so out of 600$ limit to be payed off the NEXT payment. The question is, I dont have a job yet, if I pay the minimum payment does this extend the TIME I have to find a job and pay it off?? I need time to find ajob,(I will by next payment) but if I do need the time it ownt hurt right? and will extend, right?
    well I KNOW that its only interest, but the question is will it extend the time I have to pay off my debt? (which is yes), and two, will it hurt my credit? which I doubt.

  29. Davis April 4, 2014 at 9:03 am Reply

    In order to maintain a stable credit score and not harm it, whats the maximum percentage of your limit do you want your balance to be? Is making the minimum payments enough?

  30. Marlyn April 5, 2014 at 4:34 am Reply

    many people i know only make minimum payment and never care to pay 1 cent more for credit card. and a whole lot more don’t pay anything. why not make full payment, isn’t that proving yourself to be responsible?

  31. Carman April 5, 2014 at 4:47 am Reply

    So much of the credit scoring that goes on is an automatic reporting thing. And note is taken if you pay only the minimum monthly payment required on any given credit card.

    But would there be any advantage to paying just $1 over the minimum amount in terms of a potential improvement (or penalty avoidance) on your credit score? And if $1 is not enough, what is the threshold level or percent over necessary to keep from getting dinged for making only a minimum payment in any given month?

  32. Bettye April 7, 2014 at 2:24 pm Reply

    If, for instance, I owed £10000 to a debt collection agency due to an ex boyfriend racking up debt in my name, what is the minimum weekly payment I can offer. I only earn £100 P/W and this has to pay for everything, including rent and fuel for my car, etc. I want to clear this debt before it goes any further but I cant afford it. Would I be able to offer a few pounds per week, and has the company got the right to refuse this and demand payment in full.

    Thanks in Advance!
    This is not a credit agency as in a credir card company, but an actual debt collection agency. At the moment I am paying nothing at all, which means if I only paid 2.50 a week, its more than they are getting now. What I dont know, is will the agency follow the same school of thought as me.

  33. Delma April 7, 2014 at 2:31 pm Reply

    I had to make my minimum credit card payment today of $25 but i only payed $20, is that bad? Whats going to happen?

  34. Tarsha April 12, 2014 at 6:31 am Reply

    I have credit card debt in excess of $4000. Do the ads you see on TV for relieving one of credid card debt work? Or am I better suited to just pay it off?

  35. Joycelyn April 12, 2014 at 9:41 am Reply

    Will your credit score grow, shrink, or stay the same as you continue to make minimum payments?
    Are there circumstances under which this changes?

  36. Hollis April 13, 2014 at 5:58 pm Reply

    I’m just curious. I’m lucky to not have to be in a position to worry about this at the moment.

  37. Vernon April 14, 2014 at 11:57 pm Reply

    I have two credit cards that have very high balances on them and I was wondering if there is a credit card out there that is just for credit transfers. I would like to transfer both my credit card balances on to one card so then I would have just one payment a month.

  38. Britany April 16, 2014 at 3:16 am Reply

    Credit line is 600 and I’m about to hit it… What happens when I make the minimum payment??

  39. Quiana April 22, 2014 at 7:46 pm Reply

    When I started making payments on my education loan my minimum payment was around $130 a month. I increased my payment to $150 so I could pay it down quicker. The extra automatically goes toward principal. Now I’ve changed my budgeting plan and started putting the extra dollar amount towards a different payment that I have.
    When I called the loan service center to make this change, I was told that my old minimum payment no longer applies and actually went up a little. The rep said it was because I owed less on my loan so that affected my payment.
    I thought it was my decision to control how much extra went towards principal and it would never make my minimum balance go up. I didn’t refinance.
    Since my minimum payment went up it’s like the loan company is trying regain the interest they would have earned had I not put extra towards principal.
    Is this legal?

  40. Tessie April 23, 2014 at 6:48 pm Reply

    – balance a few days later? My question is posted below with more helpful detail. Please read on if you have the time.

