Get rid of Personal Credit Card Debt

While bank card is absolutely useful for evening-to-evening purchase, it’s really not for all. By simply taking time to know ways to remove credit debt, you’ll in no way need to panic about entering into credit card debt once more. Listed here are the five easy ways to eliminate credit card debt:

Keep Only a Particular Variety of Charge Cards

Make an effort to only have a Mastercard, a Master card, andOror perhaps an American Convey plastic card, which may well employed anywhere you go. Just about all card people who may have substantial credit cards will often be the people which have a great deal of bank cards to begin with.

Realize or know Your Bank Card Terminology

Make sure you be aware of the Interest Rate (Interest rates), the actual interest to whatever because of harmony, the specific sophistication interval , fiscal financial transaction charges and once-a-year charge, if there’s any. Review the stipulations series by series.

Grasp how interest will be relevant to balance, when you will end up incurred fees and in addition if your interest rate goes up. Identifying each one of these primary characteristics of your family credit card can certainly help you get started get rid of unsecured debt.

Make an eye on Your overall Charge Cards

In the first place, take note of every one of your credit cards. Comprise of the unpaid stability, borrowing limit, month-to-month interest, as well as minimal repayment. Furthermore, setup them on the report using the lowest month-to-month monthly interest at the pinnacle, as well as the greatest 1 in the bottom stage. Once you do handle emergencies, you are aware of which credit card has got the lowest interest cost which you might utilize to stay away from having to pay large monthly interest.

Obtain What You Need to have, Not Whatever You Desire

As a result of easiness connected with maintaining credit rating or bank cards, several people today normally are likely to work with charge cards as a passport to shell out cash that they don’t in fact get or is going to be credit, which is among the main reasons pointing visitors to credit card debt.

You can actually avoid unsecured debt by letting only things you need and may find the money for to fund, not what you need. When you can not deal with or afford to pay money, you can not easily find a way to charge it.

See, it isn’t really that difficult to find out the best way to eliminate credit debt. The last position: Continuously point out to your self that for each item you commit or invest in, you should have sufficient cash to pay for it. It can be that simple!

107 Comments

  • Cornelius says:

    I have about $4,000 in credit card debt. Does anyone have any good advice on getting rid of it fast? Or getting it consolidated to a low monthly payment?

  • Fidel says:

    I currently have nearly $30000 worth of debt which comprises of a personal loan and 2 x Credit Cards. I was looking at some suggestions on how to get rid of it as early as possible and for a decent amount per month. I was looking into debt consolidating but have been rejected so far. Going bankrupt is not an option as i want to look at a Home Loan in the near future

  • Delmar says:

    I have tens of thousands of dollars worth of credit debt and I just need some help. Can anyone recommend a good company that can help me reduce payments/get out of debt faster?

  • Stanley says:

    Or maybe a combination of both? I have approximately $3500 in credit card debt and am making double minimum payments on that debt. My question is should I make minimum payments and put the rest into investments or keep doing what i am doing.

  • Earleen says:

    I am a student and considered independent but have four credit card due to not have any financial support so had to pay off things with credit cards. Now I am swimming in credit card debt of about $5000. Should I consolidate? I have tried to get a personal loan but I am not able because of the little to no credit history and my pending debt. What can I do?
    Calvin C. I am a student! We do not just live off air and books. I had to buy groceries, furniture etc..so stop judging! When you do not know what your talking about. Asshole!

  • Ivan says:

    I am looking for somewhere that will give me a personal loan to get rid of my credit cards. I’ve already been to several banks and I’m not trying to do anything that’s going to ruin my credit like the debt relief places I’ve seen. I have good credit and always pay on time but can’t seem to get a loan because I own too much money.

  • Oswaldo says:

    Where is a good place to consolidate my Debt and a good place to get a personal loan to pay off my debt.

  • Keena says:

    We have car payments, student loans, credit cards. Which should we get rid of first?

  • Nelson says:

    I live in the State of Georgia and am being sued over an old credit card that I defaulted on. It has been more than 4 years but less than 6 years since the date of default, so depending on whether credit card debt is considered an open account or a written contract in the State of Georgia, the Statute of Limitations may or may not apply. The Staute of Limitations is 4 years for open accounts and 6 years for written contracts. Does anyone know for certain which type applies for credit card debt in Georgia? The account is with Citibank MasterCard and was opened in the late 80’s or early 90’s. Thanks.

  • Fidel says:

    I am concerned with redlining and not being able to obtain a home loan due to location, race, and marital status, income, credit hx. I have about 4,000 dollars in debt from cell phone, utilities bills and two different credit cards. I have a student loan in good standing, and have financed two cars paid on time and now on a third. I have two jobsmaking 11.61 an hr FT at 36 hours, and PT at 13.50 hr at about 36 hrs a month. I recieve child support off and on. I will graduate with a bachlors this fall and will increase my earning and i plan to go on a get a masters. I am 30 years old and I have three kids 9,8,and 2 and I am just tired of throwing 800 dollars a month out of the window and uncertain of where I will be moving to from year to year.

  • Marnie says:

    I am having doubt about the credit card debt of a person. My uncle passed away but he is having credit card debt. Who is responsible for that debt?

  • Joel says:

    I have about 7500 in credit card debt. I know this may not seem like a lot to some people, but I’m only 24 and I bought a truck that I probably shouldn’t have and the payments on that are what’s killing me. I’ve decided that the last thing I want to do is get rid of the truck. I have fallen behind on some of my payments and am acquiring late fees and higher interest rates, and my credit is being shot to hell in a hurry. I have applied for several personal loans to pay off my credit cards and get one lower monthly payment, but I’ve been denied every time because of my poor credit. I don’t really want to go through a credit counseling service yet, because that shows up on my credit report and will further reduce my score. I have worked thorugh my budget with a fine tooth comb and I’ve done calcualting with differnt loan terms/interest rates/etc. and I know I can afford one, but how do I get one? Any advice you can give would be greatly appreciated.
    I would appreciate worthwhile answers only, please. I’ve only had the truck since March, so my loan would be way upside down, and with my credit what it is now, I wouldn’t get anything reliable for the loan I’d get.

  • Garnet says:

    why cant you know who the owner is or why is it private? i dont think any secrets should be held.

