Re: Paying off debt

From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: Paying off debt
Date: Fri, 29 May 1998 23:02:11 -0400

Next Article (by Subject): Re: persfin-digest V5 #18 Rich Carreiro
Previous Article (by Subject): re: Pay Off Debt? Stephan Iscoe
Articles sorted by: [Date] [Author] [Subject]

>	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

I lean heavily toward paying it all off.  18% interest is ruinous!
Look at it this way -- if you pay it all off, you'll have effectively
earned 18% on your "investment", risk-free.  You're not going to be
able to do better with your money than that.  Even if paying it slowly
did help your credit rating, you'd be paying through the nose to do so
and I simply don't think it's worth it.

And consider getting rid of all of your cards but one, and then asking
the credit card company to *lower* the credit limit on it.

Rich Carreiro
rlcarr@animato.pn.com
P5-100/RedHat Linux 4.1



- -

Next Article (by Subject): Re: persfin-digest V5 #18 Rich Carreiro
Previous Article (by Subject): re: Pay Off Debt? Stephan Iscoe
Articles sorted by: [Date] [Author] [Subject]

Go to Jeff Salisbury LWGate Home Page.