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Huge Credit Card Debt

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Established Member

Re: Huge Credit Card Debt

I am going to keep living and doing the best I can. As Morgan Freeman aka RED says GET BUSY LIVING or GET BUSY DYING.

Message 41 of 104
Established Member

Re: Huge Credit Card Debt

Hello, thanks for the response, I do want to go through bankruptcy, and I could understand  If I was still working a minimal job or had lots of obligations, where I was falling behind in payments but as of now my head is still above water and my shoulders are starting to show.  I am making great money for me, I like being humble, while great money to me might be pennies to Warren Buffet or other people and I have no obligations and can live anywhere I have slept literally in the the dirt/sand for weeks in the military, and slept in my car taking bird baths at walmart  when I first got out of social services, I dont care.  I just do what I have to do to survive, I am a fighter and a survivor but I will contiune to do my research while still paying my debts. I think if I was already 45plus years of age which is still very young in my opinion I would consider giving up my pride, but again I really don't like comparing myself to others and my obligations and everyone's  situation is differ, and I don't have any social media accounts to get depressed over when you see people that look happy but have their own issues, plenty of people are still down in their 30s and actually have opps to do something living with their parents not paying for anything and they don't. I never screw anyone over and have been screwed over myself 10k of my debt trying to help people that promised to pay me back that didn't and while my lenders are banks and credit unions and already factor in so many people defaulting and my small debt in their world is not going to cause them to be homeless, I keep my word, I used their money not to live some luxury life but to get by until I figured out and got my life together. Which I have done now. I am here at the cross roads now I want to keep my word. Tony Montana "all I have in this world is my balls and my word and I don't break them for anyone." As again they are instution not a single person but stll none the less I used their money and yes I am paying them back a crazy amount with interests but I know how it feels to be screwed over money. 

 

Thank you again,  I still know  I can only be maybe 31-33 and have this paid off as I am 28 now I will be in good shape,  and this whole experience pushed me to make the income I am making now in a careeer I like due to me never f&$%ing anyone one over in my life and missing any payments I do what I have to do, where once this debt is paid I will be able to save lots of money and have had a hell of a learining experience.

 

Thanks not discounting your advice and I apprecitate it, I will keep posting my progress

Message 42 of 104
Established Member

Re: Huge Credit Card Debt

I look at my situation as if I had never got myself into this conundrum I might still be making 400-600 gross a week while with no debt or pressure I would not be able to save much to anything in 5yrs but this pushed me to get my income where now I am projected to make about 80-100k plus a year and yes if l pay my debts by 32-33 afterwards  then I will be saving more than a 32 year old still making only grossing 400-600 a week.

Message 43 of 104
Established Member

Re: Huge Credit Card Debt

Hi, thanks for your response, I lived in my truck when I first started driving it was ok, I was in debt then, I traveled the country it did not really bother me but it is still nice to be able to shower in your own place, I was not making that much though and was still brand new to trucking. Now I am making 1500 a week and home everyday  and will be making about 2500 2 weeks out of the month and 1500 the other 2. I do whatever I have to do to get things done. I am a little different not having family or anything or obligations and I set my standards very low. I don't care what others are doing, I just do me. I was just saying while I am living cheap now, that is always an option that lots of people don't have. Lots of drivers live in their trucks that you see at truck stops/rest areas and have all their belongings there just like a studio apt. 

Message 44 of 104
Established Member

Re: Huge Credit Card Debt

@clayx Thanks I am putting lots of work toward this, I work 6 days a week, and the extra day I look for gigs on craigsist to make extra money such as moving furniture, raking leaves, whatever someone post I am there, I can pay this off in the next 3 yrs as long as I keep working. I only sleep about 6 hrs a day. which is good. In times when I was not working I remember just being fatigued and sleeping way longer. while now I am working I am up in 6 hrs and feel good. I watched an Arnold Swarzenger doc where he really is inspirational about you always have time to make things happen, most people always say they don't have time for something but again its all about budgeting your time same as your expenses and debt., and what you are really willing to do. Thanks

Message 45 of 104
Established Member

Re: Huge Credit Card Debt

@southJamaica thanks , I will pay this off myself, I see no reason not to besides being selfish. No real weight on my shoulders, agian I know what I am making now with no obligations is very good to pay this off plus what I will be making soon. I would understand BK if I could not keep up with payments but I should be able to put almost 3-5k the payments here month.  Plus all my other opps to make this happen its only a question of how long whether 3 yrs or 4 yrs. maybe less. I am someone when someone says I can't do something, I push myself harder to dispell that and prove everyone wrong. I sill have over 30k in unsecured revolving lines that I have frozen. Due to the fact I don't want anymore credit and am glad my lines were cut from that 250kplus limits I had. I am only using the little amount I have allocated to one of my accounts a week for living expenses. Thanks for your comment,  Will keep posting on my progress.

