First Time CREDIT CARD DEBT?

Well, heres a big %26quot;WHAT IF%26quot; question (this has not happened)

lets say i do somehow get into credit card debt, lets say i somehow need to spend $2000 in a emergency situation. like my car broke down or somethin.

If i don%26#039;t have any money to pay it back in full, instantly, then i know i have to pay it back in monthly installments. along with interest, which differs person to person, card to card.

my main question, is that.....will having debt in that amount ($2000) ruin my credit? or will it help build it? because i wouldn%26#039;t have any $$$ to pay it back instantly, i would have to do the montly installments.

again, this is a big %26quot;WHAT IF%26quot; question. i%26#039;m usually really good with my credit card, i have never been in debt to it.

First Time CREDIT CARD DEBT?

Hello Sofaking,

Follow these 9 Steps To Tackle Credit Card Debt Problem

First of all, you can take comfort in the fact that you are not the only one fighting the credit card debt problem. There are hordes of people who might have an even worse credit card debt problem compared to you; all of them seeking to eliminate the credit card debt problem. So what is the solution to credit card debt problem?

Well, the solution really is to smash the credit card debt problem with full force and eliminate it completely. Now how do you do that?

There are many ways in which you can tackle credit card debt problem. Different people suggest different ways of tackling credit card debt problem. However, here is a simple step by step account of what you can do to get rid of credit card debt problem.

1. Take stock of the situation i.e. draw up a table with the following fields 閳?Credit card name, balance, payment due day (the day of the month by which you are required to make payment of your credit card bill), APR, reward points earned, redemption offers applicable for your reward points balance, remarks.

2. Fill the table up with data from your various credit cards.

3. Figure out which credit card is contributing the most to the credit card debt problem i.e. highest APR and highest balance.

4. Check if reward points can be used to make partial payments or cover any kind of fees or if the points can be bartered for something you need (spending less means preventing the credit card debt problem from getting worse).

5. Draw a comparison table of offers available for eliminating credit card debt problem (i.e. consolidating credit card debt).

6. First eliminate debt on the credit card that is contributing the most to the credit card debt problem.

7. Practice controlled and healthy spending habits (after all you are looking to get rid of credit card debt problem and not aggravate the credit card debt problem).

8. Look for alternative means of adding to your income (more money means earlier termination of credit card debt problem)

9. See your debt reduce with time and celebrate the day when you finally put an end to your credit card debt problem.

Remember this is just one of the ways of tackling credit card debt problem; you might devise your approach for doing away with credit card debt problem. Any and every approach is good if it fulfils the objective i.e. eliminates credit card debt problem.

First Time CREDIT CARD DEBT?

you should have a credit card for exactly that reason, emergencies. it actually builds your credit if you borrow money and pay it back on time or early. it%26#039;s even better than never having borrowed at all. it shows you can pay it back and you%26#039;re not a bad risk.

First Time CREDIT CARD DEBT?

If you pay your monthly bill ON TIME, it should not hurt your credit. However, by the time you pay off the full amount you will have lost money because of the all the interest you had to pay. It%26#039;s best to pay off the full bill at the end of the month. Save up money (2-3 months worth of living expenses) and put it in an %26quot;emergency account%26quot; to prepare for these types of situations. Credit card debt is not a good thing for someone to have and can easily accumulate and get out of control. It%26#039;s better to use a debit card and only spend what you can afford.

First Time CREDIT CARD DEBT?

Before you do use the credit card and put yourself in debt. Be sure that the credit card has a low fixed interest, not variable. Be sure that they will not raise your interest rate without just cause. Some credit card companies will raise your interest rate if you are late on your electric bill, your auto insurance payment or any thing else you pay in payments. Even if it is not your fault. What I do is call them up and ask if they practice this type of unethical behavior.

First Time CREDIT CARD DEBT?

If you pay at least the minimum payment on time every month, your credit would be fine.

Of course, you would want to pay off that credit card balance as quickly as possible and put as much extra as you could squeeze out of your budget onto that credit card. Credit card are not good long term financing -- the interest rate is too much.

First Time CREDIT CARD DEBT?

Using your credit card, even with a large amount such as $2000, will not ruin your credit. A credit card is great for emergencies. Your credit score will go down a little bit for such a sudden and large amount of credit being used, but as long as you make at least minimum payments on time every month, you%26#039;ll be fine.

First Time CREDIT CARD DEBT?

Like others have stated, as long as you make the minimum payment then your credit history will be fine.

That being said, my view on emergencies is that I wouldn%26#039;t want to have to borrow money in an emergency, especially if I have to pay back more than I use (i.e. interest rates).

A better plan that using credit cards in emergencies is to build up an Emergency Fund. Let%26#039;s say you have a credit card with a $2,000 credit limit. Why not build up an emergency fund of cash equaling that amount, and put it in to a Money Market Account with check writing capabilities (as well as a cash card; I use Capital One and they have both)? That way, while your money is sitting there, it will gain interest for you.

Ideally, an emergency fund would be at LEAST 3-6 months of living expenses. But try to at least save up $500-$1,000 for a mini emergency fund so you don%26#039;t have to rely on your credit cards in case something goes out on the car, or something like that.

First Time CREDIT CARD DEBT?

I am no gonna say I am one hundred sure about it.Besides it really depends on the personal feelings.

SO it would better for you to find yourself.Here is a good resource.http://debt-consolidation.featured-resou...

First Time CREDIT CARD DEBT?

That%26#039;s what credit is all about. You%26#039;re better off to have an amount on cards at all times that you pay consistently. This will create a good credit report for you. However, the problem that the general population has is living above their means and using credit cards to substantiate that lifestyle. Check out this site for more help:

http://www.credit-card-loans-debt.com/cr...

First Time CREDIT CARD DEBT?

There are some articles on credit card debt : Consolidate Credit Card Debt To Solve Financial Problems? , Reducing Credit Card Debt - It%26#039;s Never Too Late To Start , Credit Card Balance Transfer, if you are interest, you can take a look at http://avoid-bankruptcy-get-debt-consoli...

First Time CREDIT CARD DEBT?

Hi,

I used %26quot;Credit Solution%26quot; to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It%26#039;s legitimate.I came across this company on NBC News Special Edition.Check it out here:

http://shurl.net/5oX

First Time CREDIT CARD DEBT?

To put it simple, it will help build your credit as long as you make your monthly payments on time. Initially when a new creditor appears on your file, your score may decrease slightly, but once you make your payments on time each month, it will help your credit score. This will help you in the long run with acquiring new credit.