topic Re: I maxed out all my credit cards in Credit Cards

I maxed out all my credit cards

Anonymous — Tue, 30 Sep 2014 01:36:42 GMT

New to this forum. I am completely depressed. I have managed to max out all of my credit cards. They have cents left available. All together its about 10k. Most of my cards are high interest, such as first premiere, credit one. Merrick bank. My highest card is my 6k NFCU cash rewards visa. I tried to get an increase with them and they said no that my utilization is high and to many inquiries. I have a perfect payment history all my life and no collections. I am screwed. How will I pay these cards when interest will still be piling up over my limit. I can pay minimum payments.
In January I can pay a little more. Problem is I need to buy a car in December or January. How can I buy a car with all my cards maxed out? I can only imagine my interest rate. I have kids so I have to get a car asap. Ahhh sorry for the long post. Can someone jump in and give me some advice? Thanks :/

Re: I maxed out all my credit cards

Hockeyplayrr — Tue, 30 Sep 2014 01:39:32 GMT

i wish i had some sort of advice. I hate seeing posts such as these. Good luck.

Re: I maxed out all my credit cards

Anonymous — Tue, 30 Sep 2014 01:41:59 GMT

It will be difficult for you to buy a car with all your cc maxed out, but not impossible. Try to reduce the % as much as you can...

Re: I maxed out all my credit cards

myjourney — Tue, 30 Sep 2014 01:42:16 GMT

Welcome to the forum

Maybe you can find some answers here

Wishing you and your family the best

http://ficoforums.myfico.com/t5/Credit-Cards/The-GREAT-CC-Payoff-Challenge/m-p/2689987#M768555

Re: I maxed out all my credit cards

Anonymous — Tue, 30 Sep 2014 01:42:50 GMT

ah, i've been in that situation before, sorry to hear that. I'm guessing something happened so that you had to max out your credit cards. is there any relatives you can ask to borrow money? if not, you just gotta ebay a lot of stuff you don't need.

Re: I maxed out all my credit cards

jsucool76 — Tue, 30 Sep 2014 01:44:48 GMT

What is your income like? If you can knock payments onto each card, pay more than the minimum (maybe 2x) on one card , and then get just the minimum on the others, you should be able to knock them out. Buying a car is going to be tough though, as I assume some of your lenders might start balance chasing you, keeping your util steadily high.

Re: I maxed out all my credit cards

destine2grow — Tue, 30 Sep 2014 01:46:00 GMT

The only advice I have to to choose the cc with the highest interest rate and pay more than the minimum on that one into you make a huge dent. And then do the same to the others. I would also suggest using your income tax to pay down debt.

I personally would try to hold out as long as I can to purchase a car. You really need to get the credit cards down to at leat 89%. Good luck!

Re: I maxed out all my credit cards

Anonymous — Tue, 30 Sep 2014 01:46:38 GMT

Wish I had stuff to ebay. I was helping a few of my family member. I was putting them first and me last, as per usual. I wont do that ever again.

Re: I maxed out all my credit cards

Anonymous — Tue, 30 Sep 2014 01:49:48 GMT

@Anonymous wrote:
Wish I had stuff to ebay. I was helping a few of my family member. I was putting them first and me last, as per usual. I wont do that ever again.

oy vey, sorry to hear that. hopefully your good karma will come through.

Re: I maxed out all my credit cards

Anonymous — Tue, 30 Sep 2014 01:49:49 GMT

My income is 50k a year. If I get a car note I wont have enough to pay more on my cards. Then again if I dont have a car I will be asking family member to take me to the grocery store every weekend. I do that now (the ones I helped) and they said they cant keep doing it.

Re: I maxed out all my credit cards

b_diddy — Tue, 30 Sep 2014 01:51:27 GMT

@Anonymous wrote:
New to this forum. I am completely depressed. I have managed to max out all of my credit cards. They have cents left available. All together its about 10k. Most of my cards are high interest, such as first premiere, credit one. Merrick bank. My highest card is my 6k NFCU cash rewards visa. I tried to get an increase with them and they said no that my utilization is high and to many inquiries. I have a perfect payment history all my life and no collections. I am screwed. How will I pay these cards when interest will still be piling up over my limit. I can pay minimum payments.
In January I can pay a little more. Problem is I need to buy a car in December or January. How can I buy a car with all my cards maxed out? I can only imagine my interest rate. I have kids so I have to get a car asap. Ahhh sorry for the long post. Can someone jump in and give me some advice? Thanks :/

You don't say if you're just starting or starting over again ... I assume one of these due to the subprime cards. You'll have to muster the courage to begin tackling this problem a bit at a time. Don't become paralyzed and do nothing or miss payments. Also deducing that $4k is on the 3 cards that are not NFCU ($6k). Hopefully, the NFCU has the lower interest rate so this gives you some direction as to where you should start putting any extra money you can scrape up to pay more than the minimum. As you pay off one card, start applying every bit of that money to your next high interest card. And, stop applying for new credit. It won't help you get out of this ditch. Whatever you do, don't miss payments. High utilization can be a temporary problem ... missed payments will hurt you a long time. I'm sure others here may have ideas as well.

Re: I maxed out all my credit cards

Anonymous — Tue, 30 Sep 2014 01:51:52 GMT

tell'em to cough up the money or just shut up and be your driver. If you get out of this tough situation, don't EVER help them out again.

Re: I maxed out all my credit cards

destine2grow — Tue, 30 Sep 2014 01:53:27 GMT

What? So now they can't help you after you helped them? Please tell me that none of the debt on the cc is theirs?

I really wish you the best of luck OP. You might to call a cab and pay more on the cc. That's what I would do.