    I went to try to find out more information about my credit card. They do not have any information about the company at all. Only login and that is it. They are a very shady credit card company and i have had problems with them.

    But just in general, why is a corporation private?

  • Teofila says:

    Okay Ive seen this question asked a dozen times but I need an answer for my situation. Okay im not explaining how I got in debit but I have 4 Credit Cards and My Gf has 2. We have been together a while now and gained alot of debt in the proccess because of medical reasons. Well it all amounts to around 9k in debt. I make about 800$ and she makes about 1200$ every 2 weeks after taxes. So 4k a month. Car payment is 546$ and rent is 849$. Is there anywhere that we can get a loan at to help get all this debt in one lump some? Its such a hassle trying to keep up with all these …. I get killed in late fees. So my question is is it worth it to just get a personal loan somewhere?
    Also the interest rates on all these cards range from 19% to 27%……..
    And how will all this effect my credit? Good bad what?

  • Nettie says:

    my hubby and I have a lot of credit card debt and are trying to pay it down. Many of our cards have high interest rates.He received an offer from Discover for 0% on balance transfers until May 2010. If we transfer some of our cards do we now pay off this 0% card first so that more of our payment is going toward “principal”. or jusy pay minimum on this one while working to pay off others. Help
    Sigma. Dave Ramsey is exactly the program we are doing. we have cut up all cards. We were just wondering if we got some of the balances on 0% if that would help

  • Antone says:

    Hi, so my girlfriend has a bit of a credit card debt problem. Her credit rating is like, 2. She owes a couple grand to Target National Bank. Yesterday she got an offer from the debt collection agency (FMS).

    It says “In an effort to help you resolve this account, our client, TARGET NATIONAL BANK has authorized us to offer the opportunity to settle your account for 45% of the balance.”

    “Collection efforts will cease”

    “The client will consider this account settled.”

    Now, since I don’t deal with credit card companies at all, I don’t know how to advise her to proceed on this. Is this legitimate? Or is the collection agency simply trying to deceive her into paying a large lump sum, expecting the rest of the debt to be dropped?

    WILL the account be closed? Is the bank legally obligated to close the account as a result of receiving this payment? Because I don’t see any contract or fine print. Just some vague promises and a form to send in a payment.

    I ask because I know that these companies employ deception and I want to give her the best advice. I’d like to get some other opinions on this, including personal experience if possible. I have read that it is not wise to settle with a third party, that you should try to settle directly with the bank. What is the difference?

    Thanks.
    Thanks guys, @Sed at this point we are not sure if the collections company owns the debt or not… they requested a check payable to TARGET NAT’L BANK so I assume not? In any case, thanks for the info. She is calling Target now to inquire as to whether FMS purchased the debt, and whether she can settle directly. We’ll see what we learn and take it from there.

  • Glenn says:

    I have some debt that has acumulated.over the years… not a OMG HUGE amount.. but def a considerable amount.. and I have it in different credit cards. I am tryin to pay it off, but its getting hard to keep track of it all.. Any suggestions on the best way to get rid of this debt easily and quickly?

  • Shane says:

    I have 15k in credit card debt and i want to get rid of soon. I dont want to do go thru debt consolidation companys because it will have a negative affect on my credit. how should i start? payoff the ones with high interest first or what?

  • Teresita says:

    I have 2 credit cards. One with a $650 debt and one with a $560 debt. I pay the miminum every month. If I pay the entire amount off. How fast can I get my good credit back? Will I still have the bad credit? What should I do to improve my credit as fast as possible. MY wedding is in 2 years and I will need good credit and more credit cards. Please help. Thanks
    The most i owed was $900 and $600 bucks. Ive had my credit cards for about 2-3 years. When I apply for credit cards right now i get denied. Is this really bad? What should I do to improve it? THANKS
    I missed 3 payments and made 4-5 late payments

  • Jaime says:

    I have credit card debt in excess of $4000. Do the ads you see on TV for relieving one of credid card debt work? Or am I better suited to just pay it off?

  • Jeremiah says:

    I have a personal loan and credit card debt equaling to be about 2 grand or a little less. i kno most couples have a higher minimum of what debt they can help me with. Does anyone know any companies that can pay off both of my debts and the i pay that company one monthly payment? thanx.

  • Louisa says:

    Currently i dont have a job but i’m afraid if i wait till i get a job, the amount will be too great.

    i’ve thought about getting another credit card to pay it off but ive never tried that and i’m not sure it will work.

  • Kristeen says:

    I’m plunging in debt from a couple of months. I have $136,000 for Mortgage, $10000 for Personal Unsecured Loan, $ 11000 for Credit Card, $ 13000 for SUV. I am struggling to minimize these debts with $30K/Yr income but I have no idea where to start from. Please advise me the options to payback ASAP.

  • Jay says:

    My husband and I just bought a house. We owe about 14,000 in credit card debt. The interests rates are high and the minimum payments are really starting to get very taxing on us. Is there any way that I can get these credit cards taken care of? I have attempted to call the credit card companies to lower the interest rate, but they stated that they could not. I was just wondering if anyone had any idea.

    We tried applying for a personal loan, but the interest rate wasn’t any better than the one on the credit cards.

  • Fred says:

    My girlfriend and I both work and pay the bills. We have rent, electric, cable and internet, living expenses, and credit card bills. I have a savings and checking account. I am dipping into my savings account alittle each month to pay what our incomes won’t cover. We are not able to save any income now. My credit cards all are nearing their limits.I can’t transfer my balances to a lower interest credit card because I am being denied credit because they say my balances are to close to their limits and I have sufficient credit. I am preparing for the worst. I know that if it keeps going like this that one day I won’t have any savings to cover what our income won’t cover each month. If the credit card companies were not charging me such high interest rates then I could pay all of our monthly bills with our combined income and have some left over to save. My interest rates from credit cards reach as high as 24.99%. What do I do now to prepare myself for the day when I won’t have the money to pay my credit card bills. I can cover everthing else but the credit cards will be the bills that will not be paid if it comes to that. What is the best option for me to take with regard to not being able to pay my credit cards in the future?