    (By the way my APR 18%)

    QUESTION BELOW –

    I’m wondering if I end up paying minimum payments towards a $1000 purchase for the next 12 months…(say about $30) then pay off the remaining large balance days later (which will probably be about $920 to pay off) since most of those $30 payments would be $24 dollar payments after subtracting 18%, Will the credit card company basically take 18% off my $920 payment which would really be $754? to the point where I’ll have to pay off that with $245-18%=44=$44 renaming etc
    Born Again Atheist – Sorry about the math, I admit my question are confusing but I’m pretty sure I stated that I’ll be owing more then $1000 from the confusing math that I posted when I also stated that there will be interest that I have to pay off…. but thanks for taking the time to answer my question.

    ………………………………………………………………..

    Caren – Thanks Caren, I really appreciate the answer/opinion but I don’t understand how this can damage my credit score if the miimum payments are made every month without making late fees while the full balance is paid for in 13 or even 12 months… I mean isn’t that what credit card company look for when getting people to sign up for there credit service, those who end up paying interest without making late fees? I mean I thought that was the prime objective of why credit card companies exist, to target those who can deal with paying monthly payments with interest vs those who pay the full
    ………………………………………………………………………………..
    SumDude – No, I’m not talking about a 12 month promotional period. Sorry about the confusing question bro. I was questioning how the apr works if I paid off a huge balance in a specific way by making minimum payments for 11 months then the full remaining balance in 12 months all while the apr fee is in-effect during the 12 months.
    Micheal and Caren… Thanks Michael! Now I understand whare your coming from Caren! Thanks for the answers! lol yea, I was way off with the math! smh wow

  41. Edna April 25, 2014 at 5:46 pm Reply

    I just got a new job at the brand new casino that opened in my town. The town is rather small and not used to valet parking. I am being paid $4.00 an hour plus tips. Minimum wage is $7.25 here in Missouri. I am only making about $6.00 an hour after I add my tips. We do not claim our tips nor do we claim our tips. None of my fellow employees are making enough money to meet minimum and the casino told us they are not required to pay us more. What can I do?

  42. Delia April 26, 2014 at 3:19 pm Reply

    If I make the monthly credit card payment BEFORE the due date, would it count for the outstanding payment.. or would it go on record for the actual month the payment was made in? (I’m not sure the question makes sense.. but what I mean is, if I make a payment on November 27th and the due date is not until the 12th of December.. would I still have to make ANOTHER payment in December?

  43. Valda April 26, 2014 at 9:04 pm Reply

    if i pay the minimum payment on one store card, just because i wanna pay 4x more on the other card, would minimumm payment decrease my credit score in anyway? or should i do $2-3 more than minimum?

    YOU MISUNDERSTOOD, I KNOW, YOU DON’T UNDERSTAND ENGLISH SO I WILL REPEAT MYSELF.

    I have 2 cards and i’m paying one by $50’s to finish and the other minimum, would paying the 2nd card, decrease my score?

    DON’T GO OFFTOPIC, just answer the question.

  44. Carina May 2, 2014 at 6:05 pm Reply

    I can’t seem to find my minimum payment anywhere on my credit card’s website (its not due for a few more weeks) But I was just wondering what would be the minimum payment for a card with 500$ on it with a variable apr of 14.24%?? How do you figure this out? Thanks!

  45. Emmitt May 12, 2014 at 1:56 am Reply

    After taxes, im going to have 12k in credit card debt minus my college loan. Does anyone know of anyway to pay less interest on this amount? Or any advice at all?

  46. Hal May 13, 2014 at 7:14 pm Reply

    so i’m having a little trouble making the minimum payments right now. In about 2 months, i know i’ll be able to make them. But what concerns me is how the credit card companies keep calling me. They call like 10x a day and sometimes leave messages. I’m scared to pick up the calls, but i’m worried about what will happen if i don’t? I’m sure some of you have been in this situation, so let me know!

