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Huge Credit Card Debt

Valued Contributor

Re: Huge Credit Card Debt

@bdub1234 wrote:

@ImtheDevil. Persistence is Key, as I told everyone when I started this I am like the Terminator or Rocky, I don't stop, been draining me physically and mentally and yes it sucks but I never give up, and I screwed up being young with starting a business off credit, but I have the eye of the tiger, I just keep working very hard and moved to an even better job now, sold everything I own outside of an air mat, and a few clothes and eat very cheap. As I stated before bank bonuses, plasma, side hustles, 2nd job, Paid school and stipend with GI Bill, flipping cars, surveys, clinical studies, everything helps. I am up before the sunrise and sleep for a few hours before getting back up to make this debt disappear. I said before failure is not an option. Only if I pass away which I may not be able to control but otherwise, I won't lose this battle, work ethic is on 200 percent. I still havent missed any payments, I just hope others can see this an realize that if I can do this with out utilizing a college degree anyone can. FYI I am now down to around 70k debt from 110k when I posted back in March or April. had a few bumps but when there is a problem I always find a solution. Goal is 2 years tops to be debt free only because I don't know what life is going to throw at me, but I can solve it,....Thanks ImTheDevil

Congrats on your great success!  Very happy for you!  


In roughly 2011 and 2012 my wife and I had VERY high credit card debt as well.  It was in the range of 75K.  Like you, we took it very seriously and worked hard at getting the debt down.  We did have to "settle" with one credit card company (also had a foreclosure at the same time), however we then took every dime that we are not having to send to that CC company, and sent it to the others.  We cut expenses like crazy and my wife worked two jobs while I was working 60+ hours a week.  We took almost every dime of what she made and sent it to the credit card companies.  It was wonderful when we realized how much we were saving in the reduced interest.  Fortunately by about the middle of 2014, we got them all paid and have been free of credit card debt since.  We now pay each CC off BEFORE the statement cuts (except one account, which we allow about $20 to show - The AZEO method).  As soon as we got all the credit card debt gone, we then starting putting most of what we were saving in interest and having to pay to the CCC's into a savings account.  What a difference - and sleeping so much better at night.  Smiley Happy 


Congrats on your great success!  Keep it up and please keep us updated as to your status!  



Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
July 2021: EX8: 850; EQ8: 850; TU8: 850 -- Middle Mortgage Score: 824
In My Wallet: Discover $73.7K; Cap1 Venture $42.7K; Amex ED $38K; Amex Optima $2.5K; Amex Delta Gold $18K; Citi Costco $21K; Cap1 Plat $8.4K; Barclay $7K; Chase Amazon $6K; BoA Plat $21.6K; Citi TY Pref $19K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $285K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 11 of 81
Established Contributor

Re: Huge Credit Card Debt

bdub, really glad to hear for you!


and yes! you are doing really well on the tackle!!!



Over the last year I have tackled about $50-60k and im down to $10k on personal side.


As for business, welp from 5-6 employees 2 yrs ago now in one week i will be down to just myself.

I am closing a store and will now have to tackle around $60k debt i teeter around.

I plan to have it down in less than a year. 


I remember when you were first posting saying 3-5 years.

So good to know you are actually almost half way when the year isnt even up yet!


Keep it up to empower us all!!!!


[Penfed Platinum Rewards 10k][BOA Cash Rewards 22k][NFCU cashRewards 37k][IHG 14.2k][BOA 15.8k][Amex BCE 6k][WellsFargo CashWise 14k][PNC Core 24.5k][SearsMC 15k][Lowes 35k][Toyota 21k][BP 10k][Home Depot 5k][Chase FU 6.6k][Discover 22.5k]
- [BOA CR $12.5k][Amex SC+ $13.5k][Amex B4B $35k][Chase Ink $68k][PNC $26.5k]
BT'oholic and OPM Lover! Chunk'n it hard and often!
Message 12 of 81

