Help! I am in major credit card debt.

[USF813]

Depending on your income situation, it might be best to stop worrying about the debt and start the process to file BK.  Trust me, BK is actually the best thing people can do for themselves. It isn't the end of the world - there's plenty of us here to support you in that road should you decide to pursue it.

[sailor_mercury]

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@creditwatcher2012 wrote:

I honestly feel as If I can handle this debt, I mean its out of comtrol but not to the point that I cant handle it.  I dont have rent/mortgage, and basically only pay my car payments approx 1k a month, and living expenses I feel fine just looking for the best strategy. I KNOW I will have this debt 75% paid down by august.  there is other money owed to me approx 12k which will go back on my card

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Congrats for having a good plan.  I totally understand sometimes needing a sanity check from outside sources.  It seems like you may be able to really cut back some living expenses for a short period of time and knock this down and out and save yourself from potential credit damage or bankruptcy.

Stay strong... I KNOW how hard it is to make myself stay on budget sometimes but it's soooooooo worth it to see balances drop and bank account balances rise    I've told myself times I OWN and manage my problems... They don't own me!

[barbaralee]

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@creditwatcher2012 wrote:

I honestly feel as If I can handle this debt, I mean its out of comtrol but not to the point that I cant handle it.  I dont have rent/mortgage, and basically only pay my car payments approx 1k a month, and living expenses I feel fine just looking for the best strategy. I KNOW I will have this debt 75% paid down by august.  there is other money owed to me approx 12k which will go back on my card

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I don't mean this in a rude way at all: 15 months ago you posted you were at 100% utilization. You also accumulated additional debt within a few months. What are you doing now that is different than what you were doing before? 

[USF813]

Oh, and if you do decide to go the BK route, I wouldn't recommend paying off more than a few hundred dollars on the smallest debts. The BK court doesn't look kindly on paying large sums of money to one creditor and stiffing the others.

[myjourney]

Lets not finger point as to how or why!!!!!!!

Lets just offer any help we can 

I'll be watching 

MJ

[creditwatcher2012]

Guys I am never filing bankruptcy I can handle my debt believe me I know myself. I WILL make cutbacks. I will!! I will have this all taken care off a good 75 % racked up from expenses incured on construction and renovation of an investment property with the hope of pulling a HELOC.... I believe in myself, I WILL NEVER FILE BANKRUPTCY EVER!!!! but thank you for all your advice it means alot 

[Jeff007245]

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@myjourney wrote:

Lets not finger point as to how or why!!!!!!!

Lets just offer any help we can 

I'll be watching 

MJ

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The guy/girl needs help, and it's what others are doing. Sometimes as advisors, critique is necessary to help others. In this case, it's more than just which cards to pay first. I understand that there are stickies about playing nice, but how is giving "real" straight forward advise on how to avoid this type of situation a negative thing?

[subwaysandwich]

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@barbaralee wrote:

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@creditwatcher2012 wrote:

I honestly feel as If I can handle this debt, I mean its out of comtrol but not to the point that I cant handle it.  I dont have rent/mortgage, and basically only pay my car payments approx 1k a month, and living expenses I feel fine just looking for the best strategy. I KNOW I will have this debt 75% paid down by august.  there is other money owed to me approx 12k which will go back on my card

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I don't mean this in a rude way at all: 15 months ago you posted you were at 100% utilization. You also accumulated additional debt within a few months. What are you doing now that is different than what you were doing before? 

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The OP is in denial according to this user.

[myjourney]

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@Jeff007245 wrote:

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@myjourney wrote:

Lets not finger point as to how or why!!!!!!!

Lets just offer any help we can 

I'll be watching 

MJ

---

The guy/girl needs help, and it's what others are doing. Sometimes as advisors, critique is necessary to help others. In this case, it's more than just which cards to pay first. I understand that there are stickies about playing nice, but how is giving "real" straight forward advise on how to avoid this type of situation a negative thing?

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It tends to spiral into something else 

OP knows help is avaliable which is what is being asked for...

So with that said lets stay on topic 

[eagle2013]

OP, since you decided to aggressivley pay down your debt we would need to know the interest rates on all of your maxed/near maxed out accounts to better assist you.