  47. Nikia May 14, 2014 at 10:51 pm Reply

    I have $15,000 on my credit card debt, and would like to know if I pay $1000 a month, how long would it take to pay off, or i will never get out of it?
    the interest rate is about 20%
    also, if they don’t agree to settle, and I choose not to pay at all, what might happen, would I be put in jail?

  48. Kortney May 19, 2014 at 8:39 am Reply

    Thinking about getting a LCD HDTV from rent a center. I hear they have insanely painful interest on payments though. Do they allow you to make higher payments than the minimum? Say my payments were 30 bucks a month, instead of 30 each time, i put down 100 or 200 each payment so i pay it off quicker. Would’nt that save me from all that interest?

  49. Keila May 19, 2014 at 2:03 pm Reply

    Im 10,000 in debt should i consolidate? Will it give me bad credit???I always make payments on time so credit is okay but i stretch every penny

  50. Chandra May 19, 2014 at 2:42 pm Reply

    to the collection agency for outstanding medical bills. what will this prevent?
    what happens if i dont pay?

  51. Karly May 19, 2014 at 8:25 pm Reply

    I have 0% interest for 6 months. What would be the better choice to build a good credit score, pay the bill in payments or in full? And after the 6 months of no more 0% interest, what would be best?

  52. Lesley May 20, 2014 at 2:21 am Reply

    I may get a credit card for young adults.

  53. Chas May 20, 2014 at 7:38 am Reply

    I want to make a payment with this paycheck and not the next. but it hasn’t givin me a min payment amount yet to pay, or the next date its due……..does that mean its to early to pay it?

  54. Leonor May 20, 2014 at 4:02 pm Reply

    My aunt is being sued by a credit card company for non-payment. SHe wants to make a $5 payment to avoid further action. She does not own a house or a car. Any ideas?

  55. Kortney May 23, 2014 at 5:50 am Reply

    If a person is making credit card payments, but they are less than the amount requested as they are unemployeed, but they are making payments on time, can they still be turned into collection and put on credit report.

  56. Caron May 23, 2014 at 5:50 am Reply

    1.I have a credit card with Aus$2100 credit but the laptop i want to buy is Aus $2500 will they(dell computers) accept my credit card?
    2.Will the bank (HSBC) allow the transaction of buying a computer that is over my credit limit?
    CREDIT CARD credit limit problem?
    1.I have a credit card with Aus$2100 credit but the laptop i want to buy is Aus $2500 will they(dell computers) accept my credit card?

    2.Will the bank (HSBC) allow the transaction of buying a computer that is over my credit limit?

    (I do not mind paying overlimit intrest fees to the bank.But wheather that will affect dell accept my credit card im not sure) pls help

  57. Isabel May 23, 2014 at 2:43 pm Reply

    Wireless credit card terminals continue to gain popularity among small and large businesses.Historically, mobile credit card terminals have developed hand in hand with all the advances of the cell phones industry.In short, wireless credit card terminals (or virtual credit card terminals) offer the merchants very convenient way to accept debit or credit card payments outside of the office, warehouse or any other place of business. In addition, recent developments and technology made it possible to have the wireless credit card terminals only without any need to install a regular stationary “point of sale”.So the only things a merchant needs are the smart phone and a wireless credit card terminal.

  58. Carl May 23, 2014 at 2:44 pm Reply

    I have some old credit card debt from my college days (probably going back 4 years) that I have started to receive collection notices for. I’m in a better financial situation now, by no means rich, but I would like to clear my name and not be handcuffed by my prior situation.

    What’s the best way for me to handle this? I got a letter offering a “one-time only” payment to a collection agency at about half off, which is very attractive, but I want to make sure that I’m both clearing my conscience and boosting my credit rating. If I can do that and pay less than I theoretically owe (considering most of it is probably finance charges), all the better.

    For the record, I have a couple of open accounts that are perfectly clear. I’ve looked into it a little and the state I lived in when I opened the account has a six year statute of limitations.

