How to pay off a high interest credit card?

We have $8,000 debt on our credit card, but we missed a payment on accident and the interest was raised to 29%. They will not lower the interest rate now. We are basically paying interest and can%26#039;t seem to get the balance down. We%26#039;re thinking about 2 options here: getting a personal loan at the bank to pay off the card or transferring the balance to a lower rate card.

1. Approximately how much would the interest be on a personal bank loan on $8000? (anything is better than 29%)

2. Can you recommend a credit card with a high limit and low balance transfer rate or 0% on balance transfers even? (Haven%26#039;t found one yet....checked creditcards.com, but not much help)

Thanks. Please, no lectures about late payments and not getting too many cards. We just need a better way to get this one card paid off. (We don%26#039;t use the card....we%26#039;re just paying on it) And we have good credit btw.

How to pay off a high interest credit card?tax credit

Been there, done that, so am not going to lecture you. Don%26#039;t fall into the trap of getting a 0% credit card to pay off another, because they won%26#039;t give you the full amount and now you have two high interest (in 90 days or 6 months) credit cards to pay off. I went bankrupt, but the laws have changed. If you are healthy and can emotionally handle it, get a second job for whatever days you are off, or a few hours in the evening. Sell your car and buy a cheaper one. Cut out coupons. Don%26#039;t buy anything, I mean anything, new unless it is a Need not just a Want. Get overtime on your job if you can. Do anything you can to pay it off without borrowing more, because that only makes the problem worse. If the interest rate is lower on a reasonable bank loan, go for it, but make sure it is not in anyway adjustable.

One guy said credit cards are just like a loan shark , it should be illegal, but the government likes to make the rich richer, so they let it go on. I%26#039;d say that%26#039;s pretty accurate. When I called the credit counselor she said I could pay for 30 yrs at the minimum and never get it paid off. (mine was three times yours).

The best guy I%26#039;ve heard on financial advice is Dave Ramsey. He is down to earth and practical. (pragmatic)

Good luck!

How to pay off a high interest credit card?

loan

If you still have good credit....apply for another credit card with a 0% (or very low interest) balance transfer option....If/when approved...balance transfer this $8K debt onto the new card.....When you get confirmation of the transfer....cut up the old one with a note to cancel the account....|||Your credit might not be good enough to qualify for a bank loan or a 0 interest rate credit card.

Make yourself a strict budget. Eliminate all the extras -- eating out, new clothes, cell phone, premium cable and internet, etc. Take every penny you can squeeze out of that budget and throw it at that debt.

Find ways to bring in more cash to put on that credit card. Have a garage sale, collect alum cans, get a second job -- pizza delivery has flexible hours.

You can pay off that 8K within 18 months if you work at it.

Help me. Math?

1: Be careful to answer the right question! Sometimes you solve for one traveler%26#039;s time, then need to find the other traveler%26#039;s time. Ask yourself each time: %26quot;what is the question asking for?%26quot;

Two jets leave an airport at the same time in opposite directions. The first jet is traveling at three hundred forty one mph and the other at three hundred thirty two mph. How long will it take for the jets to be 1,616 miles apart? Round your answer to the tenths place.

Hint: you are given a total distance. Therefore, jet 1%26#039;s distance expression plus jet 2%26#039;s distance expression equals the total distance.

179.3 hours

2.4 hours

6.2 hours

2: Alexis left Miami and drove at a speed of 20 kph. Thomas left 3 hours later and drove at a speed of 30 kph. How long will it take Thomas to catch up to Alexis?

Hint: since they both go the same distance, we can set their distance expressions equal for the equation. Get the distance expressions for each by using the D = RT formula.

9 hours

7.5 hours

6 hours

3: Savannah left Miami and drove at a speed of 47 mph. Timothy left 2 hours later and drove at a speed of 58 mph. How long will it take Timothy to catch up with Savannah?

Hint: since they both go the same distance, we can set their distance expressions equal for the equation.

8.55 hours

10.55 hours

7.5 hours

4: Two jets leave an airport at the same time in opposite directions. The first jet is traveling at three hundred twenty-three mph and the other at two hundred mph. How long will it take for the jets to be 2,371 miles apart?

Hint: you are given a total distance. Therefore, jet 1%26#039;s distance expression plus jet 2%26#039;s distance expression equals the total distance.

4.53 hours

2.37 hours

123 hours

5: Caleb left New York and drove at a speed of 15 kph. Ryan left 3 hours later and drove at a speed of 20 kph. How long will it take Ryan to catch up with Caleb? ?

Hint: since they both go the same distance, we can set their distance expressions equal for the equation.

12 hours

9 hours

6 hours

6: Alexander left Miami and drove at a speed of 46 mph. Thomas left 1 hour later and drove at a speed of 60 mph. How long will it take Thomas to catch up with Alexander?

