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Huge credit card debt

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Huge credit card debt

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Message 1 of 13
12 REPLIES 12
Frequent Contributor

Re: Huge credit card debt

I haven't read any of your previous posts, but it sounds from this one that you are heavy in debt.

 

Yeah, some of the posters can be easy on you and some can be harsh. Don't let that get to you. If you are drowning in debt, and you tell us that you "needed" to purchase that new 82" 4K Sony TV,  than, yes, some boot camp drill instructors will be coming out to respond.

 

Most of us have been there. I know I have. And sometimes you need an outside perspective and an uninvested opinion to tell you that you are spending on a lot of "wants" and not "needs". But hang in there. Keep posting. 

    EQ=830       TU=816        EX=807      INQ=0/0/2     UTIL=1%        AZEO

Message 2 of 13
Frequent Contributor

Re: Huge credit card debt

Good for you and keep on plugging at it. My debt was over 75k about 3 years ago, and is now about 1/2 of that. I have a plan to be fully paid off in about 2 more years. Two major factors have made this work. 1) a fairly substantial raise after not having one for years. 2) refinancing to a combination of low interest loans and 0% balance transfer credit cards. Going from paying almost $1000/mo interest to about $100 has made a huge difference in how fast debt can be paid off.

Current Score: Mar 2019: EX FICO8 779, TU FICO8 800, EQ FICO 780, TU Vantage 773, EQ Vantage 786
AoOA: closed: 35 years, open: 24 years; AAoA: 11.8 years; Inquiries: 2019: 2, 2018: 3; No BK ever, 1 30 day late in 2013
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Slate, Chase Amazon, Chase CSP, Sync Lowes, Sync JC Penney - total CL 129k
Loans: Prosper (20k/3yrs 7.14%), Lending Club (10k/3yrs 5.89%), Chase car loan (35k/6yrs 0.9%)
Message 3 of 13
Regular Contributor

Re: Huge credit card debt

Hey, bdub1234, good to see you! Your posts are always a welcome addition to my daily reads. We really do care about you. Post what you feel is appropriate when it works for you. Get that steak dinner once in a while too. You deserve it!

 

I look forward to your next post. You made my day. Smiley Happy

 

 

Message 4 of 13
Regular Contributor

Re: Huge credit card debt

I haven't read your posts either but great job and hang in there!! 

 

My finances are in much better shape now but I spent about 12-15 years lugging around some massive five-figure debts that began in the middle of a huge career readjustment.  It wasn't fivolous spending, just trying to keep our heads afloat for a family of five and taking over a 50% paycut for several years followed by kids in college and other expenses.  I can't tell you how many times I rolled balances over between my cards on 0% financing offers before I was finally able to pay it all down without going through BK. 

 

I know it seems dark at times, but just know that you are not alone and paying it off can be done.  It just takes time and perserverance.  BK has to be the option for some people but if you can avoid it you'll be so much better off. 




Total Length of Credit = 31 years; AoOA (Currently open accounts) = 26+ years; AAoA = 9.5+ years; AoYA = less than 1 year (Aug 2019)
*Hover cursor over each card to see name, CL
Message 5 of 13
Frequent Contributor

Re: Huge credit card debt

Wow! You’ve paid down over $20k of cc debt just since April!?! Each month you’re getting closer to 0. You can definitely do this.

Maybe you can start setting aside some money for savings — even if it’s as small $100 per month. I think seeing savings grow is as much a motivation as seeing debt shrink.
Message 6 of 13
Valued Contributor

Re: Huge credit card debt

I’ll admit when OP started posting his story and plan, I was one of the skeptics that advocated BK so he didn’t ruin his health trying to sustain a schedule like this. I still do worry that health issues may become an issue at some point, but facts are facts - OP is kicking @$$ at this and proving to us all that huge debt can be taken down with reasonable income.

My hat’s off to ya man - you’re doing an awesome job at bringing this down. And I agree with the comments on starting a savings and grabbing a steak dinner here and there!


Rose Gold/BCP/Delta Gold/Hilton Surpass/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)

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020
Message 7 of 13
Frequent Contributor

Re: Huge credit card debt

Congrats on all of your hard work, and I know how tough it can be.  I actually consulted with a BC attorney in 2011 while living in California, because I was drowning in debt with no end in site after a divorce and career change.  After learning about Chapter 13 I decided to work hard at paying down debt and living a very minimal existence.  Like others in this thread, I also made good financial decisions that reduced the amount of interest I was paying each month which made paying down debt so much easier. 

 

Encouragement is great, but also sometimes a little tough love is good when asking for advice.  Keep it up, because now you know you can.  




Message 8 of 13
New Contributor

Re: Huge credit card debt

 
Message 9 of 13
Highlighted
Regular Contributor

Re: Huge credit card debt


@bdub1234 wrote: 
"WOW! Thanks to all encouragement from everyone ...I am to determined to win this battle and beat this with too much HEART and DETERMINATION for me to ever give up, I am a fighter  ... Nothing to lose but face and my integrity in my case, ... never missing a payment in my life on my own ethics and morals, ... just character building to me, ... I make the best of my situational circumstances.

 

 ...I am making good progress and I had a plan to deal with this, which I am and most don't. ... I have added supplemental income such as me working other side jobs ...   while still working and going to school full time.  I also talked to my creditors about half worked with me after talking with me to reduce my interest significantly,  the others I went through a DMP plan to where my interest was reduced to that 2-8 percent, some have kept my accounts open just based on me paying off current debt ... At this point I do have a few thousand saved up for emergencies.

 

 ...stay strong, as again it will pass whatever bad situation you are in."

Great post, @bdub1234 .  It's obvious that you're going to make it!  I like your spirit, regardless of whether we are talking about credit or other life circumstances because your posting went way beyond talking about credit card debt.  I highlighted some of your best points above.   From having emergency savings to working directly and honestly with your lenders to working extra jobs to make extra money, you're absolutely doing everything right about how to approach this and it's a model and example for others.  Keep up the good work!  

 

You also talked about the honor and integrity about repaying your debts and that was important to me too.  I wanted to pay what I owed and feel that sometimes people give up too quickly and take the easy route through bankruptcy.  While it may be perfectly legal and there are definitely times where it is appropriate and necessary, I didn't want to do that if there was any way I could repay it from a standpoint of personal honor.  That's not the man my daddy raised me to be.  I didn't want bankruptcy to be part of my story.  I also knew it would follow me for at least seven years on my credit report, and on this forum, I've also read about people getting blacklisted for decades if not permanently after "burning" some big banks. 

 

Definitely keep us informed about your progress and we look forward to hearing when you have completed your plan!  That will be an exciting day! 




Total Length of Credit = 31 years; AoOA (Currently open accounts) = 26+ years; AAoA = 9.5+ years; AoYA = less than 1 year (Aug 2019)
*Hover cursor over each card to see name, CL
Message 10 of 13
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