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| *Loan,banking and credit>>>credit line |
Did you ever get caught paying your credit card bill with your line of credit? What do they do? |
My mastercard balance is up past $5000 and I don't forsee being able to pay more than $600/month until next year. there is no law that says you can't do that as long as you have available money on your loc but then you still have to make payments on the loc so what is the difference Stop spending more than absolutely necessary. $600/mo should be enough to make the minimum payment. Seriously, you need to pay with cash, check, debit card. But if you'll be making more money later, just pay AS MUCH AS POSSIBLE now. At $5000, your minimum payment will be between $100-200 depending on different factors. Just try to spend as little as possible. Cook for yourself, rather than going out to eat. Don't buy luxuries, etc. Save, save, save. Good luck. Don't you wish people would just answer the darn question? What you are talking about is a "balance transfer" or a "consolidation" type of loan. It happens all of the time, and is smart business. By taking out a loan with lower interest, you can save money. But from your question, you are about to make the same mistake many people have made. If you start playing the "balance rollover" game, you MUST quit using credit until you can get the balance paid off. What many people do is get a consolidation loan, then turn right around and run up their now-empty credit card again. Now you have twice the debt and no hope of catching up. You say you spend $2000 on credit each month and can't change that? Then start reading up on the new bankruptcy laws, because that is exactly where you are heading if you don't control your credit spending. |
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