RE: Minimum Payments to Avoid Collections
I pay at least 10% of my total current credit card balance every month. I see movement towards paying my debt.
Posted on 01/31/2009 | Report Spam or Abuse
RE: Minimum Payments to Avoid Collections
I was paying $100.00 a month on a hospital bill to Mayo and they turned me over to a credit agency, with no warning.
Posted on 12/13/2008 | Report Spam or Abuse
RE: Minimum Payments to Avoid Collections
You definitely need to pay the minimum amount due on credit card or loan payments! Even doing that is going to affect your credit in a negative way if you have a high amount due :-(
The law about a five dollar minimum payment pertains/pertained only to medical bills and that law may have even changed over the past few year!
Posted on 12/12/2008 | Report Spam or Abuse
RE: Minimum Payments to Avoid Collections
Dave Ramsey's book and website offer counseling on this issue.
Posted on 12/11/2008 | Report Spam or Abuse
RE: Minimum Payments to Avoid Collections
I would advise you to buy a book entitled "How to Settle Your Debts Without Committing Financial Suicide" by Norman H. Perlmutter. You can get it on Amazon for $12.89.
Posted on 12/11/2008 | Report Spam or Abuse
RE: Minimum Payments to Avoid Collections
The credit card bill tells you the minimum that you have to pay. Depending how big your debt is and paying the minimum amount can stretch out your credit debt for years. For example, if you owe $15,000 the min payment is $375, it would take 423 months to pay off your debt providing you did not make any further charges. You can go to www.bankrate.com to figure out how long it would take to pay off your debt at mimimum payments.
Posted on 12/11/2008 | Report Spam or Abuse
RE: Minimum Payments to Avoid Collections
No! There is NO truth to that. You must pay the minimum amount set on your statement or an agreed to amount - get this in writing.
Posted on 12/10/2008 | Report Spam or Abuse
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