Message 46 of 104
Established Member

Re: Huge Credit Card Debt

@revelate thanks for the encouragement,  that is my plan to keep paying these debts off at 3-5k a month a month, I could file BK or just pay them off, and yes get lower apr rates by calling them which is my plan,  yes lots of money maybe saved,I work hard now and long hrs, not stressful or back breaking work I like my job curentlly, lol, I worked very hard jobs in the past for min wage. I will see my best interest. Like you said its my life and its now or never and Im not going to live forever (Bon Jovi) lol. It took me a little over 3yrs to get into this now that I am making good money, I know I can be out in 3-4 years living as a I do and keep my word. Thanks. I also know everyday above ground is a good day, and I am not promised to live past positing this, You never know when your last day is, I live a very fine line of making money and what not, but at the end of the day everyone is mortal and I am not religous maybe agnostic or into mystic,  but you can't take any paper with you into whatever happens next and never know when this is your last day. Just live your life and experience love.  Looking over the world I have always felt blessed or in a good situation as there are always others  in worse conditions in our humantity population, while overcoming so many obstacles I always feel blessed to be where I am now and always love giving others advice where I have screwed up. Life is nothing but a game.

 

I will keep everyone posted no matter what but I promise I will do this, If i will put 3-5 month I will beat this for sure, I never give up or surrender and  work harder no matter what and will do whatever I have to do, also considering everyones advice because I do appreciate anyone who read all my long post. Thanks.

Message 47 of 104
Established Member

Huge Credit Card Debt 110k Closing Accounts Question

Hello Everyone, So I have another question about closing accounts, won't explain my whole situation as I already have on previous post if interested (lots of reading lol), but I am pushing forward and making progress on paying back a huge revolving/unsecured debt.

 

My question is I have cards that have annual fee's one an Amex plat I don't carry a balance except a 10 dollar recurring fee which I can switch over to my bank account its not costing me any interest as its paid every month but it carries a 400 annual fee so this one is going for sure.

 

But I also have other cards with annual fees that still have balances, Can I cancel with a balance on them to avoid the annual fee. I know I am still going to be paying the debt down but I don't use and am not using them anymore and want to avoid the annual fees.

 

Others are a Prestige, Hilton Honors, Bar Gold, Chase Reserve.....etc,

 

Some of these cards actually have a reasonable interest rate such as the Gold only being 16percent.

 

So another question if I can close these accounts with a balance does that end any negotiation on interest rates now or in future which again some are not that terrible. but the prestige the highest is at 24 percent, and I am not concerned at this point in it hurting my credit because of less credit available to me and utiliztation I am only focused on getting all these creditors payed off. If it does end negotiation I think is still better as this could take me a few yrs to pay off but in that time with me still making progress paying this down may open me up to a consolidation loan in the future.

 

I could care less about a utilization score or inquries right now. Just trying to cut all expenses. I don't know how some of these cards played into my once 250k plus credit lines anyways, as the Amex and Gold Card do not specify a credit limit just no set spending limit, but never again do I want these types of credit lines.

 

Even though my credit lines have been already cut drastically which brought my utilization so far up I still have 10's of thousands of credit lines available which I am going to keep open but I have already cut up the cards for the first 3 I have paid off, and I DONT USE ANY OF MY CREDIT CARDS ANYMORE. I'm living off 5-6 hrs off sleep and Pb N J and ramen noodles.

 

None of the annual fees are due for many months but I still would rather cancel them as that is more money saved, or as I should say put to my debt.

 

Thanks for anyone reading and contributing I value the feedback and encouragement, I still have plenty of energy and I have a plan and making enough to pay this off within a 5yr period at most but shooting for a lot less.

 

Message 48 of 104
Established Member

Re: Huge Credit Card Debt 110k Closing Accounts Question

Also if anyone else is in a smiliar positon to mine maybe not as much debt but more obligations, I may be able to help, because if I was only in debt for 10-50k I would not even be posting here. I have made a job possibly career choice as of now for something I actually found out I love but if anything for someone else maybe still making less than they want or needing to get out of debt while working minmal paying jobs its a quick way to make decent to good money depending on what you consider as good money.

 

Also If something  changed in my life right now such as having children, medical expenses, injured, other expenses...etc I don't think I would have the same optimistic enthusiasm as I have now, and I understand how something like 20-50k while would not seem like much to me right now and I would be estatic with that, but with that debt and with 5 other obligations I could see that being just as overwhelming as mine.

 

Thank you I also want to contribute and help any one else if they need it if I can.

Message 49 of 104
Valued Member

Re: Huge Credit Card Debt 110k Closing Accounts Question

You can close the cards with balances to avoid the annual fees. Your monthly payments due will remain the same.

 

I don't know for sure how doing that would affect any interest rate negotiations. 

 

Have you looked into downgrading some of your cards to no annual fee cards instead of closing? I would think that you can still do that regardless of high balances as long as the accounts are in good standing. For example, the CSR can be downgraded to a Chase Freedom or Freedom Unlimited. The Hilton Honors card has a no AF version. Etc.

 

Good for you for doing what needs to be done to pay down your debt. You got this!

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Message 50 of 104