Credit Card Debt Advice...

nani · 11-13-2007, 11:23 AM

Hello. I have a situation I need serious advice on... I am $4000.00 in debt between 10 different credit cards. Does anyone have any suggestions on how this can be payed off the easiest way without your money being scattered around averywhere. I ran all my credit cards up when I was working on a lower income and now that I have a better job I want to get out of debt

Bankers24 · 11-13-2007, 11:28 AM

I would suggest to try and consolidate all of your credit cards onto one or two credit cards with the lowest interest rates. Then you should pay higher than the minimum amount each month in order to get them paid off. $4000 should not take you very long to payoff depending on your income.

Good luck!

Bankers24 · 11-13-2007, 11:37 AM

One more thought....if you cannot consolidate - make sure you payoff the credit card with the highest interest first. For instance...you have the following:

15% interest with $500
13% interest with $1000
10% interest with $500

$100 extra each month to payoff debt (after you pay the minimum balaces of all credit cards)

You should put the $100 extra to the 15% credit card until that one is paid off then go to the 13% credit card until that one is paid off, etc.

Also, call your credti card companies and ask them for a lower interest rate. It is amazing what a phone call can get you. My grandmother was in CC debt and one phone call lowered her interest rate from 20% to 12% for 6 months. Try it....the worst they can say is no.

Good luck!

hubman01 · 11-13-2007, 11:38 AM

Quote:

Originally Posted by Bankers24

I would suggest to try and consolidate all of your credit cards onto one or two credit cards with the lowest interest rates. Then you should pay higher than the minimum amount each month in order to get them paid off. $4000 should not take you very long to payoff depending on your income.

Good luck!

That is the exact advice I was going to give. I would also recommend that you cut up the old cards after you transfer the debt so there is no way you will be able to dig yourself into a deeper credit crunch.

moxi_crimefighter · 11-13-2007, 11:46 AM

Quote:

Originally Posted by Bankers24

I would suggest to try and consolidate all of your credit cards onto one or two credit cards with the lowest interest rates. Then you should pay higher than the minimum amount each month in order to get them paid off. $4000 should not take you very long to payoff depending on your income.

Good luck!

i thinks Bankers24 has the best idea... in trying to consolidate my debt right now!!!

Good Luck
i know how you feel!

**Hope75** · 11-13-2007, 12:01 PM

This is a great idea- there are a lot of card companies that will offer low or no interest balance transfers for a certain period of time (12-18 months, usually) from other cards, and you can probably have them all transferred to the same new card, with a smaller interest rate.

**Hope75** · 11-13-2007, 12:03 PM

Hubman is right- call the companies for your old cards and cancel the accounts once the balances are transferred, otherwise it is far too easy to get back into the cycle with even more debt.

Laura11111 · 11-13-2007, 05:24 PM

If it makes you feel any better, I raked up an $8000 debt while I was unemployed. Luckily, it's on a low interest student line of credit and I just got a job...today!!! I also owe a lot on to my government for student loans. I like the idea of moving everything over to a credit card that offers a low balance transfer. What I'd also do is set a monthly budget for yourself and include in it, what you are going to pay on your debt. Good luck!

already710 · 05-23-2009, 04:13 AM

I think this forum has not had much information yet. Anyone who visits this forum should give their idea to support it. Thank you very much

hattrickinc · 05-23-2009, 04:24 PM

lol so searching through google about an issue I'm having led me to this forum..then I found your page- and I had to register because I have the PERFECT answer for you..

I was in a LOT of debt, so here's what I started doing..
3 months later, I'm living debt free (it's frikin AMAZING!)

*This is assuming you get paid every week*
Out of your weekly paycheck, put everything in SAVINGS (not checking!)..
put $50 of the paycheck into your CHECKING account..
That $50 has to last you one week.. every week you give yourself $50 for:
gas, food, entertainment, clothes, etc.

You work your butt off and you budget like crazy, but you do NOT go over that $50 (it was easier than I thought)

EVERYTHING ELSE
I MEAN EVERY-OTHER-PENNY goes into your SAVINGS account. You pay your bills and your credit cards through the SAVINGS account. Remember, the $50 gets you through the week.

You'll be so surprised how quickly that money grows. In one month I had $2000 saved up, and seriously,I don't thnk I've ever had that much in my bank account..

any questions or comments please feel free to email me, I want to help you through this!!

