Credit Card Debt

Anonymous · ‎10-12-2014

@paturner wrote:
Thanks for the encouraging statements....I must have picked a board with the members who don't have credit card debt....lol.. Well I went back and recalculated my pymts and not quite eight hundred a month. I will say that it looks like a lot of assumptions have been made about my situation. I guess I didn't explain everything. I do have a descent take home income just don't want to spend all on credit card payments. My two bankruptcy were years ago and yrs a part and they were related to medical and loans very few credit cards. I don't plan on filing bankruptcy. Again thanks for the encouraging comments. I came to the board for some suggestions but I must say not really feeling the love on this board.

This money is already spent. You borrowed it and now you don't want to pay it back? You have to understand that some people here will try to sugar coat and sound all warm and fuzzy while others who have experienced it will tell you exactly how it is... and honestly it does look bad. It does seem like you are addicted to SPENDING and you spent quicker than you earned and are upside down. Regardless of why/when you file bk... you experienced it already and once again in a similar position. This tells us you do have an issue. Like I said... it is manageable only if you make it so. We're all just trying to help you, comments may sound a bit harsh but you should have expected that. And be thankful for what advice you did get... no on here is obligated to answer you nor are you paying them for counseling. I would have felt more upset had no one replied... at least you know you're not alone. Good luck.

mountainmom · ‎10-12-2014

I know how easy it is to rack up debt simply because of not paying attention. . It adds up fast. So I feel ya.

And I think I understand what you mean about not wanting all your pay to go to credit cards. . I'm sure you mean in high interest!

So two things I might suggest. ..

1... You must get a grip on not accruing new debt. I highly recommend ynab software. There is a free trial, free classes, and very helpful forums. It is helping me think about money in a new way, about analyzing every dollar I spend. My spending had dropped dramatically.

2. Attack as many of those small balances as you can. The more cards that have balances the more that hurts your reports and score. You have many small balances so if you can pay those off you might have a shot at doing some 0% BT.

3. Talk to your lenders about giving you lower interest rates too, but don't scare them. Just ask. . Tell them you pay on time and can they give you a lower rate for being a good customer.

But seriously check out ynab and start looking at each bill you have and analyze if you can get it lower ie cell, cable, insurance etc.

Eq 702 TU 707 Exp 718

SouthJamaica · ‎06-19-2015

@paturner wrote:
Ok so I need some major help! frustrated and feeling defeated....I have approximately $20.000 in credit card debt and my minimuim payments are adding up to around $800 dollar a month. Since these are minimum payments my balances aren't going down much. Im drowing trying to pay these payments every month and my other bills. I don't really know what to do or how to get out of this mess. My score is suffereing because my utilization is so high so getting other cards are not an option unless would be store cards just to try and raise scores. Because the debt is unsecured probably can't get a consolidation loan. I have a house but don't think a second mortgage is an option at this point and definetly not for that amount. Looking for some help.

1. Do NOT. Repeat do NOT borrow against your home.

2. STOP using your credit cards. Just sock drawer them and pay them down.

3. DON'T look for quick fix like debt consolidation or home equity borrowing; they will make your situation worse, not better.

4. There is no quick fix; you need to spend less.