Credit card debt!!!

[Pat94108]

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@USF813 wrote:

OP - You mentioned that you don't think you can let go the lifestyle you currently live. Well, to be perfectly blunt, that lifestyle is what got you into debt, don't you agree? If you use terms like "can't, don't think, or won't", there isn't much any of us on here can do for you. My suggestion, especially considering this your second go with credit card debt, is to cut the cards up and start living a cash only lifestyle, and seek the guidance of a credit counselor. Last resort is going to be BK. If you're determined to avoid BK then you're going to have to give up the lifestyle that you're accustomed to.

I know a lot of people are "soft supportive". I'm fact based hard nosed supportive. Once the "can't and don't think" turns into "I can, i've done", then I turn into soft supportive.  

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This is probably the piece of advice I agree with the most. The OP should stop using credit. I'd close most of the accounts if I were him and keep maybe one or two cards for emergencies or use them but put them on autopay and PIF.  It's your second go with credit card debt so it's obvious you need to make some drastic changes. 

[USF813]

@Pat - I agree. If OP insists on keeping one or two cards he needs to cut the limits on them to maybe $1k each. it's clear there is a debt management problem at play here. Many of us have been through it and can see the signs clear as day. The majority of the cards need to go.

[Chris679]

I used to same way, eating out all the time. Now I check the flyer for the grocery store every weekend to try to get only things on sale. This forces me to try new things and I save tons if money. I allow myself one cheap take out meal per week and one expensive meal per month. I can't even look at vending machines any more without calculating what that $1 can of pop would cost me at the store.

[sjt]

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@kobe2012 wrote:

its been a while since I last posted. I was on this forum every day while rebuilding for almost two years. Well, after having a bad credit for 6 years, I finally got into prime.. went from low 500's to low 700's... Middle of 2013 I got nice cards, found ways to get high limit cards and now, I dug myself a big hole... Am looking for advise on how to pay down my cards... Here are my balances::

CSP: 4800/5000

SLATE: 2000/3000

MARRIOTT: 4500/5000

CAPONE: 2000/2500

CAPONE : 3200/4000

DISCOVER: 1600/1900

BARCLAY: 3600/4000

CITI: 1700/2000

AMEX: 150/1000

WALMART: 3700/8000

GAP: 2300/5000

CHEVRON: 100/5000

CU LOAN: 4600/5000

I have a car loan that's $20000 which is $450 from my credit union. No rent payment, just other utilities totaling $300 a month. Income is around $60k .... I don't know why I did this to myself .. first time I ruined my credit was when I was young and dumb but my debt was only $6k ... I want to cut my debt in half at least until the end of this year but don't know how it is possible. I started saving $1k a month since january of this year. Should I keep saving $1k and pay minimum on each card, then pay off some of the balances at the end of the year???? Please helppppp!

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Hi!

Let me say that I was in a much worse position as you. I racked up nearly $100K in credit card debt! After realizing I racked up this debt I wanted to jump off a bridge! I did look at all my options and was able to come up with a plan to pay it off in 6 years, which I accomplished. I have to say after going through this experience, it was the best thing that could ever happen to me. For the first time in my life I learned real money management and took control of the situation instead of not dealing with it. I was able to maintain my credit and even saved a little money.

My first advice to you is to use the $900 of the $1000 you put in your savings every month and apply that to your credit card bills. Make extra payments to the cards that have the highest interest. Also keep track of your money and think twice before making a purchase. I would tell myself should I pay $30 for item or apply it to a debt.