[Only registered and activated users can see links. ]
=)

11-13-2007, 11:23 AM	#1
nani Offline Member Join Date: May 2006 Location: Somewhere within me... Gender: Female Age: 22 Posts: 23	Credit Card Debt Advice... Hello. I have a situation I need serious advice on... I am $4000.00 in debt between 10 different credit cards. Does anyone have any suggestions on how this can be payed off the easiest way without your money being scattered around averywhere. I ran all my credit cards up when I was working on a lower income and now that I have a better job I want to get out of debt

11-13-2007, 12:01 PM	#6
Hope75 Offline Super Moderator Join Date: Dec 2004 Location: kitteh ville Gender: Female Age: 33 Posts: 12,512	This is a great idea- there are a lot of card companies that will offer low or no interest balance transfers for a certain period of time (12-18 months, usually) from other cards, and you can probably have them all transferred to the same new card, with a smaller interest rate. __________________ Muffin cats need love too. Please refer to the forum rules before posting: http://www.enotalone.com/forum/forum-rules.php Mama to a beautiful baby girl born 6-25-09. :)

11-13-2007, 12:03 PM	#7
Hope75 Offline Super Moderator Join Date: Dec 2004 Location: kitteh ville Gender: Female Age: 33 Posts: 12,512	Hubman is right- call the companies for your old cards and cancel the accounts once the balances are transferred, otherwise it is far too easy to get back into the cycle with even more debt. __________________ Muffin cats need love too. Please refer to the forum rules before posting: http://www.enotalone.com/forum/forum-rules.php Mama to a beautiful baby girl born 6-25-09. :)

05-23-2009, 04:13 AM	#9
already710 Offline Join Date: May 2009 Posts: 1	making big money I think this forum has not had much information yet. Anyone who visits this forum should give their idea to support it. Thank you very much

11-13-2007, 11:28 AM	#2
Bankers24 Offline Bronze Member Join Date: Oct 2006 Location: Atlanta, GA Gender: Female Age: 26 Posts: 212	I would suggest to try and consolidate all of your credit cards onto one or two credit cards with the lowest interest rates. Then you should pay higher than the minimum amount each month in order to get them paid off. $4000 should not take you very long to payoff depending on your income. Good luck!

11-13-2007, 11:37 AM	#3
Bankers24 Offline Bronze Member Join Date: Oct 2006 Location: Atlanta, GA Gender: Female Age: 26 Posts: 212	One more thought....if you cannot consolidate - make sure you payoff the credit card with the highest interest first. For instance...you have the following: 15% interest with $500 13% interest with $1000 10% interest with $500 $100 extra each month to payoff debt (after you pay the minimum balaces of all credit cards) You should put the $100 extra to the 15% credit card until that one is paid off then go to the 13% credit card until that one is paid off, etc. Also, call your credti card companies and ask them for a lower interest rate. It is amazing what a phone call can get you. My grandmother was in CC debt and one phone call lowered her interest rate from 20% to 12% for 6 months. Try it....the worst they can say is no. Good luck!

11-13-2007, 05:24 PM	#8
Laura11111 Offline Silver Member Join Date: May 2007 Location: Ontario, Canada Gender: Female Age: 26 Posts: 415	If it makes you feel any better, I raked up an $8000 debt while I was unemployed. Luckily, it's on a low interest student line of credit and I just got a job...today!!! I also owe a lot on to my government for student loans. I like the idea of moving everything over to a credit card that offers a low balance transfer. What I'd also do is set a monthly budget for yourself and include in it, what you are going to pay on your debt. Good luck!

05-23-2009, 04:24 PM	#10
hattrickinc Offline Member Join Date: May 2009 Posts: 4	lol so searching through google about an issue I'm having led me to this forum..then I found your page- and I had to register because I have the PERFECT answer for you.. I was in a LOT of debt, so here's what I started doing.. 3 months later, I'm living debt free (it's frikin AMAZING!) This is assuming you get paid every week Out of your weekly paycheck, put everything in SAVINGS (not checking!).. put $50 of the paycheck into your CHECKING account.. That $50 has to last you one week.. every week you give yourself $50 for: gas, food, entertainment, clothes, etc. You work your butt off and you budget like crazy, but you do NOT go over that $50 (it was easier than I thought) EVERYTHING ELSE I MEAN EVERY-OTHER-PENNY goes into your SAVINGS account. You pay your bills and your credit cards through the SAVINGS account. Remember, the $50 gets you through the week. You'll be so surprised how quickly that money grows. In one month I had $2000 saved up, and seriously,I don't thnk I've ever had that much in my bank account.. any questions or comments please feel free to email me, I want to help you through this!! [Only registered and activated users can see links. ] =)