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Huge Credit Card Debt

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Established Member

Re: Huge Debt 110k update

@SteelerNYC, Sorry I was not trying to be offensive in any way to anyone. Just making a reference in how my credit debt grew so fast and everyone says it can't happen to them, I was just saying people in general let their weight get out of hand sometimes and it is something no one really notices till its almost to late same as any other bad habit such as smoking, drinking, drugs, gambling...etc, most don't care till it really affects their life in some signifiacant way same as my credit situation blew up so fast while I didn't notice it, and also did not mean anything with fed/state aid but I personally have met lots of people that are fine and even brag about getting their food stamps and gov assitance with no real need besides being lazy, but I also know their are lots of familes and people who REALLY DO NEED IT, it just sucks I see and have known people that take advantage of this kind of service off our tax dollars, I am no one special but I work my butt off and will continue too as long as I am willing and able to and make any sacarfices I have to as I am not a bum. I am not super fond or proud off my current living situation but I don't care, I am just doing what I have to at the moment, and like everything else it will pass one day and I can move on. Continuing to work hard and push myself everyday.

 

Sorry again if I offended anyone.

Message 61 of 104
Senior Contributor

Re: Huge Debt 110k update

Thanks for the update and good luck as you work towards paying off your debt!

Starting Scores FICO 8 (Feb '18):
EX- 519, TU- 530, EQ- 545

Current Scores



Message 62 of 104
Established Member

Huge credit Debt 110K update

Hello, and first thanks for all support and encouragement I have gotten, I want to be humble but I am killing this debt, Yes I am getting a tiny tired and am human like everyone else but I am okay and will go the distance as I am working hard and won't stop never,  I am the Terminator to debt, , but just paid off another credit card, I am just hard working person doing 11-12h sometimes training, then get off and do masonry work for a few hrs now, then I go donate plasma, then do some other odd jobs I get planned, I have brought my earinings to 1200k to over 1700 a week net consistently while also in school now. Very Tough right now, but I am doing this all the way. Going a bit crazy but good crazy, while I see myself out of this in just a couple of years if not less just listen to motivating songs and remember how fast years go by/bye, and get up and get going I am doing what I have to do and I also see every cent that I pick up now as a quicker way out of this.  Out of dispear I will make this happen. I have made a game of Risk on stratagey with thsi debt lol,.......

 

Thanks for reading.

 

I will update again soon.

Message 63 of 104
Super Contributor

Re: Huge credit Debt 110K update

Glad to hear it. You sound very focused on the goal, so success awaits.
Message 64 of 104
Regular Contributor

Re: Huge credit Debt 110K update

WOW!  Your determination is inspiring!  Congrats on your success so far.  I look forward to reading future updates.  Keep on keeping on!

Starting FICO 8 December 2017


FICO 8 as of 5/23/19

FICO 9 as of 5/23/19




Sock Drawer:


Goal: Gardening until April 2020. 700 Club by 9/2019
Message 65 of 104
Community Leader
Valued Contributor

Re: Huge credit Debt 110K update

Congrats, Terminator! 

