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Payoff Credit Card
QUESTION
Asked by “Jessica B”
How do I pay off my credit card? I work full time and just cant get ahead..?
I need to pay off my credit card and I have tried not using them.. paying on time.. etc. etc. I dont want to take out a loan to pay them off bc Im trying to save up for a car. I work full time, and go to school. Should I get another job. It just feels like I can never get ahead.. Any help would be loved! Thanks.
ANSWER
Dear “Jessica B”:
Well the credit cards don’t want you to get “ahead”. They’d like you to keep paying the 18 to 30% interest for the next 30 years. Credit cards are the quicksand of the financial world. If you struggle, you’ve drowned. If you relax and go with the flow, you can swim out of it.
Just so I understand, you have one or more credit cards and you feel like you can never catch up. Well, I’m no Suzzie Orman or Dave Ramsey, but fell into the same trap when I was young a long time ago. So, I got out of it and you can too.
Here’s a suggestion and some thoughts.
Suggestion: Find a credit union. Then drop by and chat. They are very nice people who have a different mission from a bank. They want members; not interest charges.
If you think that you can’t escape, you can’t. The credit card company minimum payments will get you free and clear in forty years.
You need to know EXACTLY what you are spending every penny on. Get a little book at Staples for a few bucks. They have a cheap brown stitched one with a column for figures. AND, record every expense. (You can also transcribe it to a check book program like Ace Money Lite http://www.mechcad.net/products/acemoney/index_lite.shtml (It’s free!) to manage your budget.
Then for every expenditure, ask do I really really really need it? Then, try a do without it. The daily expenditures for coffee and paper add up.
Take a look at the sites in my sources for further thoughts.
You can do it. I have confidence in you. Hope this helps. I’m interested how it works out for you. Drop me a note sometime. My blog has other helpful “stuff”.
Ferdinand J. Reinke
Kendall Park, NJ 08824
SOURCE
http://www.creditunion.coop/
http://www.suzeorman.com/
http://www.daveramsey.com/
http://www.ftc.gov/
https://reinkefaceslife.com/2007/05/16/yahoo-answer-credit-unions-good-for-car-loans-not-good-great/
https://reinkefaceslife.com/2007/06/19/yahoo-answer-car-loan-to-credit-card/
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