PERSONAL FINANCE: HOW DO YOU CLIMB OUT OF SUBPRIME? 4
Before the end of the first semester of this year, you will be receiving the windfall from the recently passed “stimulus” bill:
individuals = $600
couples = $1200, $300 additional for each child.
This will be an excellent opportunity to climb out of subprime. Pay down as much of your credit card as the windfall will be able to cover. If you are in the deepest of the subprime category, you can be paying as much as 30% in additional interest and penalties. By using your windfall to pay down this debt, you will in effect be earning that much on your windfall. There is no investment currently existing that can earn you that much.
Image from Microsoft Clipart
Tags: credit card, credit limits, credit score, FICO, financial institutions, interest & penalties, issuers, late payments, predators, subprimeRelated Stories
POSTED IN: Accounting Concepts, Accounting for NonAccountants, Credit Standing, Personal / Household Finance
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