My credit cards have been running pretty high due to emergencies and the current economy we are in. I'm paying on time and trying my hardest to knock them down every paycheck, but I know it takes time. Any advice is gladly appreciated.
First thing is to budget and see where your money is going. Use extra money to build an emergency fund in savings, so you don't have to rely on credit cards for emergencies. Once you have a good emergency fund started, start paying down the debt using a snowball or avalanche method. Most importantly, stop purchasing things on your cards that you don't have the cash for already.
Not sure what is your financial situation at this time, but please be careful, this shows a path where you are digging a hole that you won't be able to come out of.
1. Are you able to pay rent, and food without using the CC?
2. budget, this is going to help, the goal for you should be not to use your CC at this moment until you get everything under control
I wish you the best of luck, try getting a side job that should help, sell things you don't use anymore.
I was in this situation before all the rate hikes driving up the interest rates on revolving debt this past year. This worked for us.
You have to get seriously tired of the situation and take drastic measures. We sold a lot of stuff we really didn't need and don't miss now at all including our 2 financed vehicles in favor of 2 paid off cars.
Build up a cash reserve for the small things that come up. We started working all the extra time we could for more income. Utilized the snowball method and only charged what we could actually cover and pay off immediately.
Once we got down to the last 3 cards we just started applying large payments across all of them to get them down from their high util and bump our scores faster as we now have the extra breathing room to do it that way with all the other cards and debts paid off.
It definitely took a lot longer to clean it up than it took to get us to that point and i can see its going to get harder as interest rates keep rising.
If you coulld list out your cards as:
Whats left each month to pay these balances.
We can come up with a plan to get it paid down.