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@Credit_ wrote:Hello all! The past couple of months ive been spending like crazy on cc cards, now i'm in 20,000 in debt. What should i do ?
Its not a big deal to be honest. Now that you reconize what you have do like me. I am using the snowball effect. I pay the ones with the smallest balance off first. Paid in full. I put a piece of tape on those to cover them up and then Sock draw it. taken the number of cards with balances down. after i wil lbe down to just a few cards and pay large amounts trying to to keep using and i see the debt going down hopefully by 1k each month. So pay a little above minimums on the cards with large debt and pay off the others asap, especially high interst cards. 20k is not that much in the scheme of things. thats how i look at it. 80k in CC debt is another ball game.
@Credit_ wrote:add 3 vacations in the begining of the year. Should i look into a debt consolidation loan?
No on the loan as you would probably still spend on the cards and then have a huge loan plus credit card debt down the road. suck it up and pay on the cards with discipline is all you can do at this point.
@Anonymous wrote:
You can voluntarily close cards and get lowered aprs it ruins util but it saves interest. That's pretty much what the debt management people do but they have special relationships where the cards dont always appear closed.
@this^^^^.. If you haven't taken it, cancel them as @yfan suggested.
I learned the most about pinching pennies when I was getting my moms house (that she owned outright) out of forclosure for 3.5 years of backed taxes. For a sizeable plot in a nice town, i can't even remember if it was 20 or 16k.... it was a lot. I was a struggleing graphic designer in the most saturated market and was being paid pennies. Get a pad and a pencil. It's time to start making your lists.
-The List of Ways to Make extra Money- (weekend jobs, sell your car and get way cheap car while your paying the piper, even better get a transit car, no gas no insurance no payment, sell other things like on ebay, have a garage sell or post things on craigs list)
-The List of Ways to Stretch the dollar - The is mostly about being a smart consumer. Coupons. In my couponing prime days, if I left the super market spending more that $125 and wasn't getting 100 in free product i was supremely dissapointed in my self. Becoming an excellent meal planner. Honestly I was really proud of myself in those days, I didn't view it as I was so poor or whatever, it was like I was beating the system and getting free stuff.
-Everything that isn't neccesary. Literally. Like weekend fancy dinners. Lunch during the week....fastfood. Cut the cable, but keep the internet and mirror the shows to your tv. Carwashs? Oil Changes? nooo. Do them yourself.
You can do this. Once you get started you gonna be pumped at all the ways you trim the budget fat. You'll be amazed at what you can do.
@Anonymous wrote:As a car lover and DIY mechanic, I can say repairs can get expensive. Especially transmissions. 20k though?
Thankfully, there's many knowledgeable people on this board with great advice. That said, I'm really hoping everything works out for you. Please, hang in there.
Um...yeah he( or she) said one of the cars is a BMW. I have a 1999 and while I don't see 20k, but 5k goes quick on repairs depending on the age. OP have you looked at the difference in interest rates on the consolodation loan you're considering? I'm not fond of moving around debt, but if it makes since to save money I'd deffinitely do some research. One payment instead of 3 or 4 is also very helpful.
I ran up 14k in debt over 4 years.......I drove for UBER and paid it ALL OFF IN 14 MONTHS. I did it part time and made decent money. If UBER Is legal in your area, It is a great part time gig to make good money. I basically took all the money I made driving and put it on cards. I now owe......11.82 and that was for Red Bull, Water, and Snuff this morning =)
@Imperfectfuture wrote:
All responses appreciated, but think OP has moved on.
That's sad. (Mod Cut-The snark isnt appreciated)
Wow thank you everybody for taking the time and giving me the advice I need. You're all right I was looking for the quick fix. Time to grind down!
Does anybody know swift funds collection ?