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Paid off three more!
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I just used school loans to pay off three more 30% APR credit cards.
I paid off three other ones, using my tax return, earlier this month, and just paid off all of my outstanding medical bills. Whew!!! This has been a long, hard struggle, and I still don't see light at the end of the tunnel, yet, and I have been saving as much as I can, using my Bike instead of a car, eating at home, and selling most everything I own. I am starting with the High APR cards with the smallest balances first. I plan to apply the money that I was using on those, to the High-APR cards with the big balances. Now, I'm just wondering how many of these will let me keep an account with them after I pay them off? My FICO score is probably going to go down because I'm getting more loans, but even the highest APR on a school loan is lower than my lowest APR credit card. I feel nervous and glad to pay these off. I feel like I'm '"robbing peter to pay paul" and I hope this works out well. I have paid off other cards in the past, and they either canceled my account (which lowered my FICO score) or lowered my credit limit (which also lowered my FICO score.) Posted on 03/27/08, 03:03 am |
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Everytime I pay a card off, they lower my limit or cancel my account. This means, every few months, my other cards see this information and then decide to hike up my APR. Why do we get penalized for being "responsible?"
I put responsible in quotes, because I may just be stupid trying to pay these off at all. I only owe this much because the banks are allowed to run amok and the Usury laws have been circumvented. I feel like a person whos trying to stop a dam from breaking by plugging it with my finger. When I get out of school, I'll have replaced my credit card debt with school loans, and will then have to try to pay those off. :( What have I gotten myself into? 
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CONGRATS!!
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Thank you for the advice and well wishes! I have learned my lesson on the credit cards and am only going to keep one for emergencies or trips after I get these all paid off. (If I get them all paid off...)
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congrats! You will sleep well tonight.
I let all my credit cards slide in the fall. It was a choice of paying the cards or buy gas and groceries. I got charged late fees, over the limit fees, and I was in a mess. I had to pay over $530.00 in February and $770 this month to get all of them back on track and under the limits and current again. It makes me sick!! Before that, if I paid the minimum on each one, I would have paid around $230.00 each month. It makes me sick they made so much money off me and it was dumb of me to let them slide like that. I have learned my lesson and now I want to pay them off one by one and never use them again.
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GOOD FOR YOU! I can only imagine how that must feel!!
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It does feel good, although these are only a drop in the bucket. I guess its still better to have drop in your bucket than nothing at all. I hope I can pay them all off, once and for all. There is one card I owe $10,000 on $4,000 is interest!!!), that I don't think I'll be able to pay down until after I graduate and get a good job...but, then I'll have the school loans...
Sigh.
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I am going to school for a Ph.D. so its pretty expensive. Replacing debt with debt isn't wonderful, but at least the interest rate on the school loans is fixed, and less than the lowest APR on any of my cards. Wiping out credit card debt with income is much better, as right now, I feel like I'm just prolonging the inevitable. I still have four more cards to pay off, and I'm hoping I can, before I graduate and then have to start paying off the school loans.
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I understand the feeling I too will have student loans to pay off here in about a year once I finish with my Bachelors. I am so praying that I find the good job. Otherwise I am so going to be in trouble financially. Without a vehicle and there being a lack of jobs in the area are going to kill me.. My relatives are not much help as they are also in my situation. It was really disheartening to find that both my dad and my brother are now jobless too in different industries. It is almost like the Adversary is trying to snuff out the whole family.
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