How Long Would It Take To Pay Off This Debt?

Currently I have a 500, dollar blance on my Cap 1 Card with an apr of 20.55%.





I have a credit limit of $2500, I plan on making on more big purchase, which would be around $150 dollars, It would be a digital camera. Bring my bill to around $700.





What is the best plan to tackle this debt. I want to have it paid off by June 1st. I'm in college and have a work study. And starting in much I plan to put half of my pay check in to paying it off. Is this a Good Idea?





If you Have any advice please let me know.

How Long Would It Take To Pay Off This Debt?
pay off debt as fast as you can with the extra money you save. Dont' let a bunch of extra money sit in savings acconts because the interest on your credit account is much higher than the interest it makes durning savings. Try to pay off about $250/month if possible and you'll be done in about 3 months
Reply:You should always pay off high interest credit cards first. When I say first, I mean-- before saving money, or even establishing an emergency fund. Your emergency fund can be your credit card. Your first priority should be paying off your card. It's not good to carry a balance on credit cards. The best way to use them (to establish good credit), it to use 33% of your credit limit %26amp; pay it off at the end of each month (before you incur interest). I understand that this may not be realistic in this time of your life, but it's good to keep in mind. In a student type situation, with low income, you may have no choice but to use credit. Decide carefully as to what you are spending your money on, becuase if you put your card over the limit it could take years to pay off. Good luck %26amp; be smart!
Reply:Assuming a $700 balance and an interest rate of 20.55% and a minimun payment of 2% or $10, whichever is greater, it will take you until April of 2015 to pay this off unless you pay extra. Even if you made a consistent payment of $14 which should be your payment after you buy the camera...you would still be paying until August of 2013...saving about two years.





To do this by June of this year, you have to go bold! You have to make a steady payment of $148 per month from this month until June.





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I charge $99 for a 3 page site and $30 for additional pages which is a steal. Last month I made $600 on design fees alone. You could have paid off your current balance of $500 doing what I did last month!