Advice on CC debts

[2k2civic 10+ year member]

So, I've got lots of credit card debt that I wish I never gathered and now I need some advice on how to pay it down.

I'm looking at just under $25k and although I'm able to make my payments on time, I hate having this debt, it's just something extra to worry about. So, my question is, what is the quickest way to pay these debts off? Should I be focusing on one creditor and paying just minimums on the others or should I split whatever I can afford each month equally among the 4 open accounts I have?

Or maybe I should just take up a collection... anyone feel like donating to the "I messed up bad and need help from complete strangers to fix my financial problems" fund? LOL

Click to read more...

 

[Louisiana_CRX 5,000+ posts]

i just say phuck em...its unsecure credit they can't do nothing but give you more credit...i use to get credit cards all the time...but i haven't seen a new credit card in a year or so now...all my cards are past maxed...i just wad the bills up and trash them each month....

 

[zack39648 10+ year member]

once the credit card companies charge off the balance and turn it over to collection you can be subjected to legal charges which usually leads to bankruptcy since your broke anyways //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[Louisiana_CRX 5,000+ posts]

just take my advice...they can't hurt your credit...i just bought a brand new Civic with 2.9% Honda finacing....and haven't paid on a credit card in over a year...and i had 15 cards at one time....

 

[dleccord 5,000+ posts]

Pull out a $50,000 school loan and become a student?

 

[tRidiot 10+ year member]

Figure out how much extra over minimum payments you can afford each month. Say your total minimums are like $1k, but you can afford $1200 a month. Pay a little over minimums (like 10%) on each card is what I do, then apply as much extra as possible to the card with the highest interest rate. That card is costing you the most each month, so you want to focus on getting that balance down.

Once that card pays off, put ALL that extra toward the card with the next highest interest... don't think of it as, "Whoo-hoo! Got one card paid off, now I have an extra $200-300 a month!" Think of it as still having to pay the same $1200 a month, just that it's going between less balances... if you follow this method, the payoffs will snowball once you get the first one done.

Of course, getting another job is always an option. I do NOT advocate letting them go without paying them, as they can and will screw up your credit. How LACRX is making it by I don't know, but I'd be surprised if it doesn't catch up with him soon. Personally, I have alot more CC debt than you and many many times more total debt (it sounds like). I would like to take the easy way out and declare bankruptcy, etc., but I can't do that, morally. I made a commitment I would try to pay off the debt I've accumulated and I won't go back on my word just for the sake of convenience.

Creditboards.com is a good resource for dealing with debt and credit issues.

 

[mrogowski 5,000+ posts]

Firstly, take all the credit cards you have except one and cut them.

Next, go to your bank and talk to them about getting a consolidation loan. You can move all the balances into it and make one payment at a lower interest rate.

Oh, and don't get any more credit cards!

 

[rippinitup7 10+ year member]

focus on one at a time. the one with the highest interest rate since it will be costing you the most to leave open. now just pay minimums on the others. once one is knocked out (lets say it was a card that had a $70/mo minimum payment, but you were putting down $125/mo on) you can now use that extra $125 you have to work on your next card. this will knock out the cards faster than if you spread your extra money evenly to all the cards. that route will take forever. plus if you try to tackle them all evenly at the same time you will never feel like your getting anywhere because it will move so slowly.

btw, if you have the option to consolidate that's a good idea too, as long as you don't do something stupid like get more cards or something and max them out while dealing with the consolidation loan.

 

[hemi=22s 10+ year member]

get a cc with low apr 0-5% till paid in full and transfer the balances with the highest apr on to that, u will usually have to pay a 3% fee for each transfer but that is usually than a month interest charge on another card.

 

[Louisiana_CRX 5,000+ posts]

Pull out a $50,000 school loan and become a student?

Thats what I did when I was younger...I never paid those bishs back either...lol

 

[speedfreak28 10+ year member]

Firstly, take all the credit cards you have except one and cut them.
Next, go to your bank and talk to them about getting a consolidation loan. You can move all the balances into it and make one payment at a lower interest rate.

Oh, and don't get any more credit cards!

best advice here. you'll get a fied apr. be careful with a balance transfer, if you dont pay off the balance by the end of the introductory rate, your responsible for all accrued interest.

 

[Louisiana_CRX 5,000+ posts]

There is a reason behind going to 4 colleges....and 4 vo-techs it wasn't for extra education....those were the days....//content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[hemi=22s 10+ year member]

best advice here. you'll get a fied apr. be careful with a balance transfer, if you dont pay off the balance by the end of the introductory rate, your responsible for all accrued interest.

agreed, dont get a balance transfer card unless it says til balance is paid in full,

If u go this route u must make sure u pay the payment on time, i always pay it online so there is no excuse they didnt get it

i only had 7,000 in debt and i transferred it to a 2.9 apr until pd in full and had it paid off in 12 months and was paying less than the amount of the 4 cards added up

now i only got 3 cards and they are paid in full each month.

i recommend u keep 2 accounts open.

the 1 you had the longest and the one with the best apr.

also, have u tried calling them and asking them to lower your apr usually doing this will work if your account has been in good standing

 

[pioneerpimp 5,000+ posts]

i just say phuck em...its unsecure credit they can't do nothing but give you more credit...i use to get credit cards all the time...but i haven't seen a new credit card in a year or so now...all my cards are past maxed...i just wad the bills up and trash them each month....

you always have the worst advice here, you honestly need to stop living.

show me a pic of your gun now

 

[DejaWiz 5,000+ posts]

Pay a little over minimum on each. If you owe $200 on one, pay them at least $205. Even an extra $5 is marked as "payed more than minimum" and will start driving your credit score up and your APR's down.

A part-time job is a good option to throw extra money at them if you have the time to do so.

Seeking a consolidation loan is certainly a viable option, as well.