Hint: since they both go the same distance, we can set their distance expressions equal for the equation.

4.29 hours

3.29 hours

5.29 hours

7: Kyle left Miami and drove at a speed of 46 mph. Eric left 1 hour and 45 minutes later (which is 1.75 hours) and drove at a speed of 62 mph. How long will it take Eric to catch up with Kyle?

Hint: since they both go the same distance, we can set their distance expressions equal for the equation.

6.78 hours

3.2 hours

5.03 hours

8: Morgan and Thomas left Seattle at three in the afternoon, traveling in opposite directions. At six p.m., they were one hundred eighty-nine kilometers apart. If Thomas%26#039; rate of speed is two times that of Morgan%26#039;s, what is Morgan%26#039;s speed?

Hint: you are given a total distance. Therefore, Morgan%26#039;s distance expression plus Thomas%26#039;s distance expression equals the total distance.

17 kph

24 kph

21 kph

9: Megan left Seattle and traveled at a rate of thirty-one kph more than two times the speed of Isaac, who left at the same time but in the opposite direction. After 1.22 hours, they were 133 kilometers apart. What was Megan%26#039;s speed?

Hint: you are given a total distance. Therefore, Megan%26#039;s distance expression plus Isaac%26#039;s distance expression equals the total distance. This answer depends on how you rounded throughout; select the closest or ask for help.

83 kph

23 kph

26 kph

10: Jacob left Seattle and drove his car at thirty-five mph. Caleb wanted to catch up with Jacob but left from the same point at 4:04, which was 1.37 hours later. Caleb traveled at a speed that was sixteen mph more than Jacob did. At what time will Caleb catch up with Jacob?

Hint: express Jocob%26#039;s time in hours first. Then set the distances expressions equal.

When you have solved for Caleb%26#039;s time, please round the value to a whole number, then continue.

7:04

4:37

5:29

11: Thomas invested some of his $1,650 at 8% and the rest at 7% for one year. The annual simple interest from the 7% investment exceeds that from the other investment by $12. How much money was invested at 7%?

HInt: the interest from the 7% account is $12.00 more than the 8% account. Therefore, the interest from the 8% account plus $12.00 equals the interest from the 7% account.

$829.00

$960.00

$1,259.00

12: Cameron invested three times as much money at 7.95% as he invested at 6.5%. If his yearly simple interest is $282.26, how much money was invested at 6.5%?

Hint: Find an interest expression for each account. Then, those expressions added together equal the total interest.

$860.00

$900.00

$930.00

13: Jason wants to have simple interest income of $4,611 per year. If he found a bank that pays 8.7% simple interest per year, how much money will Jason need to deposit to meet his interest goal?

Hint: no table is necessary!

$12,300.00

$53,000.00

$24,060.00

14: Abigail has a credit card from Arctic Bank and another from Bagel Bank. She charged $130 more on the Arctic Bank card than on the Bagel Bank card. Arctic Bank charges 11% simple interest per year and Bagel Bank charges 18% per year. The yearly interest charge Abigail needs to pay is $226. How much money does Abigail owe Arctic Bank before interest charges in one year?

Hint: add the interest expressions to equal the total interest.

$860.00

$730.00

$560.00

15: Shelby had $6,200. She invested her savings in two mutual funds for one year. One fund is paying 5% simple interest and the other 8%. How much money did Shelby invest at 5% if the total annual interest is $421?

Hint: add the interest expressions to equal the total interest.

$1,000.20

$2,500.00

$1400.26

Help me. Math?credot siosse

I will do two for you, then you can see how to do the rest. It really is a lot to ask someone to do fifteen problems for you, don%26#039;t yuo agree?

1) Total speed of planes = 342 + 331 = 673 mph. (They are traveling in opposite directions, so you can add them together.)

The question becomes, how long will it take something to go 1616 miles at 673mph? Or 673(x) = 1616, or X = 1616/673

X = 2.4 hours

10) J = 35mph

C = J start time + 1.37 hours

C speed = 51

C has 1.37(35) miles to catch up, or 47.95 miles.

The question becomes, how long will it take C to go 47.95 miles traveling at 16mph? (You can%26#039;t use the 51mph since J is moving as well, so C is only GAINING 16mph.)

47.95 / 16 = 3 hours (2.997) plus C%26#039;s start time of 4:04 = 7:04.

Good luck!

(For interest problems, remember Interest = (Principal)(Rate)(Time), where rate is the % and time is the part of a YEAR.)

Help me. Math?

loan

you%26#039;ll learn much better if you do that on your own....

i%26#039;m hoping teachers check Yahoo Answers these days...|||If you dont get things you should really ask your teacher.|||a fast way to answer these questions is to take the answers and figure it out backwards.