Re: I maxed out all my credit cards

youdontkillmoney — Tue, 30 Sep 2014 01:56:20 GMT

#1, do not fall behind on payments and hurt your credit report

#2, learn to say no to family members, just no

#3, get a PT job in addition to full time

pay down, pay down, pay down!

Re: I maxed out all my credit cards

joedtx — Tue, 30 Sep 2014 02:48:13 GMT

@Anonymous wrote:
New to this forum. I am completely depressed. I have managed to max out all of my credit cards. They have cents left available. All together its about 10k. Most of my cards are high interest, such as first premiere, credit one. Merrick bank. My highest card is my 6k NFCU cash rewards visa. I tried to get an increase with them and they said no that my utilization is high and to many inquiries. I have a perfect payment history all my life and no collections. I am screwed. How will I pay these cards when interest will still be piling up over my limit. I can pay minimum payments.
In January I can pay a little more. Problem is I need to buy a car in December or January. How can I buy a car with all my cards maxed out? I can only imagine my interest rate. I have kids so I have to get a car asap. Ahhh sorry for the long post. Can someone jump in and give me some advice? Thanks :/

I know NFCU doesn't have a CC Consolidation program but quite of a few Credit Unions do. If you are able to gather your cards calculate your balances, then get a CC Loan and pay them all off to stop the daily interest on all the cards and have a single payment one CU that I can think of is Security Service Federal Credit Union its actually a program to help get people on their feet look locally and see if you can find one. Good Luck!

Re: I maxed out all my credit cards

Anonymous — Tue, 30 Sep 2014 03:00:25 GMT

+1 on consolidating these. Youll be fine. Just dont be paralized, take honor in the fact that you helped family. But i know this paticular situation from experience, its 10x more difficult just to look at your own problems, but your obviosly responsible and you can take caremof this! You got this. Just get the ball rolling with amcredit card loan. PM me if you need some cheering on dude.

Re: I maxed out all my credit cards

nightglider — Tue, 30 Sep 2014 03:03:19 GMT

Take this one step at a time. If your options are between getting a car and paying your CC debt, continue to pay your CC debt. Also, as the others said, take a cab and look into a consolidation loan.

You have a little over 3 months before you can get your tax return. At that point, if your strategy for the debt payment is on track, you may consider using your tax return as a down payment.

As far as this family member is concerned: Either they are able to continue helping you out, or they have no place in your efforts to become debt-free.

Re: I maxed out all my credit cards

yfan — Tue, 30 Sep 2014 03:08:10 GMT

@Anonymous wrote:
New to this forum. I am completely depressed. I have managed to max out all of my credit cards. They have cents left available. All together its about 10k. Most of my cards are high interest, such as first premiere, credit one. Merrick bank. My highest card is my 6k NFCU cash rewards visa. I tried to get an increase with them and they said no that my utilization is high and to many inquiries. I have a perfect payment history all my life and no collections. I am screwed. How will I pay these cards when interest will still be piling up over my limit. I can pay minimum payments.
In January I can pay a little more. Problem is I need to buy a car in December or January. How can I buy a car with all my cards maxed out? I can only imagine my interest rate. I have kids so I have to get a car asap. Ahhh sorry for the long post. Can someone jump in and give me some advice? Thanks :/

Do you by any chance have a ROTH IRA? If you do, you can take out the money that you put in with no penalties and no interest. That might help you pay off (or at least pay down) some of your credit card balances, which in turn might leave you in a better position for the car note. This is a last-resort thing to do, but when in a bind, you may treat that as a savings account.

Next, are you paying a mortgage, and if so, can you move to a smaller rental that will lower your monthly housing expense? If that is an option, it may be time to sell the house, which may even net you some cash to help pay off the credit cards. Also, if grocery shopping is the only thing you really need a car for, you may be better off getting a cab once a week from the store to home depending on how far you live from the grocery store.

My biggest concern is that most of your credit card issuers are basically loan sharks. They will do everything they can to NOT let you get out of debt. That's why you have to put everything you can scrape towards paying them down.

Re: I maxed out all my credit cards

joltdude — Tue, 30 Sep 2014 03:09:24 GMT

No matter what, pay more than the minumum.. ideally on ALL cards youd try to pay at least 2x the minimum to try to avert balance chasing....preferably more (of course)..

Might want to ask which banks are more likely to BC/AA you and make sure they get priority on the above min payment..

If not, even if its an extra 5 or 10$ over the minumum it may help you... You could have cascading issues if they start dropping your limits and your UTIL actually can get worse than it is...

Also would try to hold out as long as possible... Your car loan (if you get one). is going to be very painful if you don't clear some of this up first.... The upside is if your a member of Navy (according to your sig), or another CU, you might be able to refi your car note for a decent rate.. or if they grant you the initial loan, adjust the rate....

Re: I maxed out all my credit cards

d170 — Tue, 30 Sep 2014 03:49:20 GMT

First, sit down and create a budget. See if you can cut some things out. IE cell phone cable etc. I've had to go prepaid and we got rid of cable saving a little over 100$ month. We now use Netflix and Hulu plus and I give a friend 15$ to use their comcast log in for other shows. Next groceries. Coupon. I'm not saying sacrifice healthy decent food but, for us, buying in bulk and meal planning helped ALOT. we pack lunches and don't eat out too often. (Once a month a treat is Qdoba at 20$) Cut out the coffee if you do that. That was also 160$ a month minimum blown. Creating and looking at a budget put ALOT of things in perspective. Contact your utility company and see if they can put you on any programs. I wish you the best and I'll see if I can find one of the budget planners I started off with and seen how in the red I was. It can be both scary yet eye opening and a lot of diligence and sacrifices will have to be made but it can be done. I wish you all of the best.