What would you do???

iVillage Member
Registered: 09-20-2004
What would you do???
4
Wed, 11-23-2005 - 10:48am

I have a Disney visa, which I have been using sporadically, and then paying off the balance at the end of each month. Well, this past month, because of a few unexpecteds on my trip to visit my Dad, i owe about $250. I can avoid finance charges by paying the balance at the end of the billing cycle, which was $123. I can only afford to pay half of that right now. However, I can take the money out of savings to cover it. (I will be using this card some druiring the holidays, too...I don't really expect to have it paid off until mid-February.)

Should i take money out of savings to cover the miniscule finance charges, or should I just accept this defeat for now?

Any advice would be welcomed. thanks, heather

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Wed, 11-23-2005 - 11:38am

Heather,


Just want to point out that while the finance charge may seem miniscule at the moment, when you do not pay the entire balance in full by the close of the business cycle, every purchase you put on the card after the close of the business cycle will begin to accrue daily finance charges until the card is paid in full.

All my best,
Danni

iVillage Member
Registered: 07-12-2005
Wed, 11-23-2005 - 2:05pm
I hate credit cards. I would use the money in my savings if I had it. Why pay them the extra finace charges if you don't have to? Credit Card companies are such scams, between the finance charges and over limit charges. My dh had a credit card and the company lowered his balance which put him over his "limit" and then charged him for it. I would say to use cash as much as possible. Only use your credit card if you absolutely have to.
Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Tue, 11-29-2005 - 8:00pm

Sorry I'm posting late. I just came across your post.

Don't know if you decided what do already. However, i would take the money from savings and pay it off.

Just my two cents.

MYM

iVillage Member
Registered: 03-27-2003
Tue, 11-29-2005 - 8:26pm

I also wanted to add to what Danni posted that even once you've paid it off most CC's will still charge finance charges from day of purchase for a couple of months.

I have the same card-it will be a Disney christmas for some of the folks here!

Taleyna