Credit Cash Advance

admin — Sun, 28 Feb 2010 21:56:00 +0000

is there a difference between a cash advance credit card debt and a regular purchase debt?

like, if i owe a lot of money to 3 or 4 credit card companyes (like 4k each) on cash advances I know the interest rates are higher by a lot but is there a difference if the debt was for regular purchases? will they come after me more than if they were’nt cash advances? can I still file bankrupcy to get out of the debt?

Absolutely! Your cash advance debt is billed at a much higher rate, and your payments to each card will be applied to the lower debt rate.

Say you cash advanced $1000 at 24.99% APR
but had an existing balance of $3000 at 9.99% APR

When you get ready to pay the bill, and attempt to pay the total cash advance balance, you’ll be in for a rude awakening. The credit card will apply the $1000 (+ fees) to the lesser APR, and if you continue to take out cash advances, eventually all of your debt will consist of the cash advance rate.

ALSO, your cash advance fees are more than likely immediate– unlike carrying a traditional balance where you can avoid the finance charges if you pay before the bill date. Cash advances should be a very last ditch, emergency option. They will increase your debt tenfold if you’re unable to manage them.

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