Ok folks this isn't for me its for my sister. She called up and asked my advice on what to do with her $21,000 in cc debt 😱 She's 23 and makes very little money. I'd say 22k a year or something. She clearly has been living above her means! She was saying someone told her to go to Consumer credit councelling... She asked what I thought. My initial reaction was no don't do that but... How will she ever get out from under this? She had 11 cards and is current on every single one. Never had a late. But she's treading water ya know? So my gut says snowball but she doesn't make enough she will never climb out. Any input here? Anyone have a good experience with these places? Is BK better? Can she negotiate with the companies directly and get on a plan even tho she's not behind? I'm at a loss here bc I rebuilt after the damage was already done for me lol. HELP! I do not have her list of exact cards and amounts which I know would be helpful but I'm just reaching out
I would recommend that she call 10 of her CCs with the highest balance and ask for payment plan. They probably going to cancel the cards but not important. They are going to put her on payment plan. She still can use Covid protocols for payment assistance.
If she's serious, then she can post in here with detail CC information for much better solutions!
Good luck to her!
Good luck climbing out from under $22k in CC debt on $10 an hour.
Ouch.
I'd probably consider BK at a minimum... CC interest is going to make her life difficult.
@Doodlebug30 wrote:Ok folks this isn't for me its for my sister. She called up and asked my advice on what to do with her $21,000 in cc debt 😱 She's 23 and makes very little money. I'd say 22k a year or something. She clearly has been living above her means! She was saying someone told her to go to Consumer credit councelling... She asked what I thought. My initial reaction was no don't do that but... How will she ever get out from under this? She had 11 cards and is current on every single one. Never had a late. But she's treading water ya know? So my gut says snowball but she doesn't make enough she will never climb out. Any input here? Anyone have a good experience with these places? Is BK better? Can she negotiate with the companies directly and get on a plan even tho she's not behind? I'm at a loss here bc I rebuilt after the damage was already done for me lol. HELP! I do not have her list of exact cards and amounts which I know would be helpful but I'm just reaching out
Hello OP,
She needs an increase in income.
Has she considered getting a side job? This can be a great way to bring in additional income.
- Selling items that are no longer being used is another option. We all have items lying around that can be of value to someone else.
If she is able to pursue any of the above options, the snowball method can be a great way to pay off debts over time.
If, for some reason, increasing her income is not feasible, it may be worthwhile to contact the credit card company to see if they can offer any assistance or solutions.