  • Chae says:

    Ok have 1400 in credit card debt and would like to get rid of it by december. is it a good idea to pay like $400-$500 a month on it or only put $300 and putting the rest in my savings. help me I am struggling with this
    the card actually is only 8.9% interest and I always make a payment of some kinds well over the min.
    actually this month i am moving out of my parents house again. and only put 300 towards the credit card and 220 in savings so I could have a little extra spending money. I have my self on a tight budget and will be saving between 10-35% of my income any given month in a high yeild savings account and a regular savings account my bank has. right now the credit card as I have budgeted will be paid off my november

  • Pamala says:

    I always avoided credit card debt. I own a home and I like to save money. i’m 27 and single and all my girlfriends go nuts with credit cards. I fell into the trap a little bit and now I have $4,000 debt. Is this good for my credit or should i just do what I can to just pay it off right away?

  • Geoffrey says:

    My question is this, i owe out 1,900 in credit card debt. I know i know thats nothing compared to what others have. the reason being i only owe out that little is ive had this balance for the last 3 years since my credit history began. i was thinking of taking out a loan from prosper.com for 1900 to pay them all off and show on my credit report that i dont have any credit debt. and within another 2-3 months i should be able to pay off the 1900. if i dont the payments will be around 60$. right now with all my credit debt i comes to around 150 after paying doube the mimune payment. do you think this is a smart move? and would it hurt of help my credit score. right now its 705.

  • Rocco says:

    My wife and I have about $121,000 in debt total. This is mostly college loans (about $70,000 between the two of us). The rest is credit card (about $25,000), a car loan ($12,000), and a military out-of-service debt (just over $14,000). Our biggest problem right now is that the grand total for our bills and the minimum payments for these debts each month totals over $4,000. We only take home about $3,000. We have been in the good graces of several of these creditors for a while, namely the military debt and our student loans, which have granted us forbearance or at least significantly reduced payments. This has allowed us to survive. However, we are at a point where making these minimum payments consumes our paychecks. We are then left with nothing to cover groceries and gas to get to work except for our credit cards, which are a part of our problem to begin with. I hate living off those cards, and I don’t like the idea of bankruptcy, but unless one of us gets a big break at work or with a new job, we won’t see these balances go down any other way. If anybody has any ideas, I’d greatly appreciate it. Also, does anybody have any recommendations on credit counseling? I live in the Madison, WI, area, and I know some of those places have sketchy reputations for being con artists. Thanks in advance for your help.
    From what I can tell, you need good credit for banks to grant you a consolidation loan. My credit score is right around 600 (i.e. pretty crappy). Will banks actually consider a loan for us with a rate that would make it worth it?

  • Dee says:

    I current have $16,500 worth of credit card debt, with an interest rate of 29.95%; this equates to about $500/month going towards credit card debt and the minimum payment is about $440. With my current situation, I would never pay this off. However, I could get a loan to cover this at about 9% interest rate maximum with a payment of about $400. In a few months I will be moving to an apartment that is about $200 cheaper per month.

    Do you think it would be wise to get a loan to get rid of this credit card debt? I understand that it is not wiping it out, just merely transferring it to another credit instrument. If you do think I should proceed with this, would it also be wise to cancel the card with the high interest rate?
    Thanks for the answers, they are very helpful. I was thinking that paying that much interest is pretty much extortion. And, of course, I would not start spending once the cards are cleared. It’s just difficult right now with this interest rate on the card. Putting $500/month with pretty much $400 interest charged each month, I’m only paying off $100/month.

  • Catharine says:

    I’ve made some stupid mistakes, and racked up $3300 in credit card debt. I’m not getting anywhere. I’m paying a car loan, plus 2 repayments of $100 a week on each card to try and keep my head above water and I’m sinking fast. I’m thinking of getting a personal loan from my bank (that my car loan is through) to cover the credit card debt, as I would only then have to worry about the car repayment and the personal loan repayment, and would be able to save more money that way (car service, rego, new tyres due soon) because I’m not getting anywhere doing what I’m doing. And the interest rate on a personal loan is 12% which is lower than the credit cards. I think I would feel less stress about paying 2 set amounts, than 3 and trying to survive on what’s left. What do you think? And opinions on this?
    I have looked into 0% credit cards for balance transfers, but they only offer that for 6 months and after that time you pay big interest, and I want to get away from credit cards altogether.
    I had thought about a part time job, but they are hard to come by here, and the hours I work in my full time job are all over the place, so finding a part time job that would fit in with the hours I already work would be very difficult. Trust me I’ve looked into that option!

  • Chester says:

    I have about $6,000 of debt from credit cards spread over about 5 different cards. I would like to have it ALL on one bill. Should I consolidate it? What do you think my best bet is? ( I always pay over the minimum amount due, by the way.)

  • Christen says:

    I was wondering if anyone took a personal bank loan in order to pay off their credit card balances? Do banks actually offer a credit card consolidation loans yet and for that purpose only? From what I understand this would be better than a 401K loan. Forget the home equity loan. Also heard enough about those so called “credit card repair companies” that they are not worth it. About 16k owed and I am sick and tired of their finance charges , late fees, etc. Want rid them once and for all!

  • Lona says:

    I currently have two credit cards, one from bank of america with a $1200 limit and one from chase with an $800 limit. I want to get rid of the bank of america one because I am sick of that bank and their crappy service/fees. But if I do this, I know it will reduce me to one line of credit of $800 from 2 lines at $2000. What should I do? Also I am 20 and the only debt I have it my car ($20k)
    also I pay off the cards in full by the end of the month, so no interest accrues.

  • Edmund says:

    How does either loan affect credit scores etc…?Which one tends to get the better interest rate? Any reccomendations on what financial institution to go through? How much money do you need to make to take out approx. 10k? Any other info you can provide would help out a lot!

  • Isidro says:

    so im trying to simplify my life…im tired of paying multiple bills a month and would like to pay ONE bill. i’ll be honest, saving money isnt really the reason behind it, i mean the debt is valid and i’m not trying to squirrel my way out of anything…i added up my student loan ($10,000) my car loan ($5,000) a personal credit card ($1,800) and wedding ring/engagement ring loan from the jewelry store ($1,500)…totaling $18,300. have pretty Good credit 700 -give or take 10 points depending on the credit comp- my net income a month (before tax) is almost $3,000. What do you think my odds are for getting a personal loan and just setting up APO (automatic bill pay for like $500 a month…i could pay it off in less than 4 years – that’s 6 years less than my college loan alone ha. i could probably get my dad to co-sign for me and im sure he has amazing credit. anyone have any feedback//suggestions//agency that might go for it? thanks!
    ok scratch my student loans…ill keep that by itself…so that brings me to $8,300 – id prefer not to combine onto one credit card bc it will look bad to max out a credit card.

