I have over 50,000in credit card debt. I dont know how it happend but it did, one day I just woke up and realized that I had over 50, 000 in credit card debt, and my FICO score >600. As much as I read and try to educate myself I find very little options to get out of debt. I do have a mortgage which I pay every month on time. I own my car, have a good stabel job, and have a small retirement savings.
Regarding my only downfall in life, my credit card debts, I receive half a dozen calls a day offering either debt free programs cutting my debt in half offering to pay of the amount in 3 years or others offering programs to consolidate debt. What is the way out of this mess. I do make all my credit card payments monthly, but I have very little left at the end of each month to get by, gas, groceries etc...Sometimes having to use my credit cards to buy groceries etc...
It is very tempting to consider one of the Debt free programs and just tell myself I will pay half the debt in 3 years instead of a life time, and at least be able to have some kind of life 5 years from now. Sounds better then just paying minimum payments on my credit cards, and it taking a life time to pay off and have very little money each month for the basic needs.
Is there a downfall to taking the route of these Debt Free programs. I dont understand Consolidiation much so I dont know what option is best if any.
Thank you in advance for any words you can send my way