    Looking for solid advice as I’d like to buy a house in the next couple of years.

  59. Ara May 23, 2014 at 3:59 pm Reply

    I haven’t had my credit card for long and my payment isn’t due until next month but I’ve been making the minimum payment its like $35.00 so throughout this month I’ve been making like $80 and $100 dollar payments even though its not due yet. Is this going to hurt my credit?

  60. Phillis May 23, 2014 at 9:57 pm Reply

    I’m 21, I’d like to build credit. I’ve never have a credit card before. I plan on just using the credit card for maybe gas and that’s about it. Which card should I go for? Also I’ve seen that for many you get the first year 0% APR. Is this good? Will it grow credit? Or do I need interest to grow credit? I don’t want a card just for the sake of having a credit card. I want it solely for the purpose of having good credit. Thanks.

  61. Micah May 24, 2014 at 3:20 am Reply

    i have 40000 dollars in credit card debt and no job no income what do i do?????????!!!!!!!!!!!!!!!!!!!!!

  62. Zena May 24, 2014 at 4:43 pm Reply

    I have about $6,000 of debt from credit cards spread over about 5 different cards. I would like to have it ALL on one bill. Should I consolidate it? What do you think my best bet is? ( I always pay over the minimum amount due, by the way.)

  63. Cody May 24, 2014 at 10:10 pm Reply

    Example: if the total I used on my credit card for the month was $250 and the minimum payment was $25, would it affect my credit if I stopped using the card and made the minimum payment of $25 monthly until the balance was down to $0?

  64. Myron May 25, 2014 at 10:39 am Reply

    It seems that most people have some amount of credit card debt these days and I was just wondering if more people acquire it trying to buy something necessary (i.e. education, car, house) or something unneccessary (i.e. alcohol, clothing, etc.).

    Another words can credit cards actually be beneficial in the long run even though they cause you to rack up a crazy amount of debt?

  65. Wyatt May 25, 2014 at 12:00 pm Reply

    i can no longer make the mimnimum payments on my credit cards, if i can only make a payment of $100.00 to the card company and the minimum payment is around $200.00 on 5 seperate cards, can they sue me in a court of law, garnish my job wages, or can i be imprisoned for not making the minimum payment??

  66. Doris May 25, 2014 at 4:21 pm Reply

    i have horrible credit but i need a credit card. is there any way i can get one or no?

  67. Luis May 25, 2014 at 9:32 pm Reply

    So let’s say you have a 3000 dollar limit on your card, and you spent about 1500, and pay double the minimum every month for a while , while you are unemployed(say 6-8 months) and once you make some money, start paying more chunks like 200/month, will your credit score become bad by doing so? Do you need to pay off the whole thing asap in order for the score not to become low or bad or whatever?
    Thanks!
    all these scammers responding about making cash fast F**cking stop it………… this is a legitimate question, i dont want any kind of bull about making cash “FAST”………….

  68. Jerry May 27, 2014 at 9:08 am Reply

    I want to apply for a credit card but I don’t know about credit card companies which provides best credit card.

  69. Manie May 27, 2014 at 9:38 am Reply

    I’m 24 and desperatley need to start paying of my credit card debt. I have tried to consolidate my cards though had no luck as my debt is to big on each card for me to merge them together.

    Basically my debt is as follows:

    St George Mastercard – Owe $5,600
    Bank West Mastercard – Owe $5,800
    Citibank Visa Card – Owe $9,230
    NAB Visa Card – Owe $8,960
    Myer Store Card – Owe $1,300

    There all 95%-98%maxed out.

    Although i also pay $2200 a month in rent, (and my income per month is only $2600). I have a total of another $600 that is charged on my cards every month for contracts that i cant get out of (such as furniture rentals etc).

    The interest + insurance on each card is around $130-$180 per month per card so again its around another $450 per month just to meet the insurance and debt.