  • Seth says:

    I have a hefty, and I mean hefty, credit card debt and am getting nowhere with a monthly repayent of 300. It expires in 2009

  • Earl says:

    I have a few little bills and stuff to pay off (phone bill, store card) and want to eliminate all this debt. Once to store card is paid off, I’ll be cancelling it and cutting it up! I DO work so I am capable of paying the credit card bill every month, I just don’t want to have really bad credit and want to get rid of all this stupid debt. My store card bill is getting ridiculous because the interest on that is SO high.
    I’m seriously debating getting a credit card but seeing it as a loan just to get rid of all these debts dotted about the place? Anyone think thats an ok idea Or a really awful one?!
    No, I’m not intending on paying my phone bill every month on the credit card! Just the debt I have at the moment, then the contract is finished. Also, the store card would be finished after that and the store card’s interest is about 30% so I’d be saving money?

  • Jefferson says:

    I have two outstanding credit balances. AMEX at $13,000 with a 10.99%, and Citi at $10,000 at 14.99%. I really wanted to take out a personal loan to pay off both, however the best rate the bank can give me is 18% on a 36 month loan. I can’t afford the jump in payment, in addition to the higher interest rate. Any ideas on paying these off? My PLUS score is 735, so the credit is good. I just want to get this monkey off my back!
    Equity is non-existant at this point. I still owe on the car, and the value of the condo went down below purchase price.

  • Man says:

    Is it a good idea to take out a personal loan to pay off credit card debt, then there will only be that 1 bill to worry about?
    Total CC Debt is $11,000.
    CC #1 APR = 18%
    CC #2 APR = 27%
    CC #3 APR = 28%

  • Devorah says:

    When I Was 15 I Did Something Very Stupid & Applied For A Credit Card. My Job That I Have Doesn’t Really Give Me Alot of Hours And It’s Hard For Me To Make Payments. Is There A Way I Can Clear This Even If It Means Going On My Credit? Idc If It Stays On My Credit Report. I Jus Need To Get Rid of It!

  • Reuben says:

    I have 33K in my 401k and I seriously thinking about with drawing all of it, paying off the credit cards, then just put the maximum amount into 401k over next few years with the money I am saving on monthly credit card bills. I know everyone says not a good idea, but I can pay it back over two years and then some. If I don’t do this, I will have to actually STOP contributing to 401 k all together for a few years to pay off the credit cards.
    What should I do?

  • Izola says:

    My credit is really bad. I have an auto repo and home repo that together total over $50k as well as other varied debt. I want to clean all of this up but have no idea where to begin. I’d prefer NOT going the route of bankruptcy. What are my options? Where do I begin? I have an account on Equifax so that I can better manage things but I have no clue what comes next.
    Thus far, no one is paying attention to the question. Yes, I have the means to begin paying off my debt. Yes, I have Dave Ramsey’s entire debt elimination/money management course. None of that matters if I don’t know where to start, which is my question that was stated very clearly. I appreciate help but, if you do not intend to read the question but to get easy points by posting generalized answers then please, move on.

  • Andy says:

    I am feeling this out on here.
    At age 24 what do you think is an “Acceptable” amount to be in debt? This should include your student loan payments, personal loans, credit cards, etc… I am about $24 thousand in debt from 2 yrs of school, and 8 yrs of living on my own…
    So, the question is- how much debt do YOU have if you’re in your 20s? And what amount of debt should cause worry, how much debt is TOO much debt?

  • Candida says:

    the interest rate for subsidized stafford loans are 5.6% and I’m sure the interest rate to my credit cards are 20 to 30%. I owe about 10,000 dollars.

  • Lucas says:

    Hi everyone

    I lost my job about a 2 years ago, and have not been able to find one since. I’ already used my unemployement, and now I maxed out my credit cards in paying bills. My credit limit is 750, and the credit balance is 814. How does this effect my credit? If for example when I get my tax return next year and I pay off the complete amount, will be credit score go back up? Please help, this was my first credit card, I’m only 20 so I’m freaking out a bit thanks you guys.
    I have capital one, and they already paid my credit card for the 12 months the minimum payment but that is up on November 1st.
    How about paying half the amount? Like 400?

  • Alfreda says:

    I owe money to credit cards and currently part time employed I can’t sustain this any longer. any advice?

  • Grady says:

    I’m in my mid-20’s now, but when I was around 20 and 21, I really wracked up my credit cards…stupid!!! I really want to get out of this debt BADLY!!! I can’t even make a dent in these cards and have $100-$200 minimum payments. I need about a $5000 loan to get most of these gone. What can I do???? I have no one who can lend me the money; TD BankNorth quoted me a 14% interest rate; and credit cards always say 0% this and that until you read the fine print. How can I get out of this???? Someone please help me!!

  • Clara says:

    Also, anyone know of a reputable (tried and true) debt relief assistance or debt counseling company?

  • Columbus says:

    If so, which one. Are there still some good deals?

  • Slyvia says:

    I am trying to get rid of my high interest credit cards. The only way I can do is either get a personal loan with a lower interest and pay off the cards with them or go to some credit counseling service. I am not a big fan of counseling services who’d dictate terms to me and take over my personal finances. I have looked into some personal loans from banks and I am thinking with what I can afford I should be debt free in less than 3 or somewhat years. But depends on how much money the banks are willing to offer and what interest rate. But then my credit history is not great at all. So I am kind of stuck as to what I should be going with. Counseling services or personal loans from banks. Thanks

  • Cyril says:

    I have a Personal Loan for $5,000 which I used to pay off my Student Loan, and a credit card that I owe $5,500 on. (My limit is $5,800!) Is there any GOOD ways of consolidating this debt into one payment to get rid of one interest rate? I’m not usually struggling to pay my payments and I can’t see paying rather high interest rates on BOTH of these loans. Any words of wisdom?

  • Prince says:

    I only have one credit card witha balance of about $8500. I am having a hard time catching up on paying it. I am not behind, but I just cant seem to get ahead.