Re: Huge Credit Card Debt

I have a few min, just wanted to say THANKS again for all the support and congrats to the others I have read that have dealt or are dealing with some other simialar situations and finding ways to make it through, even though I am not done with this it keeps getting easier and now I have a new perspective on my finances and where every dollar goes, and been working around the clock to meet my obligations, has definitley been a huge life lesson and harder than I thought when I first realized I was in a huge finacial mess, and to anyone who thinks they can't be put in a scenario like this does not realize how easy having 10's of thousands if not a couple hundred thousands of credit which I had, Can be very easy to mismanage and wind themselves into a mountain of debt, like I did and so many others have. So I also have a new perspective and enlightment on this can happen to many. I was always great with my credit up to me starting a business, which is why I had such huge credit lines, thinking to myself how can anyone get themselves like that. WELL I DID.


Also to point out I exasperated my problem from my original credit debt business wise and once I realized I had started a circus in my business and did not have any control or idea what I was doing I shut down, and went to an 11hr an job and realized I could not make my min payments to my creditors as well as still pay living expenses, so stupidley I opened more credit lines to well over 200k in set limits and 3 cards with no defined limits at 25yrs old, to just start transferring balances around to never miss any payments while not solving my problem but just blowing it up to an even bigger one. I also think back that I should have been living like I am now right away with nothing to my name, not that I ever had much but now living on an air mat with 2 suitcases of luggage brings a new light to living on nothing, but again does not bother me much as I have lived in my car before taking bird baths at walmart working 4 jobs at once and been in even worse places, coming from having no family and group homes, and maybe I should have applied for housing assitance or food stamps but my pride would not let me. LIVE AND LEARN, but I got myself here and now I won't stop till I'm done.


I also can see how my debt of about 112k plus starting which was a mountain, could be someone elses debt of only 25-30k but they have 4 kids and are single and are only making 40k a year. Its all perspective, but as others say most have or would have filed BK, that I believe is last means, because if I went into my whole story I could type 100pages but I just want to share my short story left all the depression I have suffered out since a youth and my struggle which a lot I have deleted.  All I can say is try first before as so many are quick to give up.


I also know how hard being in this situation is as it sucks all this money I make has someone elses name on it, which has pissed me off, once I finally did what I had to, to get jobs paying me really great money, I hate seeing it all go to someone else (creditors). It definetley sucks when I work 65-85 hrs plus a week not counting school to just to give all this money to someone else.


All my debt is consumer CC debt which is the worse, average APR was 21percent but some 27 percent, I never use to pay attention to APR because I always paid my cards in full and only used for little things before all this


If anyone is interested how I found that I am getting out of this is I called all my creditors some I have had for 10yrs but told them I needed my interest rate reduced, some worked with me reducing my intrest, the others I went through a debt managment plan which got my creditors to reduce their rate. Cap One was at 27 percent and they went to 1.9,. I could not do this if my interest was not reduced, because now most of all my payment goes to the principal. Up or down fall, is I cancelled all my credit accounts or they suspended them for me temp. I only rely on what I make and have no safety net, but most are just temporary or will be reopen, once I finish this. but the ones closed all report closed by consumer. I don't care I still have plenty of credit history and installement loans, and some of my accounts are still open just suspended temp. At the end of the day I am a lot happier knowing I don't need credit to rely on now. I get my a$$ up and work everyday for so long most days and nights, because I have to finish this.


And Yes all still report as pay as agreed, still not a missed payment, my credit score is back in the mid 750's from the 500's again only from credit utiliztion, my debt has gone down so much. I don't expect many to be able to live like I am, as someone posted told me I could not sustain my lifestyle with nothing, eating ramen, but they don't know me, and yes another down fall I have not had relationship for awhile now, as I am embarressed, would not ever bring a woman into my situation or any other person into my debt.


