Go to Jeff Salisbury LWGate Home Page.From: Barry Bartley <bbart@erols.com>
Subject: Re: persfin-digest V5 #19
Date: Sat, 30 May 1998 23:48:38 -0400
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Elliott wrote: > Date: Mon, 25 May 1998 21:45:09 -0400 (edt) > From: Iron Foot <ironfoot@dorsai.org> > Subject: Paying off debt > > Greetings all! > > Does it matter how I pay off debt? I've run up a couple of credit > cards well past their limit and have *not* paid off on the cards until > recently. But I've decided to take some control here and have begun to pay > off the cards slowly - even getting one card under the credit limit so as > to not pay over credit fees. > > Now, I've come into some money and theoretically could pay off all > of the debt. But my credit is so lousy that I'm thinking that it would be > better for me to slowly pay off the cards so as to rebuild my credit > history. > > So what's a guy to do? Pay off the cards all at once? Or pay them > off slowly? According to the credit rating people, does it matter? > > Thanks. > > Elliott > ironfoot@dorsai.org > I just recently refinanced a lot of consumer debt (credit cards, etc.) into a second mortgage so that I could take a tax break on the interest, have one loan vs. several, etc. While pursuing the conclusion of the loan, I was told on several occasions by the credit watchdog companies (TRW, et al) that to clean up my credit record, I needed to get all accounts current, no past dues, and then close them out and not start any new credit card accounts. My suggestion would be that if you have the funds available, pay off all of the credit cards, close out the accounts (ask the companies to close them out, notify the credit bureaus and make sure that they note in the credit report that each account was closed out by CONSUMER REQUEST) and then, if you need to have a credit card, go for the lowest you can find. Delaware has banks with cards at low rates, and an internet search will also aid you in finding low rate cards. If you can go to CASH only, do so, and then get a debit/ATM card to work with. To protect your funds even more, you might want to check out some OFF SHORE banks which issue credit cards. I'm not a financial expert but the suggestions above are things I have done to help myself and perhaps they will help you. James B. Bartley, Knight Consulting, bbart@erols.com - -
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