  • Luther says:

    I am on a budget, successfully last two years. Before then, we racked up nearly $9000 total in credit card debt on five cards. (home repairs, stuff). We have paid our credit cards on time, and have NO credit cards now. My problem, I am aggravated. Before my budget, I was late paying on two cards , and all cards jacked my rates to nearly 30%. So, even paying on time the last two years, the companies still deem me ‘risky’ since I only pay minumum. I still owe $9000!! I asked for a payoff amount, since half of what is owed is interest and penelties. They all say no, nor will they reduce the interest rate. (heck, they have a gold mine with me!) Anyone have luck with a letter asking creditors to take a lower payoff amount ?? I am caring for an ill son so i can’t work, and my husband’s job cut back so we are getting half of what we were earning. I don’t want to do debt consolidation, since they tend to be a scam. If I can’t negotiate a lower payoff amount, how can they?

  • Lizzie says:

    I’m 19 and have 4 credit cards. Now please don’t assume I’ve been irresponsible with my cards, because I really haven’t been. I’ve never missed a payment and I always pay more than the minimum. But I’ve come to realize with the large amounts I’ve paid in interest, I could have already had other cards paid off. My credit score is 697, and I know closing the accounts will just lower my score, and I don’t want that to happen. My balances are as follows: $386 with 21.1% interest, $949 with 16% interest, $643 with 19% interest and $589 with 26% interest.

    So please, any advice would be great! Thanks everyone!
    I made a typo, I meant 16% for the last one, not 26%.

  • Eugene says:

    I have a little less than 10,000 credit card debt that I am trying to get rid of it. I haven’t used any of the cards in over a year. It is a total of four cards that rage from 20%-25% in APR. I have never missed a payment or have been late but it seems like I will never pay them off. I always pay more than the minimum payment also. Recently I have been getting alot of offers for credit cards with 10% and 12% APRs. I was wondering if there was a loan that I would be able to get with lower interest rates to pay off those credit cards and close them out, and I just pay the loan off in the amount of time agreed. For example such as an auto loan or home loan where you know you pay a certain amount and in so many years you are done. With these cards it seems like there is no end in sight. I don’t have any collateral either. I was wondering if anyone knew of any programs out there that might be able to help me. Here are some other expenses that I have every month.After taxes I bring home $2000-$2300 a month
    $800 House Note
    $70 Car insurance
    $50 Truck Insurance
    $109 Student Loan Payment
    $400 Child daycare expenses

    Capital one Card about $2200.00 owed 22% APR
    Chase about $1800 owed 21%APR
    Best Buy Card about $1700 owed 22% Apr
    Macys Card about $1000 owed 25% Apr

    Just looking for some advice. Thanks

    I asked same question a few days ago. I’m just looking to see if there are any other suggestions out there that might help me.

  • Leo says:

    I have a little less than 10,000 credit card debt that I am trying to get rid of it. I haven’t used any of the cards in over a year. It is a total of four cards that rage from 20%-25% in APR. I have never missed a payment or have been late but it seems like I will never pay them off. I always pay more than the minimum payment also. Recently I have been getting alot of offers for credit cards with 10% and 12% APRs. I was wondering if there was a loan that I would be able to get with lower interest rates to pay off those credit cards and close them out, and I just pay the loan off in the amount of time agreed. For example such as an auto loan or home loan where you know you pay a certain amount and in so many years you are done. With these cards it seems like there is no end in sight. I don’t have any collateral either. I was wondering if anyone knew of any programs out there that might be able to help me. Here are some other expenses that I have every month.After taxes I bring home $2000-$2300 a month
    $800 House Note
    $70 Car insurance
    $50 Truck Insurance
    $109 Student Loan Payment
    $400 Child daycare expenses

    Capital one Card about $2200.00 owed 22% APR
    Chase about $1800 owed 21%APR
    Best Buy Card about $1700 owed 22% Apr
    Macys Card about $1000 owed 25% Apr

    Just looking for some advice. Thanks.

  • Berna says:

    I have $30,000 in credit card debt and can’t afford to pay my minimum payments anymore? I do not own a home. I am basically broke. what are my options? what will the credit card companies do if i stop paying on them? Should i file for bancruptcy? Advise would help. Thanks

  • Hoa says:

    I have 10 credit card and maybe about 3.6K in debt and I have HIGH APR’s on almost all of them and a annual fee on one. My FICO is 657 and I’m wondering if I can open a Citibank credit card with 0%APR for 18months and transfer all that debt on there? I have no idea how to do that or if that’s even possible… I literally am very ignorant and lost and would appreciate all the help I can get.
    I’m sorry I didn’t ask that question properly… am I able to actually transfer all that debt to that one credit card… like if I’m approved, of course lol, can I transfer all that debt?

  • Alfredia says:

    I currently have about 6000 in credit card debt. Which I pay about 200 in minimum fees a month on. Only the minimum. Always pay on time never late. Have mortgage on time never late. So overall credit is not bad. I need a newer car. I figure i can get at least 7000 if i sell both of my cars. Would it be better to use cash from selling my cars on paying off debt on credit cards and than buying a newer car on a loan? or continue to pay minimum on credit cards and take out loan to get a new car? Figuring loan payments will be about 200 a month.

  • Loreta says:

    I’m 24 and desperatley need to start paying of my credit card debt. I have tried to consolidate my cards though had no luck as my debt is to big on each card for me to merge them together.

    Basically my debt is as follows:

    St George Mastercard – Owe $5,600
    Bank West Mastercard – Owe $5,800
    Citibank Visa Card – Owe $9,230
    NAB Visa Card – Owe $8,960
    Myer Store Card – Owe $1,300

    There all 95%-98%maxed out.

    Although i also pay $2200 a month in rent, (and my income per month is only $2600). I have a total of another $600 that is charged on my cards every month for contracts that i cant get out of (such as furniture rentals etc).

    The interest + insurance on each card is around $130-$180 per month per card so again its around another $450 per month just to meet the insurance and debt.

    I paid almost $2000 as a whole to my cards last month, and its already gone right back down again, so i’m currently thinking either declaring bankruptcy or just letting my cards run down to $0 to force the banks to stop charging interest.

    Is there any company who can buy your debt of you? as i dont want to pay the banks back, they have already charge me enough in usless insurance, late payment fees and interest to get any favours from me.

