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Q & A
Drowning in Debt I have so many questions, but I will concentrate
on one of the two major devastating issues for us - credit card repayment.
When you have one or several (in our case unfortunately) credit cards,
is it best to make the payments at the payment date (i.e. once a month...as
they each come at different times) or make continuous payments throughout
the month? We would love to know how to make the appropriate payments
to reduce our debt load, and if we could do it in a time frame of 2 years,
that would be truly a wonderful gift for our young and growing family.
Name Withheld
You need to get yourself on a steady debt repayment plan that allots a specific amount each month to debt repayment in order to hit your two-year goal. Trying to make payments more than once a month: a) doesn't make any difference to your credit rating, and Go to my Own Up To Your Debt Worksheet and use it to figure out how much to repay each month. Your first priority should be to make minimum payments on everything except your most expensive debt… on that you throw all your extra money. Once your most expensive debt is paid off, take the money you were spending there and apply it against your next-most-expensive debt. Keep going until you are out of the hole. If you don't have enough money to put against your debt to get out of debt within the timeframe you want, then GET ANOTHER JOB! Good luck. I'm thinking of ya. |
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