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    Adispatcher's Avatar
    Adispatcher Posts: 53, Reputation: 1
    Junior Member
     
    #1

    Dec 26, 2011, 07:17 AM
    Should I make credit card minimum payment?
    My husband and I are getting ready to sign up for a credit counseling consolidation program. (we already have a reputable one in mind). They're closed today, due to it being just after the holiday. We came across some extra money over the weekend, and I am wondering if we should make the minimum payments on the credit cards now or if we should wait tntil we officially sign up w/the consolidation program? We are paying off my husbands truck in a few weeks, which is why we haven't signed up w/the consolidation company as of this time, due to the debt to ratio, we are unable to sign up tntil we are able to get that down some. So, anyway, the creditors (credit cards) are blowing up our phones right now & have been, is it worth it to make their minimum payments now that we have a bit of extra money too, or should we hold on a few more weeks when we pay off my husbands truck & officially sign up w/the consolidation program?
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
     
    #2

    Dec 26, 2011, 08:07 AM
    Too many questions about the rate you are paying on the truck, the cards, how much you owe, and when you last made a payment on any of them.
    It's always good to make the minimum monthly payment, in general, without all the facts. Debt consolidation companies get some interest and penalties knocked off, not principal, so in a sense it's all the same amount in the end, no matter where they credit your payment.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #3

    Dec 26, 2011, 08:54 AM
    If the payments are past due, then, unless you bring the accounts up to date, its not going to matter. As long as you are not in danger being sued, I would wait until you contact the counselor.

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