  • Georgia says:

    Total Debt: $37,163
    Interest Rates: 8%-25%
    Total Credit Cards: 6 (2 are Care Credit Cards)
    Car Loans: 2 (probably getting rid of 1)

    We’re really serious about this. I’ve been listening Dave Ramsey and Larry Winget. I’m tired of the chains and bonds that come with debt and it taking up pretty much all income!

    A couple of things:

    1) What are your opinions on debt-consolidation programs? Pros and Cons?

    2) For those of you that have “bargained” with your debtors? How do you suggest the conversation go, what do you bring up and ask for? Can you bargain on not only interest rates, but also debt balance?

    3) What are the biggest improvements and changes you made to free up extra cash (coffee & dining out, etc) … Did you buy at Costcos or Kroger? Did that make a difference?

    4) I know that as Americans, we are “spoiled” with entertainment, but I think it is good to experience it every now and then, obviously not as much, but in your experiences what are the cheapest and best ways to do this?

    I know this is a lot, but trust me, your answers are very much appreciated!
    biller29, the $37k amount is the total amount without the $7,700 that I owe on the car I’ll probably get rid of.

    Lauren, great advice on the daily payment. I never thought of that.

    Thanks a lot so far guys!
    Jeez … you guys are awesome!

    I have spent tons of time on Google and looking for tips and I feel like I’ve gotten more out of you guys by asking this question in the 10 minutes that it took me to write it!

    Everyone is greatly appreciated!

  • Ching says:

    I am a student looking to get out of credit card debt. Between two cards I owe about $15,000, basically from spending about 2 years w/ shaky employment and reckless youthful spending.

    Right now I am working steadily at a job I love, albeit low paying and not enough hours to make a good amount of money. I am in school getting a supplemental associates degree to the BA I already have, which will hopefully help me to get a stable professional job w/in a few years.

    I would just like to know what my best options are right now, as far as credit counseling, debt consolidation, etc. I really know very little about all of this and got in way over my head in a short period of time and want to work my way out.

    I’ve been making minimum payments on my two cards and watching them go up and up each month to the point where I am spending nearly half of each paycheck paying the cards.

    One is maxed out and the other is close, and I only use them for gas and sometimes groceries at this point.

    Please, I just need lower monthly payments to make life a little more bearable, and so I don’t fear the monthly increase. I want to pay this back and am willing to do the work, but right now they are just asking for more than I can handle! Any help, any ideas? Please I am desperate, afraid, and can’t sleep at night anymore. Please help!

  • Robby says:

    I have about 2,000 in credit card debt. My husband and I have a savings account, but don’t want to deduct from that or take any extra out of what we are paid each month.
    I want to be rid of this debt and I always pay more than the minimum fee due each month. My husband is deployed and we both agreed that we should pay off as much as is possible while still keeping our sacings afloat and being able to afford our new baby boy. I am working, putting any extra money I make towards the card or into savings, yet I feel like it will take forever. I would have to pay 333 a month for the next 6 months and I’m just not sure I’ll be able to pay off the card before he gets home.
    Should I use some of my savings bonds to get rid of the debt or should I continue to pay out of pocket with the money I earn.

  • Sharice says:

    So, I have about $3,500 in credit card debt. What’s the best way to pay it off?

    Does anyone have any experience with those debt consolidation services seen on TV?

  • Tessie says:

    Does it hurt your credit score if you have credit cards with no balance on them?
    I have 1 credit card from 2005 and 1 from 2006 which have never been used, and I just must have forgotten about them, so the accounts are still open. Does that help or hurt me?

    Also, I got my free credit report from Equifax, but they want me to pay $7 just to view my credit score. Is there anyway I can view my credit score for free?

    I heard that debt consolidation loans are better because they help your credit as you’re paying them off: is that true? and what legit company could I go to for that?

    (if you are able to, can you please provide legit sources of information, I prefer not having these serious questions answered by guesses or assumptions. I appreciate it.)
    I’d like to emphasize a part of a question… a couple answers said that those credit cards that have never been used are not helping my credit… Well, are they hurting it? Or are they just doing nothing.

    And to be honest, I couldn’t use my credit cards if I wanted to now… They’re technically closed, however the companies haven’t released them to debt collectors. But every company is looking for me to pay either $80 per month or settle by paying a large amount but not the full amount. I have 5 cards totalling $5000 (could be worse… yay for being jobless for 5 months and denied unemployment!). I just don’t know what to do. I tried a consolidation agency but they wanted $130/month… If I couldn’t make my card payments, what makes these people think I can pay that each month. The only thing keeping my credit afloat is my car payment, because I need to car to get to work.

  • Pamala says:

    I have a little under $9,000 in credit card debt left and I had made a payment plan for myself that every paycheck I would put money towards it. During the summer, there was a lot of activities going on so I couldn’t pay as much as I wanted to. I started off with $13,000 in debt in March ’07. Am I really making progress? Should I be worried that I’ve been paying $200 less a paycheck than I wanted to these last couple months?

  • Devorah says:

    I used my mother’s credit card, and got behind on the payments. Is there any way to make the debt just mine, and not ruin her credit?

  • Karin says:

    After taxes, im going to have 12k in credit card debt minus my college loan. Does anyone know of anyway to pay less interest on this amount? Or any advice at all?

  • Adria says:

    My husband and I are currently trying to get out of debt, and in doing so I have found a credit card balance transfer rate that is at 0% instead of the 29.99% we are being charged currently. This is our only credit card but we currently do not have the greatest credit but are on track to resolve our debt issue. My question is this. I called our current credit card company and told them that I will switch out the card to another company because they offer a much lower apr as to better assist us to get out of debt. She said that they do not allow that and also will not give us a lowe rate. How is this possible? I understand that they are not in the business to get you out of debt but to only keep you paying them the most amount of money possible but can they acutally allow you to not transfer the balance? Thank you in advance and only serious answers please.
    Thanks so much, Catdad, Great advice.
    I am not blaming the credit card company for my debt. I am simply stating that I am trying to get out of debt, so chill out. We don’t even have that much debt as it is less than 2000 so chill out.
    Another thing, Rebecca, people neogotiate salary all of the time. IN FACT, I did just that over a year ago. I went in and told them to give me more money or I was leaving. You can do the same with credit card companies you just have to know which buttons to push.

