Too Much Credit Card Debt!!

[Anonymous]

Creditplz- yes! I had no idea they closed them either until I was almost done with the process. Anything you include in the consolidation they closed (which in my case as all my credit cards and store cards at that time) . I believe it just shows up as closed by the consumer on your credit report. In the long run it was better that way for me, but I was extremely frustrated when I found that out.

[sarge12]

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@clewis122 wrote:
Hi All!!

So, I've racked up about $15,000 in credit card debt. I'm drowning in $700 in credit card bills, $600 in rent and $600 for my car note & insurance monthly. I just can't keep up. I don't have any late payments & no derogs, by the way.

Any suggestions on what I can do?? Would you recommend debt consolidation?

Thanks in advance!

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Most cards have a minimum payment of 3% of the balance at the worst, and 3% of 15000 is 450 dollars...Why is yours 700 on that amount? Is it due to the fact that you are using a lot of cards that you have not reached the lowest minimum on yet?  We really need more info to advise. That is almost 5% as a minimum, which I do not understand, or am I missing something? Are you over the limit on a lot of these cards?

[Creditplz]

I thought most charged 1%?? I know NFCU charges 2% of your balance. I was thinking the same thing though seemed a bit high for $15000

[sarge12]

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@Creditplz wrote:
I thought most charged 1%?? I know NFCU charges 2% of your balance. I was thinking the same thing though seemed a bit high for $15000

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They normally vary from 1%-3%, and some are interest + 1%. I have not ever heard of one that is almost 5%, and the credit card calculator at bankrate.com only goes to 5%. In any case 700 dollar minimum payment is hard to understand. Just for the record, if your minimum payment on 15000 is 5% and you always pay the minimum, and your interest were 29% APR it calculates to this...That is almost 15 years.