Credit Card Center Advertiser Disclosure

Frequent Contributor
Posts: 323
Registered: ‎08-28-2012
0 Kudos

Re: $32K in DEBT easy way OUT

[ Edited ]

my brother had 18k in cc debt on 2 cards. 90% utilization. he has great credit though. I suggested he try app'ing for some 0% interest cards and he app'ed for 4 cards that gave 0% interest for 9 months, 12 months, 15 months, and 21 months. Citi, Chase, Capital One, Discover. $15k extra CL on those 4. he will save $1500 in interest over 9 months. See if this is an option for you if your credit cards are charging outrageous interest fees and if you have no baddies on your report and a decent income (50k or more) then you can save yourself some interest payments. just my two cents. i'm not a pro but i've learned a lot on her. and i have myFICO to thank for my success.

FICO 8 Scores: EX 706 (11/3/2016) EQ 696 (11/17/16) TU 708 (11/17/2016)

"Use your Credit wisely, don't let it use you!"~Me Smiley Very Happy

Valued Contributor
Posts: 2,184
Registered: ‎04-01-2015
0 Kudos

Re: $32K in DEBT easy way OUT

pipeguy wrote:

In my opinion, filing bankruptcy should not be done as a matter of "convenience". As you stated, you are cashflow stressed, but you have not missed any payments and other than high utility, your credit is not trashed. You need to examine why you are maxed out, be it needed spending vs optional spending. Get a second job, sell online on eBay, cut out eating out, buying toys (things you don't need but want) and then go after one card at a time with a bit extra to pay it off. Look to make a lifestyle change, meaning look where you can save a bit here and there and take that money to reduce your debt. Banks, not fly by night online debt consolidation companies, will issue debt consolidation loans try banks and credit unions - expect to get rejected, but you only need one to say yes.


Expect to spend a year or two "suffering" to tackle your situation, but that timeframe is less than what you'll go through with a bankruptcy on your record. I know a lot of folks on here go through bankruptcy for a multitude of reasons, and they recover in 2-3-5 years, but IMO maxing out your credit cards and having a hard time making payments is not reason enough to file bankruptcy just because its hard to pay for your spending. One thing you must do is get past the minimum payment routine, you'll never get out of debt making minimum payments.


You have options, bankruptcy is one of those options, but IMO at this point it would be a bankruptcy of convenience not one of necessity (and yes the easy way out).



OP needs self control.



Fico 8: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 4 .....:. EQ 804 TU 823 EX 830 (3/2017) EX Fico 98: 839 (3/2017)
VS 3.0:...... EQ 832 TU 832 EX 832 (3/2017)
Fico 8 BC:. EQ 887 TU 899 EX 900 (3/2017)
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950 (4/2017)

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.