Discover It: 18.7k
Amex BCE: 18k
Citi DC: 4.7k
~~~~~~~~~~~~~~~~~~
Once you go Berner, you never go back.
Message 66 of 104
Valued Contributor

Re: Huge credit Debt 110K update

Great to hear! I had my doubts man, but I’m really thinking you can go the distance and nail this.

Would be awesome if you could continue for one more year after it’s all paid, and all the money you have been paying on debt could then go into savings. You could build a $60k cushion pretty rapidly...


Rose Gold/BCP/Delta Gold/Hilton Ascend/Hilton Honors | IT | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Kohl’s

Heir apparent to the SJ Special (finally got a Disco CLI of $300)





Entering the garden 5/27/2019, staying until 2020
Message 67 of 104
Valued Contributor

Re: Huge credit Debt 110K update

Congrats on your progress so far in paying down your debts.

 

However, it would be nice if you kept all your frequent updates in one thread instead of starting a new thread on the same subject every few days.





Message 68 of 104
Established Member

Re: Huge credit Debt 110K update

Thanks thats what I am hoping, Everday I find a way to earn money now and find a way to cut my expenses by just a bit. As before I never was living a high life just did not realize all the ways to cut back and save while also finding lots of ways to earn extra cash. I opened an investing account as well through Acorns, and just put $5 into every time I have a direct deposit, while I know its small, I am still trying to get on the right track now. it shows my portfolio I think over 60k by retirment at 65, with my current age at 28 and me continually investing just that small amount every week. Which of course once I have paid this debt off I can invest a lot more. And as you said I may be pretty tired once this is all done, but I will still be young and am thinking the same thing I can be saving hand over fist money once I have this paid off. With my job and new knowledge on making every cent count. As one of the BK lawyers said which most told me if I was not making enough to pay this off in 5 yrs (which I am going to make happen way faster) and had already been missing payments then BK would be an option but at the rate I am going I should be debt free in no time and look at it as an expensive lesson as this is like me paying a mortgage off at the end of the day, and they have seen worse. but I realize all the cash I could be saving but I want to fufill my obligations and again still have perfect credit report and my credit score keeps rising now with all the debt I have been paying down.

 

On another note my Blue Amex card continually keeps cutting my credit everytime I make a big payment they cut my credit line to my new balance. Used to have a 22k limit on this card with a 18k balance but I have paid it down to 11k but everytime I pay towards it they keep doing this, I know they are nervous but I have already paid off my other accounts with them last being a hilton honors card, and the last credit debt besides this one is a business card with only 1300 balance thats going to be gone soon, Its not a big deal in the since I never use that card but I just want to keep my credit lines for utilization purposes as I am still hoping to get approved in the near future for a consolidation loan as that will speed the process up a lot faster if I am only making one payment altogether with a lot lower interest rate.

 

I also have a few hundred dollars in my hilton honors account which is paid off, I don't plan on traveling or staying at hotels so even though I know thats the better value I am looking at using those points to buy something off amazon as I can't use directly as cash, and just selling whatever I buy, something that I can sell easily online and still get close to the same value. Then downgrading this card to one without an annual fee.

Message 69 of 104
Frequent Contributor

Re: Huge Credit Card Debt


@bdub1234 wrote:

Hi, I am new here. I am embarressed but My situation is I am 28 with 110k in CC debt

...

but now I feel like it is possible to get out of this, if I start throwing 2500-3500 a month towards these debts as again I really have no other serious financial obligations such as car payments/kids/insurance/mortgage, and I have cut my living expenses down to survive off 1k a month.

...

it seems possible if I can NET anywhere from 48k-55k yrly possibly more with bonuses and my taxes or if I go to school, and live off a budget of 15k, 1k a month plus an extra 3k thru the year for things such as maintanence and such that I would be putting 33-40k yrly towards payments and that a 5-6yr payoff is possible


I really, really commend your focus and willingness to make your debts right, and I don't fault you for your mistakes.

 

But if you want my honest opinion, short of a lottery or inheritance windfall, there is absolutely no way you're going to dig yourself out of this hole in 6 years. You're 28 - you're kidding yourself if you think you can live off $1,000 a month until you're 34, while paying $3000 a month to your creditors. Trust me, after a few months of eating rice and ramen in your studio apartment, you're going to really start thinking twice before continually sending 75% of your money to credit card companies.

 

That is a completely unrealistic expectation, and while I'm sure you have tremendous willpower, honestly nobody would be able to live like that for more than a couple weeks, or a month or two.

 

If you file bankruptcy, you'll be back on your feet again with a clean slate in a year or two. You'll get to keep 100% of your net income, instead of only 25%. Your credit score will take a hit temporarily, but only for a year or two. Your scores will be respectable again pretty quickly afterwards, and (this is the most important thing) you will meet your financial and credit goals YEARS (probably MANY years) earlier than if you go with the plan you outlined in the first post.

 

As someone who has weighed bankruptcy a few times in life, and done everything I could to avoid it, I gotta tell you... you have to know when to just cut your losses and admit that you need a clean slate now.

    Total CL: $20,600
Fico 8 Scores:
12/2018:
03/2019:
06/2019:
Goals:   550 by 12/2018 600 by 3/2019   650 by 6/2019   700 by 9/2019   750 by 12/2019
8 derog. (all settled 1/2019)     |     Inquiries: 10, 9, 6     |     AoOA: 10yr, 4mo     |     AAoA: 6yr, 6mo     |     AoYA: 0yr, 1mo
Message 70 of 104