This is my life, but again I live a nonexistent life right now, and I realize that after all this I will have prolly paid well over 200k with interest but it was my debt and my life, If I live to be 31 Ill be debt free maybe even sooner and I proved so many wrong in my entire life circumstances like many times before, I have tried so hard, but made mistakes like everyone and can't go back but only forward, I only like to progress and this is what I have chosen at this point to finish this, I can't quit, but who knows what life really is?

Message 13 of 81
Moderator Emerita

Re: Huge Credit Card Debt

What an amazing and supportive thread! 
Awesome job @bdub1234 ! It's just like eating an bite at a time. 

Got some pruning to do... No more new cards!
Message 14 of 81

Re: Huge Credit Card Debt

Hello everyone, I want to wish everyone the best holidays this year, Everyone stay strong and persist! I have gotten my debt down now to about 68k debt from 112k, yes I know a ton of debt still, had a set back for a bit,  My goal was 78k by new years but I am surpassing that as I don't can't quit at this point, Credit score is back in the mid 700's from looking at a 550, Feels great from being out of that 6 figure range, working endlessly, never missing a payment in my life and almost feel like the clock count down coming on New Years Eve which I should be at 60k or less then counting down the seconds or thousands for me, with a new year ahead I feel like this is it!, I am and have to get back on track with my life, again as long as I survive as no day is promised, if I don't for any reason at least I tried lol, but I am trying not only for me but for everyone here that either doubeted me or that gave me praise and hope that I can show this is possible with heart and determination and some hard work as I am just a blue collar worker. I WISH EVERYONE THE BEST OF LUCK AND AGAIN HAPPY HOLIDAYS TO ALL.

Message 15 of 81

Re: Huge Credit Card Debt

I realized my CC debt was out of control in Oct 2016.


I made a spreadsheet and was sick when the total came to $121,789.


I paid every penny of that off on Nov 1, 2018. I wish I could put into words how energized and free my mind, body, and soul felt on that day....


The key to this was multiple balance transfers at 0% APR and 3-4% BT Fee.


You can do it. dude....we support you!!!!


(In another note.....I also decided to buy my first house this year and I was able to build my dreamhouse which will be done in January. Pretty easy to get financing with zero debt and an 817 Middle Mortgage score, I found out!)

Message 16 of 81
New Contributor

Re: Huge Credit Card Debt

I just wanted to pitch in and say what an amazing job for absolutely obliterating that debt. You're almost halfway! I've followed your story since day one, and am rooting for you! Don't forget to sit back a moment here and there during the holidays, and reflect on your hard work and all you've accomplished so far!

Chase Freedom - $6.7K SL - Opened 10/2008
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Fico 8 (USAA/Discover): 706 (09/2019), 716 (05/2020)
Fico 9 (NFCU): 738 (10/2019), 782 (05/2020)

Fico 8 3 bureau (Creditchecktotal): EX-709 EQ-723 TU-723 (10/2019)

Message 17 of 81
Valued Contributor

Re: Huge Credit Card Debt

Happy Holidays! Love hearing your progress and updates.

Message 18 of 81
Established Contributor

Re: Huge Credit Card Debt


Great to see you again! Thank you for the good wishes. We all wish you a happy holiday season and a healthy happy and very prosperous new year. 


You will definitely get this done. I have every confidence in your ability and sheer determination. I look forward to the day you are debt free and retrun to let us all celebrate with you. 


Think of the support and advice you will be able to give others who have a debt issue in the future. You are an inspiration my good friend.


Be well.

Message 19 of 81
Super Contributor

Re: Huge Credit Card Debt

@bdub1234 wrote:

@ImtheDevil. Persistence is Key, as I told everyone when I started this I am like the Terminator or Rocky, I don't stop, 

No joke! You are one h3ll of a fighter.......I'm super stoked over your story.  Plz keep it coming.  If you can't inspire someone to stay the course; nobody can!

I'll be looking for your posts from here on out.

"My Take Home Pay Don't Take Me Home"
Message 20 of 81
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