Current Events > Should I pay off my CC debt or not

(+) Yeah! (+)

So I'm in the process of job looking and this one job told me that they are going to do a credit debt check on me lol. I have like 10k in debt and I can pay it off right now, but I'm also scared I'm going to be unemployed forever. I'm in the final rounds with 4 companies but you never know :(. Should I pay it off, pay 75% off, or leave it.

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Whats your credit score, and what interest rate are you paying on the CC debt?

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Credit card debt is an emergency, you should put every dollar possible towards that until it's paid off.

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CE_gonna_CE posted...

Whats your credit score, and what interest rate are you paying on the CC debt?

My credit is probably trash now cause I've been unemployed for 3-4 months and I accrued 126 dollars of interest on that account last month

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BignutzisBack posted...

Credit card debt is an emergency, you should put every dollar possible towards that until it's paid off.

But I'm unemployed

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JBaLLEN66 posted...

But I'm unemployed

Pay as much as it off as you can so that interest doesn't build up

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Its your call, really. If you are making minimum payments to the card then its possible your score isnt that bad, even if you incurred interest.

I have a ton of 0% card debt, so although my credit score is bad I dont pay off the debt since I am paying $0 interest. In your case though, if you are paying like 10-15% interest then it certainly couldnt hurt to pay off what you can afford to pay off.

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Arcanine2009 posted...

Pay as much as it off as you can so that interest doesn't build up

I can pay it off right now lol, but thats less money I'll have in savings, I'm banking on having a job within 2 months :(

I might pay half off

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Yes you should always pay off credit card debt, keeping it around is stupid.

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JBaLLEN66 posted...

But I'm unemployed

Then you can go back into credit card debt after you pay it off. At least youll have paid less interest in the meantime.

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JBaLLEN66 posted...

I can pay it off right now lol, but thats less money I'll have in savings, I'm banking on having a job within 2 months :(

I might pay half off

Why would you want to keep money in savings that is yielding you next to nothing instead of paying off credit card debt that is stacking up massive interest every month?

That makes zero sense

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Solid Snake07 posted...

Why would you want to keep money in savings that is yielding you next to nothing instead of paying off credit card debt that is stacking up massive interest every month?

That makes zero sense

Because I'm unemployed lmao

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JBaLLEN66 posted...

Because I'm unemployed lmao

So pay it off and if you need to accrue cc debt again. At the very least you'll save on a ton of interest payments

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How can anyone be unemployed? It's not hard to get a job with this unemployment rate being so high.

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Fade2black001 posted...

How can anyone be unemployed? It's not hard to get a job with this unemployment rate being so high.

unemployment is high in low wage low skill jobs not 4 year degree consulting jobs

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JBaLLEN66 posted...

unemployment is high in low wage low skill jobs not 4 year degree consulting jobs

Still you can't complain about not being jobs out there when there are. It might not be what you're looking for but jobs do exist

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JBaLLEN66 posted...

But I'm unemployed

You have kidneys right?

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Fade2black001 posted...

Still you can't complain about not being jobs out there when there are. It might not be what you're looking for but jobs do exist

Try paying bills associated with a 100k job with a 7.50 mcdonalds wage job. STFU and stop trolling

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Imagine having credit card debt.

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I cant imagine letting my CC debt get anywhere near 10K. I pay mine off religiously

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Pay 90 percent

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YourDrunkFather posted...

I cant imagine letting my CC debt get anywhere near 10K. I pay mine off religiously

become unemployed for 4 months

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What happened to that 200k job your stepdad was going to give you lmao

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Drpooplol posted...

What happened to that 200k job your stepdad was going to give you lmao

That job was a bribe to keep me in Nashville, I decided to tell him to **** off and escape that cesspit

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JBaLLEN66 posted...

Because I'm unemployed lmao

You being unemployed doesn't change math.

Keep what you need for rent next month while you look for a new job and use the rest to pay off your credit card debt.

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JBaLLEN66 posted...

Try paying bills associated with a 100k job with a 7.50 mcdonalds wage job. STFU and stop trolling

...as opposed to paying bills with no job?

Solid Snake07 posted...

You being unemployed doesn't change math.

Keep what you need for rent next month while you look for a new job and use the rest to pay off your credit card debt.

I'm guessing you never leave your house, smh

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3PiesAndAFork posted...

