cancel
Showing results for 
Search instead for 
Did you mean: 

credit card debt

tag
Anonymous
Not applicable

credit card debt

Help!! I'm in about 25,000 in credit card debt. How do I get out of debt??
Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: credit card debt

I guess it depends on what's keeping you from paying it off, and how soon/quickly you can come up with the money.
 
I had a problem about 10 years ago, and went to one of those consumer credit counseling places. They helped me to fix most things so that it didn't look as bad on my credit report (slow pay, I think?). I don't really remember details, and I guess everyone's situation is unique. I do know that they came up with a monthly payment I could handle, that was distributed among the cards. Once one was paid off the excess was rolled over to the next card. I was working at the time; if I wasn't, I don't know what they would have done. Maybe they just help you declare bankruptcy?
 
They also asked if I was behind on rent/mortgage, if I had enough for groceries, etc. I wasn't, but I assume they would have helped remedy that too.
 
I know some people have had luck wtih calling the companies directly, I don't know enough about that to know if it's a good idea or not.
 
Good luck!
Message 2 of 10
Anonymous
Not applicable

Re: credit card debt

25K is a ton of debt for some, a small dip in the road for others. I suggest if you really want suggestions from the fine folks here, you give them some more details. What do you have to work with?

Personally, having gone through BK, I would eat Top Raman noodles and live in a refrigerator box before doing it again. At the time, it seemed like the thing to do.

Is this several CC's? Do you have options of other finance? Sometimes you can work with CCC's to avoid total default.
Message 3 of 10
Scamp
Valued Contributor

Re: credit card debt



pma22 wrote:
Help!! I'm in about 25,000 in credit card debt. How do I get out of debt??


P, if you can post more detail about how many accounts, their balances, limits and interest rates, along with your payment history on them and their current status, we can give you better feedback on what options you have. Smiley Happy
 
There's no one-size-fits-all solution to cc debt. Smiley Wink  So please give us more info if you can, and let's see what we can do to help you.
_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Message 4 of 10
UpNComing
Established Contributor

Re: credit card debt



contractor wrote:

Personally, having gone through BK, I would eat Top Raman noodles and live in a refrigerator box before doing it again. At the time, it seemed like the thing to do.


Smiley Very Happy Very funny contractor.  I never went through BK myself but from what I hear from friends and loved ones that is the consesus.
CSP ($5k); Chase MileagePlus Explorer Visa Sig. ($6k); Chase Freedom Visa Sig. ($6k); BankAmericard Cash Rewards Visa Sig. ($5k); Amex PRG (NPSL); Amex BCE ($1k); Citi Thank You ($5.4k); Barclay Apple ($4.2k) CapOne Cash ($2.5k) CapOne Platinum ($2.5k) Wells Fargo Home Project Visa ($10.3k) Discover IT ($1.5k) WalMart ($3k); Lowes ($3k); Amazon ($5k); Kohls($1.5k)

Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682
Message 5 of 10
smallfry
Senior Contributor

Re: credit card debt

Avoid BK at all costs if there is even a scintilla of a chance you can work out payment plans with your creditors. 8 years later I am counting the days that albatross drops from my reports. Try to work it out and STOP using the cards now.
Message 6 of 10
specultr
Regular Contributor

x

 
Message 7 of 10
Anonymous
Not applicable

Re: credit card debt

That's interesting, th'at he was encouraging bk. I have to say that was what I had planned to do, but the consumer credit place's stance was, "That is the worst possible thing you can do, and should only be a last resort." At the time it definitely seemed easier than struggling with all those payments.
 
I will also say that I found it just as hard to recover from slow pay/charge offs as it seems to be to recover from a bk, but obviously I don't know first-hand.
Message 8 of 10
smallfry
Senior Contributor

Re: credit card debt



@Anonymous wrote:
That's interesting, th'at he was encouraging bk. I have to say that was what I had planned to do, but the consumer credit place's stance was, "That is the worst possible thing you can do, and should only be a last resort." At the time it definitely seemed easier than struggling with all those payments.
I will also say that I found it just as hard to recover from slow pay/charge offs as it seems to be to recover from a bk, but obviously I don't know first-hand.



BK automatically disqualifies you from doing biz with certain lenders. My BK is over 8 years old and I have a good income yet American Express won't touch me. IF it is not financially feasible to pay then BK is a viable though a last resort option.
Message 9 of 10
FretlessMayhem
Senior Contributor

Re: credit card debt



@specultr wrote:
I had 4 charge offs and 14k in debt in 1997. I took a class on managing credit by some adult continuing education company. They had a bankruptcy attorney giving the class trying to convince us all to file BK. Some did. I didn't. I paid them all off. It took about 1.5 years of sacrifice. Now I'm prime again. It gets better.





Definitely prime with those scores!
Here we go again...
Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.