(Courtesy of creditmattersblog). Point is, Amex and any other lender that decides to can change MY limits based on other peoples actions. That's the point. No one can take away my cash because somebody else spent their loot on hookers and blow.
This still has nothing to do with the neighbor not paying.
This is what I did a couple of years ago to pay down a big CC debt. 1) Open an acct at a credit union and deposit the $2000 into a money market acct. 2) Take a loan against the 2K (you will only pay a 2-3% spread) and pay off the 2 lowest balance cards. Also have payment on loan taken automatically out of the money market acct. 3) Take difference saved plus any additional funds available and pay down remaining card until you receive a low rate (preferably fixed for life) balance transfer offer. Then use that to pay off remaining card.
Probably 6 months to a year, but it depends on the company. It also could depend on other factors, such as how much of a balance you carry, whether or not you pay on time, their mood that day, and who knows what else. Pay on time, and in a year call them up and ask them about it if they don't do it for you automatically.
So since my credit limit was kicked down how long will it be till I can increase my credit limit again? After I'm done paying off all the cards that is..
Some credit card companies give you automatic credit line increase based on a few undisclosed criteria. If you don't need to apply for a big loan or a mortgage anytime soon, I would suggest waiting for that automatic credit line increase. This way, you can avoid the hard pull that they'll do when you ask for a credit line increase.
So the dude may not have a job come november and everyone's advice is to spend his cash?
Damn, you are all dumb.
You know its February right? Ok, basically March. So that is 9 months? He should sit on that cash for 9 months? He lives with his parents, now is as good a time as any to get on top of his debt.
If it were me I would put the $2K (plus $50 I found some where) to pay off the lowest 2 CCs. Then cancel those cards. You dont need more credit, you cant afford the amount of credit you have now.
Expenses are gas, insurance, phone, and food. Gas and insurance are tough to cut, but if you can take public transport that can save you a ton. Phone and food. Phone should be easy to go cheap on unless you got locked in to a contract for a smartphone or something. Food should be cheap since you live at home. Dont eat out at all. It will suck to live so frugally for a while, but its either that or get stuck in a loop of always being in debt. I figure you can squeeze out about $500 extra a month, which will get that last CC down in 6 months.
Oh I almost forgot about your car stuff. In my opinion, as long as you are in debt and dont have cash to buy a new car, you cant afford it. Besides, although your car may be boring, it has low miles, and you know the issues (mostly) with it. I would suggest taking it to a mechanic and finding out exactly what is wrong with it and how much it will cost to repair it. Do that today. If you need brakes, get them done with your savings. No sense in making a problem worse to save a bit in interest charges.
Try to get your parents to help. Maybe not financially, but sit down with them and show them your plan. "I am going to do this and this and this, and in 6 months I should be out of debt". Maybe they will want to help you with the brakes or something as a birthday gift. Ultimately though, if you show your parents or other people your plan, it will be easier for you to commit to it.
Finally, find some side stuff to do for some extra cash. Clean gutters for your neighbors, post on craigslist to help people move. You can make $50 here and there which you can use as fun money, and the work will keep you busy instead of sitting around sulking about not having any cash.
Anyway, good luck whichever route you take!
Kyle: Dude! I almost thought those Afghani kids talked you into not liking America. Stan: No, dude. America may have some problems, but it's our home. Our team. And if you don't wanna root for your team, then you should get the hell out of the stadium. Kyle: Yeah. Stan: <salutes the American flag> Go America. Kyle: <salutes> Go America... Stan: Go Broncos Kyle: Yeah go Broncos. Cartman: Yeah...
Assuming you are ready and truly committed for a change in your habits/style. One easy way to make a quick buck would be signing up for the promo on the front page.
Chase 300$ for spending 500$ in 3 months http://slickdeals.net/permadeal/69082
Another one for opening a direct deposit account for 150$ @ chase. http://slickdeals.net/f/3980274-150-Free-from-Chase-for-New-Checking-account-w-direct-deposit?v=1
In addition to what people have stated: paying higher card first etc., saving as much as possible, paying off as much as possible etc.
Use credit card rewards to your benefit. They are essentially giving away 300$ in hopes that you will be hooked and slip down the credit card slope. Those two reward benefits give you $450.
Im not endorsing additional credit cards, but if you can pull it off, you made $450 in 3 months (free – for things you would have done anyways – buy gas, food, direct deposit etc.) That’s almost 10% of what you owe. Just make sure you pay your balance every month. 500/3 months = $166/mo
2950 at ~17.99% - $500 (remainder of emergency fund) - $450 rewards benefit.
1550 at ~21.99% (somewhere in 20+%) – pay off with emergency fund
500 at ~12% -
Remaining Balance - $2500
Continue to hack away at the 2500 for the remainder of your internship. You mentioned you managed to save 2k in 6 months. Do it again.
Sell your stuff on craigslist. You have free time as a student. Post all the stuff you don’t need. Offer your services/skills. No one said making/saving money is easy.
Celebrate and enjoy life when you are out of debt.
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