By Admin on Nov 24, 2008 in Personal Finance
Brad M asked:
I currently have around $3,200 in credit card debt, which is a large yet manageable amount. I want to pay this debt off slowly. What is a good timeframe to completely pay off my balance? Is a year or two a good goal or should I be more aggressive?
I currently have around $3,200 in credit card debt, which is a large yet manageable amount. I want to pay this debt off slowly. What is a good timeframe to completely pay off my balance? Is a year or two a good goal or should I be more aggressive?
I know it depends on what I want to do, but I am not sure if having large amounts over time is a bad thing over than the obvious interest accruing.
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If you pay it off slowly, you’ll definitely pay a lot in interest.
Go to this website and you can come up with a plan that suits you:
thekriz | Nov 25, 2008 | Reply
Pay it off as soon as possible, because it’s costing you too much interest, set your goal at one year, if that long, and try to pay the most per month you can afford. Just always pay more than the minimum payment. Your balance you owe doesn’t affect your credit rating, it’s your payment history. Make your payments on time and pay it off as soon as you can.
summergirl | Nov 27, 2008 | Reply
pay it off as fast as you can, so you don’t pay an additional fortune in interest on it
Doctor Deth | Nov 30, 2008 | Reply