  • Dian says:

    I lost my job in construction about nine months ago. I have since decided to enroll in college and I am now a full time student taking 18 credit hrs per semester. I will be in college for next 3-4 years. My total credit card debt is around $27k, I am losing my house to foreclosure, and I still make my monthly payments on my truck. Oh I also have a Roth IRA but not a whole lot in it. I have been in default on my credit cards now since March of this year. If they decide to file a judgment against me, what if anything, could they lien it against? I live off of student loans, that’s my only income, and grant money. And this will be all I will be living off of until I graduate and get a new job in a new field. Can they really do anything? I would hate for them to take my truck but I still owe about $11k on it and its my only means of transportation right now. What could they do? I have heard they cant touch my retirement, is that true? Oh I live in Florida if that makes any difference.

  • Edison says:

    I am on a budget, successfully last two years. Before then, we racked up nearly $9000 total in credit card debt on five cards. (home repairs, stuff). We have paid our credit cards on time, and have NO credit cards now. My problem, I am aggravated. Before my budget, I was late paying on two cards , and all cards jacked my rates to nearly 30%. So, even paying on time the last two years, the companies still deem me ‘risky’ since I only pay minumum. I still owe $9000!! I asked for a payoff amount, since half of what is owed is interest and penelties. They all say no, nor will they reduce the interest rate. (heck, they have a gold mine with me!) Anyone have luck with a letter asking creditors to take a lower payoff amount ?? I am caring for an ill son so i can’t work, and my husband’s job cut back so we are getting half of what we were earning. I don’t want to do debt consolidation, since they tend to be a scam. If I can’t negotiate a lower payoff amount, how can they?

  • Joanne says:

    My friend is $7,000 in credit card debt. the good thing is that she has the cash to pay it all off. She wants to pay off all the debt and CLOSE her 5 credit card accounts. Will this hurt her credit long term? Her score is 600 right now. She knows you should keep them open because it looks better but she doesnt want to. She thinks her credit will go down 3-5 points per closed account but how long before it springs back up?

  • Ashanti says:

    I got 2 credit cards and owe about $7,000 for both of them. It doesn’t seem like much but I was young and stupid when I signed up for these cards and the interest rates for them are super high! I’m paying l;ike close to $100 in interest monthly for both of them. Even if I pay the monthly payments the balance still wont go down! I want to get a loan to pay off my credit card debt. In the long run, I’ll save money, any ideas where I get get such a loan?

  • Lupe says:

    I know that there are people who consolidate their credit card debts? Would you recommend that?

  • Bruce says:

    I have two credit card that has a total of $19,000 debt with a crazy APR of 24%. I got an offer from another creadit card company that’s offering a personal loan up to 35K with an APR of %7.99. Should I go ahead and consolidate my two CC debt and get the low APR personal loan? Would getting another loan decrease my creditt score? Thanks.
    By the way, this is not an offer from a credit card consolidation co. It’s from Capital One offering a personal loan w 7.99APR for the life of the loan.

  • Holli says:

    I have about 7 grand in credit card debt :( What are the best steps to take to get out of it? Are there reputable non profit companies that can help me? Serious answers only please.

  • Geneva says:

    I read an article that the average person carries more than $5K in credit card debt… do you think this is financially healthy? Do you carry debt? More than $5K?
    I am glad to see I am not the only one that uses a card then pay it off each month.
    The only reason I use a card is to get airline miles
    Also, I carry no credit card debt but most of the people I know carry more than $5,000 in debt on their credit cards and only pay the min balance

  • Bryon says:

    Has any one ever used a consolidation company for credit card debt? Dose it hurt your credit? How does it work anyone know?

  • Lacy says:

    Is it possible to get 0% APR from the credit card company forever and ask them for a fixed and low monthly payments?

  • Floyd says:

    I have some old credit card debt from my college days (probably going back 4 years) that I have started to receive collection notices for. I’m in a better financial situation now, by no means rich, but I would like to clear my name and not be handcuffed by my prior situation.

    What’s the best way for me to handle this? I got a letter offering a “one-time only” payment to a collection agency at about half off, which is very attractive, but I want to make sure that I’m both clearing my conscience and boosting my credit rating. If I can do that and pay less than I theoretically owe (considering most of it is probably finance charges), all the better.

    For the record, I have a couple of open accounts that are perfectly clear. I’ve looked into it a little and the state I lived in when I opened the account has a six year statute of limitations.

    Looking for solid advice as I’d like to buy a house in the next couple of years.

  • Shanelle says:

    Some one Please help! I have so much debt. I have about 12 credit cards (nuts i know). Lately i have been able to only pay min payments and I feel like my debt is NOT GOING DOWN. Im still paying off my wedding and honeymoon with my husband, and furniture and other bills. Anyone know the best way to get out of this debt!? I have even thought of taking out a loan, but im scared to do that. Im living from check to check and its so frustrating at times. Im not able to save money and i have all these bills. Anyone have any suggestions? Thank you.
    For those wondering, I do not own a home. I rent. And havent stopped paying my bills. Im just late SOMETIMES with some of them.

  • Marian says:

    i have 40000 dollars in credit card debt and no job no income what do i do?????????!!!!!!!!!!!!!!!!!!!!!

  • Sheila says:

    If I stop paying on credit cards will they put a lein on my home? I can not afford the payments anymore and they are to high to consolidate?

  • Hollis says:

    I’m 21 and have made some studip choices on getting credit cards and charging them up. I have $8000 in debt and am still in school. Is there any way to get this reduced or set up as one payment. I can’t continue to keep making the payments due to living expenses. Thanks.

  • Ernesto says:

    i just want to know the correct option of credit card releif

  • Sheree says:

    if a person loses a job, gets laid off, then paying for food, rent, etc becomes priority, and a credit card debt goes to the bottom of the list, my question: can a person go to court and try to cancel the debt through a court order? given the circunstance of being out of work?
    thanks,

  • Darci says:

    hi im 28 and have $25000 credit card debt.
    i do make $4000 net income and paying $1200 rent ,$570 car, insurance 100,util 150 , gas 400,food 400, minimum card debt 600.
    now i’m married and have plan for baby. but can’t save no money at all . because of debt.
    is calling bankruptcy can help? or is there any better way can reduce or avoid my credit card debt? i do make payment on time but minimum payment doesn’t helps at all. can’t pay more. please help. thank you.