    I paid almost $2000 as a whole to my cards last month, and its already gone right back down again, so i’m currently thinking either declaring bankruptcy or just letting my cards run down to $0 to force the banks to stop charging interest.

    Is there any company who can buy your debt of you? as i dont want to pay the banks back, they have already charge me enough in usless insurance, late payment fees and interest to get any favours from me.

  70. Lee May 30, 2014 at 5:25 am Reply

    I have a single credit card from Chase (visa). i am maxed out on it with a current debt of $1515. i am a graduate student and the research funds for my project ran out this jan (2009) and therefore no real income since then. at that time i had a debt of $700. emergency expenditures and a further limit increase to $1500 piled my debt. i have tried to pay it off periodically but now i have absolutely no cash influx. i ask my dad for my rent and general expenses. i didnt want to burden him with this and havent told him anything.so right now my balance/debt is constant at ~$1500. what do i do? any help?
    thanks for the answers. i know the obvious answer is to get a job.believe me,i have tried. but being an intl student doesnt open a lot of doors…i was also wondering how bad this big debt would be…as a few mentioned,it might not be a lot but its still quite a substantial amount…i wanted to know what is the impact of this,being unfamiliar with the credit score system.my accounts show $1515 outstanding balance. is this with or without interest charges?

  71. Zachery May 30, 2014 at 8:37 am Reply

    I was wondering about the minimum payments for a credit card statement. If you pay the minimum, is interest not charged on your outstanding balance? If not, what is the point of a minimum?
    Also, how do you ensure you have good credit rating?

    Thanks — I really don’t know a lot about credit cards!

  72. Gale May 30, 2014 at 8:48 pm Reply

    I have two credit card that has a total of $19,000 debt with a crazy APR of 24%. I got an offer from another creadit card company that’s offering a personal loan up to 35K with an APR of %7.99. Should I go ahead and consolidate my two CC debt and get the low APR personal loan? Would getting another loan decrease my creditt score? Thanks.
    By the way, this is not an offer from a credit card consolidation co. It’s from Capital One offering a personal loan w 7.99APR for the life of the loan.

  73. Eugenio May 31, 2014 at 1:39 pm Reply

    My dad pays for my credit card… is it possible for me to take out money from my bank account using my credit card?

  74. Sara June 1, 2014 at 9:26 am Reply

    I’m 21 and have made some studip choices on getting credit cards and charging them up. I have $8000 in debt and am still in school. Is there any way to get this reduced or set up as one payment. I can’t continue to keep making the payments due to living expenses. Thanks.

  75. Frances June 1, 2014 at 11:03 pm Reply

    I used my mother’s credit card, and got behind on the payments. Is there any way to make the debt just mine, and not ruin her credit?

  76. Valentin June 2, 2014 at 6:07 pm Reply

    I lost my job in construction about nine months ago. I have since decided to enroll in college and I am now a full time student taking 18 credit hrs per semester. I will be in college for next 3-4 years. My total credit card debt is around $27k, I am losing my house to foreclosure, and I still make my monthly payments on my truck. Oh I also have a Roth IRA but not a whole lot in it. I have been in default on my credit cards now since March of this year. If they decide to file a judgment against me, what if anything, could they lien it against? I live off of student loans, that’s my only income, and grant money. And this will be all I will be living off of until I graduate and get a new job in a new field. Can they really do anything? I would hate for them to take my truck but I still owe about $11k on it and its my only means of transportation right now. What could they do? I have heard they cant touch my retirement, is that true? Oh I live in Florida if that makes any difference.

  77. Jacquline June 3, 2014 at 6:40 am Reply

    I have a good (albeit short) credit history. I always made my payments on time, but again, I haven’t had credit for very long as I’m still a young adult.

    Let’s say I know I’m going to make a lot of money in the future, but I want to start enjoying some of it now. If I get a credit card and for a continuous amount of time (let’s say… oh five years), make ONLY minumum payments. I pay them on time, have no other issues whatsoever, but I only pay the minimum payment every month. (Yes, I know this can be costly. That’s not what I’m asking.)

