My grandfather recently passed away and he left me quite a large sum of money. What would be the best way to pay off these credit cards? Should I pay half one month, and then half the second month?
The goal here is to a) settle my credit card debt, and b) improve my credit score. The inheritance money will be released to me monthly until the amount expires (around $500 a month for the next 10 years). Any guidance/suggestions are greatly appreciated.
For example, let’s say a person has $9,000 in credit card debt, and three credit cards, each with a $10,000 limit. Does it make any difference if the person has all $9,000 on one card, compared to having $3,000 each on three different cards?
Please cite your source, if you have one. Thanks!
also do you feel that whatever you sopent that money on was worth the debt you have now? lastly how long will it take you before it is payed off.
for me the answer would be NO i have nothing to show for the 6k in debt and because im a brokeass it will take me a couple years to pay that off IF i dont add more to it.
im just wanting to compare myself with other people.
first guy to answer made a good point, income to debt ratio matters, would be good to mention income as well then. my income is about 30,000 per year.
After paying down my credit cards, how quickly will my credit score be affected? Should i wait a few months?
When my family and I confronted him about it, he broke down and apologized… he said he was ashamed of his childhood and went through sexual abuse and verbal abuse, and that his parents were drug addicts so he didn’t want anything to do with them. So being the Christian woman I am, I forgave him.
During this time, I found out I was pregnant by him, so that was a big factor in me staying.. because I had no finances of my own. I was in school and didnt’ have a job. He is in the military and had a good job and brought in good money each month. However, he would shop it all away and blow it. I feel like he caused the debt to get me to stay because he knew I couldn’t pay it off on my own. He was also mentally and verbally cruel to me while I was in my first trimester and I hit him out of frustration. He says if I ever tried to divorce him, he would tell everyone how I “beat” him and would use it against me to take my child away.
So fast forward a couple months— I have tried everything in my power to make things work. He is now in Iraq and we are still together. I have been trying to pay off the debt, but he has been very difficult with money management over there. He is shopping in Iraq for stupid stuff and spending lots of money to send it home. I told him that I just want to make sure our finances are okay because we have a baby on the way. I never shop!
Anyways… due to modern day technology, he expects me to get online every single night at 11 AM and talk to him until he has to go…which isn’t until 2 am. If I don’t get on right at 11 or if I try to get off before that, I get accused of being a bad wife or cheating… I am neither. I am the most loving, faithful person who is in a really controlling relationship. I am also 7 months pregnant and get tired…I can’t do everything. Being pregnant is very tiring and I feel bad if I tell him I need to go to bed.
If I do anything wrong or say something wrong, I get cursed out, put down… He will talk down to me.. Today, he ordered me to turn my webcam on… and I didn’t have it on in time, so he called me dumb and stupid and a bad wife becuase I didn’t have my web cam on right when he wanted me to have it on. He compares me to the other army wives and says they dont complain of being tired to talk to their husbands.
Truth be told, I really don’t like talking to my husband anymore… Everyday, he will find a way to make me cry and feel horrible about myself. He threatens divorce every single time we argue or if I stand up for myself.
I have had it… My family doesn’t like him anymore because they are the ones that see me cry. My family knows all about his lies and possessive nature and they can’t get past it. I have tried everything!
What should I do?! I have no money, no car of my own because he sold it… I’m about to have a baby!
ONE MORE QUESTION—
He says he would fight me for custody of the baby if I left him.. Is that even possible?!
Also— we were married before we found out we were pregnant. I didn’t marry him because I was pregnant, but it was a big factor in me staying in the marriage after I found out!
Does anyone know if when we take out this mortgage, can we also take out a little more to take care of our credit cards bills and then we just have this one big payment for our mortage and our credit card bills.
I should not out that the house is worth $260, but we are only paying $235 for it so really, it’s like we are getting automatic equity right? And that could be used to pay for some of the credit card debt. I’m just worried they won’t want to give us the loan because they will say we don’t have enough money to pay for the mortage because of the credit card bills. This is a great house, we don’t want to pass it up!
