Debt management

Loan consolidation

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sdchargers_63

Joined: 13 Aug 2007
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Posts: 891

2654 Magic Points

Subject: credit cards

Tue Mar 18, 2008 1:39 am

On my credit card ( it's a $300.00 limit), I usually send a $40.00 payment, per month. However..the 'minimum' payment is $20.00. Can I ACTALLY specify if i want to use the 'extra' payment TOWARD a payment, OR the 'principle'? I din't know I could do this.

Morningstar

Joined: 17 Apr 2007
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Posts: 609

40 Magic Points

Tue Mar 18, 2008 4:26 am

I know that you can do this with a collection agency, when one is collecting on multiple accounts from a single debtor, but I am not familiar with this practice in relation to original creditors and a single account.
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I don't dream since I quit sleeping

charles.armbruster

Joined: 14 Mar 2008
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Posts: 27
Location: Mesa, AZ

1355 Magic Points

Tue Mar 18, 2008 5:02 pm

I've never seen a spot on the return payment coupon where you can SPECIFY where the difference is to be applied -- I always assume it will applied against the balance due -- not the principal, since the accummulated principal and interest accrued becomes the balance due.

Laura

Joined: 21 Jun 2007
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Posts: 1407

34536 Magic Points

Wed Mar 19, 2008 10:48 am

So how do we now understand how much principle or interest is left towards payment?
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Laura.

charles.armbruster

Joined: 14 Mar 2008
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Posts: 27
Location: Mesa, AZ

1355 Magic Points

Wed Mar 19, 2008 6:12 pm

We don't! Credit cards are worst boon-doggle ever invented, for the consumer. We used to bo the bank to get a small loan -- now, we are "granted" the priviledge of borrowing untold amounts of money for whatever the market will bear -- i.e. - they charge whatever they can get.

Our minimum payments are only 5% of the balance due, if that. You'll notice that the bulk of any payment is the accrued interest -- the difference is being applied to the balance, but that includes the accumulated interest.

This arrangement is the chief reason people have refinanced their credit card debts into their tax-deductible mortgage interest home loans.

Credit card debt is free to get, but it is not cheap to own.

Morningstar

Joined: 17 Apr 2007
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Posts: 609

40 Magic Points

Wed Mar 19, 2008 8:22 pm

Quote:

Credit card debt is free to get, but it is not cheap to own.

LOL
Ain't that the truth!
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I don't dream since I quit sleeping

sdchargers_63

Joined: 13 Aug 2007
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Posts: 891

2654 Magic Points

Subject: credit cards

Mon Mar 24, 2008 10:19 am

I've been looking at different companies that can 'consolidate' credit card debt. However.....you don't 'qualify' if you don't have credit card debt that is underso-much of an amount (ie..if you have LESS than $5000.00 in Credit Card debt). OR..if you don't have a ZILLION dollars of overdue bills, you don't 'qualify' with some companies. Boy....that's frustrating, when you are trying to help yourself.

goodnatured

Joined: 03 Nov 2007
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Posts: 3133

5262 Magic Points

Mon Mar 24, 2008 10:52 am

I agree sdchargers, if we had perfect credit would we be going to these clowns in the first place? Sounds goofy, huh. Hopefully you will find one that is not too crazy on intrest, that seems to be the problem when we get ourselves into this pickle. goodluck.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

fireyone

Joined: 26 Feb 2008
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Posts: 2856

1907 Magic Points

Mon Mar 24, 2008 5:43 pm

I think very few have excellent credit. Nobody sails through life without hitting a rough spell. I'm sure their are actually few out there. I wish they would offer help to the ones whom don't have "considerable" debt. $500 may be alot to some one making $50,000 but to someone who only makes $20,000 considerable debt would be $2500. When you relize you need help it would be nice if it was there.

goodnatured

Joined: 03 Nov 2007
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Posts: 3133

5262 Magic Points

Tue Mar 25, 2008 2:11 am

Gotcha, unforturnately it does not work like that, the rich get richer and the poor, well they stay poor and the rest of us go to work every day.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

fireyone

Joined: 26 Feb 2008
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Posts: 2856

1907 Magic Points

Tue Mar 25, 2008 11:31 pm

very true...sooo very true

sdchargers_63

Joined: 13 Aug 2007
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Posts: 891

2654 Magic Points

Subject: debt

Thu Mar 27, 2008 5:09 am

Companies ARE there..........however, I'm not giving half my income, to them. As I do more and more 'research', on Consoladation/Settlement Companies, I'm convinced they are there to help ONLY the 'high income'. I agree with ya'll above. It would be more accurate ( I think, anyway..) to take care of debts ourselves. Besides..it's free if we do it ourselves. I understand alot of people want a 'quick fix', but, it doesn't happen that way. 'Time' will help.

goodnatured

Joined: 03 Nov 2007
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Posts: 3133

5262 Magic Points

Sun Sep 21, 2008 4:23 am

Yeah, and sites like this where you can get all the advice you need. How are you doing with everything??
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

sdchargers_63

Joined: 13 Aug 2007
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Posts: 891

2654 Magic Points

Subject: debt

Sun Sep 21, 2008 12:12 pm

Well, GOODNATURED.......to tell you the truth, everything seems so 'disorganized' ( lack of a better word). I seem to get my 'ducks in a row' and something happens. THIS brakes down or THAT comes up. The one and only credit card I had I cancelled. Just seemed like I would never 'get ahead' on it. The payments went up and the fees and % were just soaring! A few times, I made late payments and only had the money for the monthly payment...NOT the late fee, so it seemed like I din't make a payment at all. Make sense? With everything else......I'm just taking day by day. .....looking at some 'small' debts and seeing what I can do with them. All of this can get overwhelming.

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 891

2654 Magic Points

Subject: debt

Sun Sep 21, 2008 12:15 pm

I wanna add, too that I'm SOOOOOO glad that in the state of PA CA's can't take Wage Garnishments ( except Federal stuff like Child Support, Student Loans, etc.). Boy.if that COULD happen, I wouldn't have a paycheck left.......LOL I guess sometimes you HAVE to laugh about 'your' situation...ya know?

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