I have been in charge of my husband's credit cards for a month now. He is bad with money, really bad, and got all four of his cards maxed out, some over the limit (=fees), making late payments (=more fees). Two of them are secured cards, and one come up with little charges like "Account Maintenance Fee" (add me some more fees, will ya??). The end result isa mess.
CC#1 22.9%, 66.5% balance to limit
CC#2 21.0%, 84.7% balance to limit
CC#3 24.0%, 71.6% balance to limit
CC#4 27.75%, 57.4% balance to limit
The limit of each card is either $400 or 500, so not THAT high, but it adds up.
Goal: have them all paid by January.
Plan of attack:
- CC#4, which is also the one with the maintenance fee, will have to go first. Balance is "only" $230. I can probably have it paid this month
- CC#2 had a Late Fee posted to it 2 months ago. I want him to call tomorrow and have it refunded if we make a $120 payment this month. I have had him play this little game this whole month of calling them and remove fee for extra payment. It's worked pretty well so far!
- I will make more than minimum payment on CC1 and 3, and they should be gone by December.
So that's my plan/strategy
Dear hubby's great credit score got him those rates...
October 13th, 2006 at 06:02 pm
October 14th, 2006 at 04:54 pm
Hard to believe I was like that once. Now, people would have to force me at gunpoint to carry a balance....
October 14th, 2006 at 04:59 pm
October 14th, 2006 at 05:36 pm
Broken Arrow - the balance carrying over was not supposed to happen, but.. well, you know!
October 14th, 2006 at 09:56 pm
October 15th, 2006 at 05:57 pm
October 16th, 2006 at 07:27 am
LOL Tina... To answer your question, my husband is not necessarily a big spender. He's just a "f... it" kinda guy. He knows he shouldn't spend, but get frustrated, spends, and regrets it afterwards. He figures he'll think about how to fix the problem later instead of just not creating the problem right now.