For #1 however, it is easy to see, you just keep adding the distance they travel each hour. (341+332) 673 miles per hourlook at what answer is closest to how many miles they have to get to.

For #2 multiply the 30 kph times the answers, 270miles, 225 miles and 180 miles. THen divide these by the answer plus the 3 hours: 12, 10.5 and 9 You get 22.5, 21.4 and 20. 20 is the speed at which the first person is travelling, and thus the answer is #3.

Get it?

Rebuilding Credit?

I%26#039;m currently working on rebuilding a good credit rating. Being completely unaware of the long term effects of misusing credit during my college years, my pursuit of achieving post graduate success has been hit with many rude awakenings. Now that my credit rating is more important than ever, and even with a steady income, it has been a challenge to be granted new credit.

I received a high interest rate car loan, and around the same time opened a Orchard Bank credit card with a $300.00 limit, since then HSBC has solicited me for a Best Buy Card, approving me for $300.00. Thinking my credit was shaping up, I%26#039;ve been seeking new credit card accounts, in hopes to enhance my credit rebuild efforts. I think I applied for a few too many (around 6) I was approved for two of them ($200 %26amp; $500 limits) How long will these new accounts take to have a positive effect, enough to outweigh the negative effect of the inquiries and new accounts?

Rebuilding Credit?interest rate

What you need to do is use each of these cards. Keep the overall % on the card under about 40% and DON%26#039;T BE LATE! Some credit cards have a feature where they let you know your credit score monthly on their website (my Washington Mutual card does this). If not, a good credit monitoring service (like truecredit.com) can keep you updated on your FICO without building more inquiries on your credit. Do not, under any circumstances, apply for more credit. Car installment loans are a great way to build credit... and since you already have one, just make sure not to have any lates and you should see your credit rating improve. The credit cards you already have may offer you more credit, take it, just don%26#039;t run the cards up!

Rebuilding Credit? loan

I would start by doing a credit clean up on my account. That will raise your score the fastest (30 days) and you can do it yourself.

I%26#039;ve done it and brought my score up 200 points once. The first article below says exactly how to do this.

The second article tells you how your score is determined and what really counts when building your score.

Hope this helps.|||Those will offset the negative ratings, it will take time though. Most creditors only report every three months, so once they start reporting a good payment history, then you will notice a difference. Don%26#039;t expect anything right away. If you can stop getting new cards for 1 because all credit checks put negative marks, and 2, try paying off some of those bad debts, it looks better if those are paid on rather than left to rest dormant.|||On the bright side you had some limited success getting credit cards and a car loan. Bide your time for 4-6 months. Don%26#039;t have ANYBODY look at you credit 6 inquiries is close to abuse. Make small charges and pay the cards in full when you get the bill. Get a copy of you credit bureau. make sure to payoff all collection accounts and have any accounts previously paid in full updated if appropriate.

you may find the bank where you have your checking account would give you Ready Reserve to cover a check if you overdraw your checking account. This works the same as a credit card = a revolving line of credit . Make sure it will report to the credit bureau.

NEVER become more then 30 days late on anything, not even a phone bill ever again.|||well, with every on time payment you make it will immediately start building back your credit. Depending on how bad your credit is. it could take a long time to build back your credit. Your credit history stays with you for 7 years. So, just make your payments and stop worrying about your credit.|||To Repair credit score

Your credit score is based mostly on:

1. Length of credit history

2. Payment history.

3. Ratio of credit used to available credit.

4. Number of credit inquiries you authorized.

If you cancel your card, you%26#039;ll be hurting your credit ratio. (#3).

You want to deliberately keep your oldest credit card open, even if you never use it.

You want to always pay the minimums of each loan on time every month.

You want to keep your available credit high, but actually only have balances equalinig 25% or less.

You want to keep your credit inquiries to a minimum. Try for no more than 3 or 4 per year for any type of loans.

You do these things and your credit score will quickly soar into the 700s.

--------------------------------------...

http://www.bestcreditrates.net

Mortgage Loan?

The Young family is purchasing a $130,000 house with a VA mortgage. The bank is offering them a 25-year mortgage with an interest rate of 9.5%. They have $20,000 invested that could be used for a down payment. Since they do not need a down payment, Mr. Young wants to keep the money invested. Mrs. Young believes that they should make a down payment of $20,000. a) Determine the total cost of the house with no down payment %26amp; b) total cost, if they make a down payment of $20,000. c)Mr. Young believes that the $20,000 investment will have an annual rate of return of 10% compounded quarterly. Assuming that Mr. Young is right, calculate the value of the investment in 25 years. d) If the Young鈥檚 use the $20,000 as a down payment, their monthly payments will decrease. Determine the difference of the monthly payments in parts (a) and (b).