  • Kerry says:

    I have a single credit card from Chase (visa). i am maxed out on it with a current debt of $1515. i am a graduate student and the research funds for my project ran out this jan (2009) and therefore no real income since then. at that time i had a debt of $700. emergency expenditures and a further limit increase to $1500 piled my debt. i have tried to pay it off periodically but now i have absolutely no cash influx. i ask my dad for my rent and general expenses. i didnt want to burden him with this and havent told him anything.so right now my balance/debt is constant at ~$1500. what do i do? any help?
    thanks for the answers. i know the obvious answer is to get a job.believe me,i have tried. but being an intl student doesnt open a lot of doors…i was also wondering how bad this big debt would be…as a few mentioned,it might not be a lot but its still quite a substantial amount…i wanted to know what is the impact of this,being unfamiliar with the credit score system.my accounts show $1515 outstanding balance. is this with or without interest charges?

  • Carlo says:

    I live paycheck to paycheck, if i could knock out some credit card debt I would have more money to do the things I want. What is that fastest way to knock some of my debt down, so that I can actually save some money and enjoy life a little more?

  • Gregory says:

    currently I have about Rs.35000 Credit Card Debt. My monthly salary is Rs.15000/- and monthly expenses around Rs.10000/-. I want to pay the credit card debt at the earliest. Any tips?

  • Cory says:

    Im 10,000 in debt should i consolidate? Will it give me bad credit???I always make payments on time so credit is okay but i stretch every penny

  • Gregg says:

    I have some credit card debt, it’s not to much compared to other people. Like, i would say, a couple thousand. I wanted to know if there were organizations out there that would help me negotiate with collections to lower my debt. That way i could just pay it off in full.

  • Yolanda says:

    what are the laws on credit card debt if the card is in one spouse name only and that person dies is the other spouse liable for the bill?

  • Raymond says:

    Here’s my situation: I have 3 maxed out credit cards totaling 35K (all debt to help a friend in need) and 60K of currently deferred grad school payments. I still have good/decent credit because my wonderful parents put me as an authorized user for all their cards since I was 10. I can’t thank them enough. Also, never had one delinquent, etc. The 0% on the cards have now expired and in pretty high rates.

    I’m a full-time student and work full-time, but can’t show income because only been working two months and it’s a commission-based job. On track right now to make over 120K this year, but can’t work for the next month and need a credit line or free up one of the cards asap.

    Can I move all CC debt into one account? What’s the deal with debt consolidation-will it affect my credit score? needed? How about yet another credit card? Any other companies that will see the maxed-out high limit cards and not freak? Any options being a student?
    Creativity welcome :-)
    Thanks in advance, Sam

  • Edmund says:

    If a person is in several thousand pounds worth of credit card debt but that person dies, what happens to the debt?

  • Nakita says:

    Gambler caused 135k worth of credit card debt. Is in ga now and in therapy. I don’t want to get in deeper trying to fix this? what is the best direction to go from here.

  • Cory says:

    I have a credit card (my first and my last) and was gonna take a dip in the debt pool to see what all the fuss was about. A few months later, I was at the limit, and when I hit the limit the introductory 0% went away and they went to putting interest on it causing me to pay overage fees. Now I’m caught in their debt-loop here paying the minimum payment (which I know I should pay way more if I ever get it). What is the best way to get out of this credit card debt and get them out of my hair? Anyone with great experience on this or any experience at all is most welcome to answer. I want to weigh all possibilities for my life’s situations.

  • Leda says:

    I recently received a letter from the court requesting that I pay my outstanding credit card debt from a few years ago. A couple of days later, I received a call from a Lawyer demanding that I pay the debt immediatly. I currently don’t have the funds to pay the debt in full and have been informed that they will be charging me 9% interest each day on the full balance. Does anybody know what my options are?

    Thanks!

  • Arnold says:

    Isn’t there a legal way you can get out of paying your credit card debt (outside of the obvious, paying them off). I could have sworn I heard of something that allowed you to do this, but of course not well known….

  • Jong says:

    I have $15,000 on my credit card debt, and would like to know if I pay $1000 a month, how long would it take to pay off, or i will never get out of it?
    the interest rate is about 20%
    also, if they don’t agree to settle, and I choose not to pay at all, what might happen, would I be put in jail?

  • Fletcher says:

    I have recently paid off all my credit card debt and am going to close these accounts. My current score is in the low 700s. I still have my checking debt card which I can use as a visa. Will doing this affect my credit score?

  • Voncile says:

    I currently have 1 credit card that my minimum payment of $170 and $100 of it is finance charges. How much do I need to pay so I can finally start seeing the difference. I would like for the finance charges to be siginficantly less so when I do make a big payment my balance actually lowers. Any advise?

  • Maurita says:

    Just got a huge tax refund and I need some advice. Should I go ahead and take this money and pay off some of our credit card debts or should I open an ROTH IRA to invest the extra money?

  • Waldo says:

    If you have credit cards debt in the USA of about $20,000 and you are NOT a USA citizen and you move back to your country (England). What can happen in your opinion, I know the credit cards are unsecured debt. Can they chase you to another country (interpol) or is it just a bad debt? Do you think this will make a problem if I want to come back into the USA as a tourist in the future?

  • Clayton says:

    It seems that most people have some amount of credit card debt these days and I was just wondering if more people acquire it trying to buy something necessary (i.e. education, car, house) or something unneccessary (i.e. alcohol, clothing, etc.).

    Another words can credit cards actually be beneficial in the long run even though they cause you to rack up a crazy amount of debt?

  • Shayne says:

    Alright folks – I need a little help and some inspiration. I have recently come to the conclusion that I have too many material posessions, clothing, and junk! I really want to get rid of it so that I can’t only have the basics- but I feel like I can’t.

    Every few months, I go through my closets (2 walk-ins) and try to fill up a bag to donate…but I always have a hard time! Some of the things I have, I never wore…so I feel like I owe it to my credit card debt to keep them. I know that I’m silly…but I really can’t get over this fear of throwing things out!!

    **I wish that I could have a garage sale, but the place that i live doesn’t allow it**

    Any suggestions/personal stories would be greatly appreciated!!

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