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I have over 2000 dollars worth of dept and dont qualify for dept consolidation
I want a low monthly payment

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Want versus Need

Helpful to 24 out of 26 people

I hear you.  Everybody "wants" a low monthly payment.  But sometimes what you "need" is a higher monthly payment, until you get out from under that debt.

When I hear someone talking about wanting to lower their monthly payment, its generally because they are either in over their head, or because they are getting ready to make another bad decision and get further in they're lowering one payment to make room for another payment.

I don't know the details of your situation, but do yourself a favor...attack your highest interest rate (assuming that 2000 is spread among more than one card or loan).  Make minimum payment on your lowest interest card, and throw everything you can throw at the highest interest card.  Don't take on any new debt, until you're in control of current debt.

Live within your means.  That's easier to say than it is to do...but its best thing you can do for yourself and your family.

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Helpful to 9 out of 10 people

Great answer IllustriousPotentate!

I would second that you should taken the highest interest rate debt and pay that down aggressively first. Do not pay more than the minimum payment on the other loans until you are able to pay off the one with the highest interest rate. Then, focus on the loan with the second highest interest rate. Best of luck and keep us posted!

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Helpful to 3 out of 3 people

Focus on the highest interest and balance account. If you can pay half  of that balance down. Then you can continue paying the minimum towards your other accounts . Then the next month conitnue paying half down of the balance on the second largest account amount. This will allow you to get up with the monthly incoming bills and managing your credit for future neccesity. Don't get caught up on surrendering your cash at one time. There are many rainy days ahead. Just pay closer attention to  how your creditors are reporting and when the credit report has been updated.     

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Consolidation Loan

Helpful to 3 out of 4 people

I did go through Avant Loans and consolidated all my credit cards and very excited until I realized that my APR was 35%! Crazy I know--I just applied today with my Credit Union and they are offering Special Loans at 6%--I am waiting a reply now. There was two ways that I was working on paying off my bills, making the list from largest to smallest and paying off smallest 1st and working my way up. But then I realized that was taking forever. I now start with my most used card (highest APR) and make bigger chunks of monthly payments and make minimum on others. Hope this helps!

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Helpful to 3 out of 4 people

Just pay if off. It is such a minute amount in the big picture, that most likely you will struggle more trying to "consolidate" than just paying it in full.  I've been there, you just keep plugging away, and minimizing "un needed" purchases while you do it. (Gotta just relax on the "wants" vs the "NEEDS"

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if i pay off the accounts on my credit  will my numbers go up

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Yes, your credit score will go up.   Getting your balances down to under 30% of your overall balance is key.

If you have $6,000 worth of available, do not use more than $2,000.  Better if you can be at 10% utilization which will mean do not use more than 600.00.  Just because you have available credit does not mean you should use it to the max. that is how you can get yourself in trouble.  Sometimes you will have to if there is an emergency, but if that does happen try and pay that balance down within the same month.  Maxed out credit will make your scores plummet.

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