Mortgage Loan?auto financing

Nice practical problem. Great for an exam in a

math class!

Let%26#039;s do each part separately:

a). This is an example of a present value problem.

We want to calculate the monthly payment, then

multiply the result by 300 to determine the total cost

of the house.

The formula for the present value of the loan is

P = R/i[1 -(1+i)^-n]

Here P is the value of the debt

or 130000

R is the monthly payment, the unknown

i is the interest rate or .095/12, since

the payments will be made monthly.

So i = .00791666.

n is the number of payment periods or 25*12 = 300.

Substituting and solving,

we find

R = 130000*.00791666/( 1-(1.00791666)^-300)

R = 1135.80

Total cost of house 1135.80*300 = 340741.48,

assuming 300 equal payments of 1135.80 are made.

b). Same calculation, except use 110000

instead of 130000 and we find

R = 961.19 and total cost of house = 288356.37

c). Here S = P(1+i)^n

and we have i = .10/4 = .025 and n = 100

So S = 20000(1.025)^100 = 236274.33

d). Difference = 1135.80 - 961.19 = 174.61.

Hope that helps!

Mortgage Loan?

loan

a) 142350 = 130000 * 1.095

b) 130000-20000 = 110000 * 1.095 = 120450

c) I think I did something wrong, because I got a number that didn%26#039;t make sence....

d) 142350/300 = 474.5 120450/300 = 401.5

diff = 73

Hope that helps

Help with mathhh?

The formula for calculating the amount of money returned for an initial deposit money into a bank account or CD (Certificate of Deposit) is given by

A = P(1+r/n)^nt

A is the amount of returned.

P is the principal amount initially deposited.

r is the annual interest rate (expressed as a decimal).

n is the compound period.

t is the number of years.

Suppose you deposit $10,000 for 2 years at a rate of 10%.

Now suppose, instead of knowing t , we know that the bank returned to us $15,000 with the bank compounding continuously. Using natural logarithms, find how long we left the money in the bank (find t ). Round your answer to the hundredth%26#039;s place.

Help with mathhh?annual credit report

If its compounded continuously, then I%26#039;m pretty sure you use the formula:

A = Pe^rt

Where the variables are as you mentioned earlier.

So, substitute the numbers in...

15,000 = 10,000e^(.10)(t)

Divided both sides by 10,000...

1.5 = e^(.10)(t)

Take the natural log (ln) of both sides to cancel out the e...

ln1.5 = .1t; .4054651081 = .1t

Divide both sides by .1...

t = 4.05 years

I%26#039;ll double check, but that should work.

Mortgage Loooans?

The Young family is purchasing a $130,000 house with a VA mortgage. The bank is offering them a 25-year mortgage with an interest rate of 9.5%. They have $20,000 invested that could be used for a down payment. Since they do not need a down payment, Mr. Young wants to keep the money invested. Mrs. Young believes that they should make a down payment of $20,000.

d) If the Young鈥檚 use the $20,000 as a down payment, their monthly payments will decrease. Determine the difference of the monthly payments in parts (a) and (b).

e) Assume that the difference in monthly payments, part (d), is invested each month at a rate of 6% compounded monthly for 25 years. Determine the value of the investment in 25 years.

Mortgage Loooans?mortgage rate

I don%26#039;t have much time and I suppose you need the answers, not a qualitative point, but the only real-life comparison here is this: the value of a lower payment (in that it leaves more money for any purpose they might have) but which they could achieve by drawing down on the investment when needed vs. the fact that the freed up money can only return 6% while the paid down loan would effectively earn 9.5% by reducing interest paid. Essentially, this is the better investment (9.5% vs. 6%). Unless the investment has some expected return rate other than the 6% mentioned (i.e.: the existing investment and the investment method that returns 6% are not the same) AND higher than 9.5%, they will earn more by taking it down and paying down the mortgage whether as a down payment or as a later payment against principal.

Practical concerns other than this include keeping a reserve against unexpected reverses and the variability of many investment returns, making it hard to assess a return on the original investment that is close to the 9.5% vs. the certainty of the 9.5% return on house loan.

Mortgage Loooans?

loanIt was my pleasure! Report It

Where should i buy CHF currency for GBP currency in UK most economically?

i want to buy as much CHF for my GBP 3,000 as possible - where and how do i do that in UK ?

presumably banks will have infavourable exchange rates.... is there website comparing exchange rates across UK ?

Where should i buy CHF currency for GBP currency in UK most economically?car financing

U should be able to get a commercial rate for that online rather than a tourist rate. That means you%26#039;ll get at least 20% on top of the tourist rate - you%26#039;ll have to google tho because the rates change so fast.

Where should i buy CHF currency for GBP currency in UK most economically? loan

Maybe try post offices it at 0%