    How will this affect my credit score? (It is currently somewhere in the 700s.) Will it grow, shrink, or stay the same over time?

  78. Lesley June 3, 2014 at 10:14 am Reply

    what is a unsecured credit card?

  79. Bryan June 3, 2014 at 12:01 pm Reply

    Can you get a debit card or credit card at age 16 ? If so which is the good option Credit or debit card ?

  80. Zulma June 3, 2014 at 8:18 pm Reply

    Has any one ever used a consolidation company for credit card debt? Dose it hurt your credit? How does it work anyone know?

  81. Ruth June 4, 2014 at 2:31 pm Reply

    If I stop paying on credit cards will they put a lein on my home? I can not afford the payments anymore and they are to high to consolidate?

  82. Sidney June 4, 2014 at 2:31 pm Reply

    I know that there are people who consolidate their credit card debts? Would you recommend that?

  83. Emmett June 4, 2014 at 5:17 pm Reply

    I have 10 credit card and maybe about 3.6K in debt and I have HIGH APR’s on almost all of them and a annual fee on one. My FICO is 657 and I’m wondering if I can open a Citibank credit card with 0%APR for 18months and transfer all that debt on there? I have no idea how to do that or if that’s even possible… I literally am very ignorant and lost and would appreciate all the help I can get.
    I’m sorry I didn’t ask that question properly… am I able to actually transfer all that debt to that one credit card… like if I’m approved, of course lol, can I transfer all that debt?

  84. Mohammed June 7, 2014 at 10:25 pm Reply

    So, I have about $3,500 in credit card debt. What’s the best way to pay it off?

    Does anyone have any experience with those debt consolidation services seen on TV?

  85. Marcelina June 10, 2014 at 5:38 pm Reply

    I want to know if anyone has personally applied for a credit card having no credit history at all. i have applied for bank of americas student card and got denied also i applied for discover card and got denied even though it say no credit history required??

  86. Cheyenne June 11, 2014 at 2:32 pm Reply

    Gambler caused 135k worth of credit card debt. Is in ga now and in therapy. I don’t want to get in deeper trying to fix this? what is the best direction to go from here.

  87. Allen June 11, 2014 at 2:53 pm Reply

    So I have no credit. I go to apply for a credit card so i can build my credit..but i cant get approved since i have none..anyone know of any credit cards that i could get to help build my credit??

  88. Lesley June 14, 2014 at 8:51 am Reply

    I have some credit card debt, it’s not to much compared to other people. Like, i would say, a couple thousand. I wanted to know if there were organizations out there that would help me negotiate with collections to lower my debt. That way i could just pay it off in full.

  89. Brendan June 14, 2014 at 12:09 pm Reply

    Some one Please help! I have so much debt. I have about 12 credit cards (nuts i know). Lately i have been able to only pay min payments and I feel like my debt is NOT GOING DOWN. Im still paying off my wedding and honeymoon with my husband, and furniture and other bills. Anyone know the best way to get out of this debt!? I have even thought of taking out a loan, but im scared to do that. Im living from check to check and its so frustrating at times. Im not able to save money and i have all these bills. Anyone have any suggestions? Thank you.
    For those wondering, I do not own a home. I rent. And havent stopped paying my bills. Im just late SOMETIMES with some of them.

  90. Ray June 14, 2014 at 9:55 pm Reply

    Wheres a good place to get a credit card if you have no credit and no credit score ??ANY SITES??? Or do you know another way to build up your credit

  91. Towanda June 16, 2014 at 8:06 am Reply

    I have been having problems paying my credit card – the credit card company offered me a lower settlement to clear the entire amount. Does doing this hurt my credit rating and score?

  92. Adrian June 21, 2014 at 10:13 pm Reply

    Just got a huge tax refund and I need some advice. Should I go ahead and take this money and pay off some of our credit card debts or should I open an ROTH IRA to invest the extra money?

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