So pay it off and if you need to accrue cc debt again. At the very least you'll save on a ton of interest payments

basically this.

pay off whatever you can now and IF you need money later you can put essential charges on the CC. this will delay interest accumulation.

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10k in debt but only accrued 100ish interest doesn't make sense

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JBaLLEN66 posted...

I'm guessing you never leave your house, smh

Weird response.

You can continue to put expenses on your card while you're unemployed if you need to. But just carrying the balance to keep the cash in your savings instead is literally the same as paying a high interest to keep money in savings. It's counter intuitive and stupid.

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JBaLLEN66 posted...

That job was a bribe to keep me in Nashville, I decided to tell him to **** off and escape that cesspit

true freedom from nashville > job.
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You may need to speak to your would be employer about this. Even though they should already have your work history, and explain to them your absence and situation that forced you to rack in as much debt as you have.

Once you're back on your feet hopefully sooner rather then later try moving that debt to a no interest for X months CC and start paying it off hard from now on.

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Just got a job offer, thank god

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Owing on cards that aren't maxed out won't hurt your credit score if you're paying them regularly. What can is your 'credit to debt ratio'. If your cards are maxed out and you're paying minimums; it's likely your hurting your score or growth.

Having only 2-3 cards with modest balances regularly paid is the sweet spot that promotes the quickest growth through my experience.

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Why would an employer need to know your credit?

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AlCalavicci posted...

Why would an employer need to know your credit?

https://www.cnbc.com/select/can-employers-see-your-credit-score/

For security purposes, the credit report can be used to verify someone's identity, background and education, to prevent theft or embezzlement and to see the candidate's previous employers (especially if there is missing employment experience on a resume). For employers, it is a big picture snapshot of how a potential candidate handles their responsibilities.
"Credit reports indicate whether or not you're responsible," financial expert John Ulzheimer, formerly of FICO and Equifax, tells CNBC Select. "And, they also indicate if you're in financial distress. These are attributes that are important to employers. For example, would you want to hire someone in your accounting department who can't manage their own obligations?"

JBaLLEN66 posted...

Try paying bills associated with a 100k job with a 7.50 mcdonalds wage job. STFU and stop trolling

I made a valid point and you say I'm trolling? OK.....

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Credit score is a 700 down from a 800 yay

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JBaLLEN66 posted...

Credit score is a 700 down from a 800 yay

If thats because you have fresh doesnt paid as agreed on your report, single those accounts out and set up payment plans if viable. Theyll stop reporting not paid.

If its because your cards are maxed outa debt consolidation loan might be in order. I did that about 10 years ago. I overextended myself, so got a bank loan to pay off all my cards for an easier to manage $300 loan payment with a low fixed interest.

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For my job they pulled credit, background check, and I have to use approved brokerages (had to close my Robinhood :( )

How lavishly do you live that you rack up that much debt in that amount of time?

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NecroFoul99 posted...

If thats because you have fresh doesnt paid as agreed on your report, single those accounts out and set up payment plans if viable. Theyll stop reporting not paid.

If its because your cards are maxed outa debt consolidation loan might be in order. I did that about 10 years ago. I overextended myself, so got a bank loan to pay off all my cards for an easier to manage $300 loan payment with a low fixed interest.

I was going to do this, after I got a job, now that I have some breathing room and proof of income I can do this

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rexcrk posted...

How lavishly do you live that you rack up that much debt in that amount of time?

I'm quite impulsive lol

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CapnMuffin posted...

For my job they pulled credit, background check, and I have to use approved brokerages (had to close my Robinhood :( )

Huh? Your employer dictates what brokerages you can use? That seems awfully shady/shitty, unless Im missing something.

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JBaLLEN66 posted...

Try paying bills associated with a 100k job with a 7.50 mcdonalds wage job. STFU and stop trolling

Any money is better than no money.

JBaLLEN66 posted...

I'm quite impulsive lol

even when unemployed?

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Giant_Aspirin posted...

even when unemployed?

beats drugs

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JBaLLEN66 posted...

I'm quite impulsive lol

You might need some help for that.

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JBaLLEN66 posted...

become unemployed for 4 months

You should have had money in the bank...
or you do because you can pay it off...
so then why did you use your credit card...

pupeye posted...

You should have had money in the bank...
or you do because you can pay it off...
so then why did you use your credit card...

I have 50k in the bank

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