I want to pay off my credit card completely, but it means using almost my whole paycheque to do it. Should I do it?

Question

Anonymous · Accepted Answer

Always pay the last statement balance to avoid going into ridiculous debt that you don’t actually owe.
People make the mistake to buy things they can’t afford because they have the option of
“minimum payment”
but that’s a prison. NEVER lay “minimum” payment due on the due date.
Make sure to make it a habit to always pay the full “last statement balance”
That way you will ONLY pay what you really owe. Not extra.

If you believe that you CANNOT pay the full statement balance, then don’t buy stuff you can’t afford.

If you can afford to live a month without a paycheck then definitely use that to pay the full last statement balance and don’t let it get out of hand again. Learn from this and don’t buy stuff just to buy or just cause you want it or because you THiNk a you’ll be able to pay it. But stuff you NEED and that you KNOW you’ll have enough to cover at least the full last statement balance by the due date.

KittyKat90210 · Accepted Answer

Only if you can do it without it creating a hardship. Otherwise maybe pay half now and half next month? Keeping a balance on credit cards gets incredibly expensive, so I'd try to pay it off as quickly as possible.

RingOfFire · Accepted Answer

In general I would say it makes sense to pay your credit card off. But it depends.

Don't pay it off unless it will leave you with enough cash to be able to pay your other bills.

And you should also focus on not running up another credit card debt. If you use your card pay it off in full before each payment is due. If you don't have the discipline to do that, you should consider not using the credit card at all and getting rid of it.

So it's a good idea for you to pay the card off, but not if using that money is going to prevent you from being able to pay other bills.

Danny_dan92 · Accepted Answer

I don't know how much debt you have.

But I’m very familiar with paying off credit cards.

In my lifetime I’ve maxed out many credit cards.

You pay more than the minimum payment (as much as you can without needing to use the credit card) don’t use your whole paycheck because this obviously means you would have to use the credit card to buy things you need… which obviously defeats the point of blasting the credit card with your entire paycheck.

V_Injector · Answer

There's a name/word for where your bank pays it off and then just pay your bank for that debt... it avoids the high interest rates. ... It's just something to look into as another option.

But I voted yeah, just pay it off. It's better to just rip the bandaid off and get it over with.

I'll tell you what though... whoever has you in debt would prefer you to take as long as possible to pay it off. They just want more money.

CindyRuns · Answer

I'd work to get it paid off as quickly as I could... the interest rates the banks charge on credit cards is pretty ridiculous... they do their best to trap you in debt for the rest of your life.

AviatorTom · Answer

Make sure you have enough to cover all your needs, and pay as much as you can to the credit card. If you can completely pay off your credit card, do it, but don't create other debt by doing that.

Anonymous · Answer

Depends. Do you have money in a savings account or some investments? If so than I’d think yes. The interest is killing your. Work some OT. Sell some things, what whatever you have to legally to pay it off.

Alli112 · Answer

Pay off as much as you reasonably can and still get your necessities without going into more debt.

jazzy34 · Answer

I wouldn’t advise that. Do you have the option of paying it off over time? I’m sure you other bills and expenses.

genericname85 · Answer

I would say pay it off slowly, cause that way you keep stacking credit score. but if you just wanna get rid of debt for peace of mind, go for it.

OddBeMe · Answer

No that’d be stupid.

First, paying off a credit card should be done in stages or else your credit score takes a hit. (It’s a con job by big banks). Second, which card has the highest interest rate?

Anonymony15 · Answer

Only do it if you can afford your bills and food for that month. If not then do it over two months

chrissykerdock · Answer

i;ll say yes because if you pay the minimum you'll never pay it off

exitseven · Answer

You are paying over 20%interest on your credit card. You should pay it off

Anonymous · Answer

If you can comfortably do so, yes, do it and then wait a few weeks to a month for you to pay for things you like. But if you have the option of paying it off now, it's done and over with. And you won't have to worry about it anymore.

Sharkstealth · Answer

As long as you can eat. Interest especially compound interest is what you want to earn and not have to pay.

DrPepper12 · Answer

No!!! Compare intetestt rates and transfer rates/fees.

deja_vudu · Answer

Have you ever worked for Vicforia Secret?

shortster · Answer

Maybe you can payoff 80% this time; and next month you pay the rest of it off.

MrGSpotHer · Answer

Well no but if you have enough left to live on till your next one then that's fine

OhLongJohnsoning · Answer

Yes, it'll give you a better credit, and will raise your limit

LunarEclipse433 · Answer

You will come out ahead in the long run by the interest you save

jjj101010 · Answer

Will have have enough money to live on until ur next pay check?

Anonymous · Answer

Only if you can afford living expenses otherwise you'd be back in the same boat next month

Anonymous · Answer

Yeah I would do it. Then you don’t have to worry

Iron_Man · Answer

Yes do it

Bklynbadboy12 · Answer

Yes you should

I want to pay off my credit card completely, but it means using almost my whole paycheque to do it. Should I do it?

Most Helpful Opinions

What Girls & Guys Said

I want to pay off my credit card completely, but it means using almost my whole paycheque to do it. Should I do it?

Most Helpful Opinions

What Girls & Guys Said

We're glad to see you liked this post.