Paypal Credit

enchanteddreams
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Hello,
Every time I check my PayPal credit account the credit seems to be increasing rather than decreasing when I have been paying over $100 every month for the last 4 years. Can anyone please help me? It's the same $3000 it was 4 years ago. I don't understand. At this rate it seems like I will never be able to pay it off because each month it increases more even though I am paying it off.

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14 REPLIES 14

enchanteddreams
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No I don't - can you explain what you mean by money management situation?

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ZLRider
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Ok no other credit cards makes it a bit easier in some ways. It simply comes down to budgeting at this point. There's a money guy by the name of Dave Ramsey that I listen to on the radio a lot. He has a whole series called Financial Peace University that spells out how to take control of your finances. Often your local churches will have the class in the evenings so you may want to look into it or see if you can find his talk radio show and listen. Bottom line is, since there's not much you can do to mitigate the interest at this point, the key to stopping the growth will be to find ways to throw as much money at the debt as possible. So now you'll need to sit down and make a budget. List all your income then all your outgo. Find places where you can cut a little here and there. Are you buying Starbucks every day before work or school? Stop doing that, make coffee at home and put that extra money toward your debt. Little things like that add up. If you have small bills like doctor bills or other things that your paying monthly that you pay off, pay the smallest off then use that small payment to add to the next small payment and so on until your throwing all that money at the one big payment. See what I mean?

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enchanteddreams
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I see. Is it basically the interest I owe at this point? Is it almost $4k of interest?
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ZLRider
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I don't know without seeing your account and that's not really my business. I'm not part of Paypal, just another user here. It's likely a combination of both but if you go into Activity and look at your statements, pick the latest one. Download it, open it up and look on the right hand side at the top. It will tell you your balance, and under the payment information it will tell you how long it will take to pay off your account, if you make no more charges, paying the minimum or paying XX amount of dollars more a month. This is the part where you shouldn't get discouraged when you look at it. It might seem like a big hill and it probably is but you can do it if you tighten your belt, make a budget, cut your costs wherever you can, pick up a side hustle if you need to and start chucking money at it. It will go down and the more it goes down, the less the interest is, the less the interest is, the faster it goes down. Just make sure you're not adding to it with more charges.  

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ZLRider
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By the way, I've been in your shoes but with a much bigger hill to climb. At one point I was over $10,000 in debt and making less than $20,000 a year. It was a real struggle for a few years. I didn't do anything or go anywhere. I ate beans and rice most of the time. I drove an old piece of crap car that I kept running with shoestrings and spit plus I worked 2 jobs. But eventually I got things paid down enough to where I could have a burger once in a while. Then I got my bills down to one big one and my car quit. By that time I had set enough money back with my budget that I was able to buy another piece of crap car to keep me going until I finally paid off the one big bill. Took me 28 months but I was debt free. It can be done and honestly I probably could have done it faster if I'd been willing to ride the bus.

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