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I've got a credit card with a $3500 balance. The last $1700 of it has been cash advances.?

've got a credit card with a $3500 balance. The last $1700 of it has been cash advances. Good news: Just got a job. Living at home so no real expenses. I'll be making about $1200 a month. Should I close the account and make payments on the balance? Should I see if I can get a credit counseling agency to help me? how long is it going to take me to pay this off, if i pay $1200 per month on it? Any suggestions?

Public Comments

1. 4 months................maybe a little longer depending on the rate of interest you are being charged..........
2. well if you are able to pay $1200 a month then in about 3 months you should have it paid off. I wouldnt say close out the account, for your overall credit it still looks good to the 3 bureaus that you have established credit and people are willing to offer you money (the limits on your credit cards) i would say no on getting a credit counseling agency, if this is your only outstanding credit card, then thats a good amount overall of debt. i would advise if possible not to get cash advances on your credit card. the interest rate is VERY high, if you look at your statement its probably above 21% and most likely when you make your payments to the credit card the credit card company, in their efforts to continue making money will apply your payments, or the majority of your payment to the NON cash advances first, making your monthly finance charges higher. * I'd say pay it off, in three months if you can, and just keep the card, use it for emergencies. * Set up a savings account. Capital one has a great savings account, its called A High Yield Money Market Account the interest rate on it is much much higher than at a regular bank, and you can link it to your existing checking account. http://www.capitalone.com/directbanking/hymm/index.php?linkid=WWW_Z_Z_Z_SP1_T1_02_G_SP25 set some reasonable savings goals, paying off your credit card is a great one, and being at home is a great way to do that, i hope it works out for you !
3. Close the account AFTER you pay off the balance. Sell some things that you don't need to speed up the repayment process. Then shred the card and pay cash for everything.
4. Dont close the account. Let it get to a zero balance and just use willpower and dont use it anymore. Showing a long credit history is part of what makes someones credit score go up.
5. you can decide how it fits you .. but keep in mind that the more months you dont re-pay the full amount the more charge rates come up ..