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Additional Details
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primaldestiny2 | How can I pay off all of this debt? |
Just a run down on our financial scenario: (balances)
Card 1: $507.53
Card 2: $4,575
Card 3: 9,331.17
Card 4: 5,388.50
Card 5: 621.63
Card 6: 2,490.65
This does not include 2 car payments, a student loan and a personal loan.
We are able to make minimum payments and have NEVER been late!! Credit is mediocre due to high balances. We are looking for a way to put a dent in it without runining credit. The question is how? :) |
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Tom C
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Out of those 6 credit cards, find the one with the highest and pay that off first buy putting everything you can towards that card and minimums to all the others. You mentioned that you are already paying minimums, I suggest you call the other cards while you are doing that and tell them your situation and let them know you may be paying them a little less.
Also, I would suggest getting rid of at least one of your cars and try to start using car pools or public transportation. If you have a car payment, that means you're also paying for full coverage insurance which is at least double what liability insurance would be.
Call up your student loan and let them know that you're going to be sending in a little less due to hardships (I think student loans are the ones that are a bit more lenient?). Then take the money that you were paying to the student loan and apply it to the personal loan.
Finally, as you pay off each credit card, CLOSE THE ACCOUNT. Obviously you have some discipline issues when it comes to buying things and living beyond your means, so that may be the only recourse for you.
I would suggest seeking help AFTER you pay off these loans and credit cards to reign in your spending.
As a LAST resort, think about a consolidation loan to pay everything off. However, once you do that, again CLOSE THOSE ACCOUNTS DOWN. |
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SPIFIMAN1
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OK, you have some decent suggestions but I will offer another way to go.
Call Consumer Credit Counseling Services at 1-877-388-2227 they are the largest and oldest credit counseling service in the Country and are non-profit.
I used them several years ago and they lowered my monthly payment and interest rate and I was debt free in 36-months. |
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JB
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1. Get on a written budget. It's the only way to get control of your money. Tight now you're money is controlling you.
2. Try to put the student loan on a hardship deferment.
3. Think about selling the cars and buying something cheaper.
4. Get a 1000 dollar emergency fund.
5. List your debt in order from smallest to largest. Pay the minimum plus the money you found when trimming the fat out of your budget. Pay off the first one. Then use that money plus the minimum on the second to pay off the second. Then the third, and so on.
When I say smallest, I mean the one with the smallest balance. Don't worry about interest rate. There's a compelling emotional incentive to paying off the smallest one. It'll be the fastest one to pay off and motivate you to continue.
Don't bother trying to pay of this debt if yo haven't changed your spending habits. You'll just go back into debt. |
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kassy kemp
 |
If a person has accumulated a large amount of credit card debt due to multiple credit cards, the need for a proper counseling for credit card debt consolidation can't be understated. Credit card debt consolidation counseling helps a person get vital insights into the facts that can help him get control over the credit card debt.
Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.
A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn't undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder.
When a person approaches a credit counseling agency, the first thing it will do is to take stock of the situation and get various facts about the credit card debt. The credit counseling agency collects data about the income, expenditure and spending habits. It will guide the credit card holder about budgeting benefits and try to inculcate good financial habits. Read more from: http://www.credit-card-gallery.com/article/353,Credit_card_debt_consolidation_and_credit_counseling_great_tools_to_get_rid_of_credit_card_debt |
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Dr. Deth
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both of you get 2nd jobs, cut down on spending and bite the ite the bullet for awhile |
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likeli3
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I agree with the closing the accounts as soon as they are paid off. One or both of you should get a second job as your debt is very high. It is easy to get discouraged. We are in simalar boat, not with credit cards but medical bills. My job allows me to work extra hours which is how I plan to get them paid off. |
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Adam P
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Paying off the low balance cards doesn't "save" you any money, it actually costs you money (assuming the low balance card is NOT the high interest rate card(s)). BUT, it depends on your personality, I know that I like to pay off small balances first because it looks like you are making progress and that HELPS you mentally/emotionally when dealing with overwhelming debt. If you believe you don't need this boost before attacking the big ones, then start with the highest interest rate as said in a previous answer. Then, in ... well, a long time, you will be debt free. Also, I don't really like this option but can help in certain situations... if you call a credit card company and tell them you won't be able to make payments, and ask if they can defer your minimum payments for a couple or 6 months but continue to accrue interest this will alllow you to use that extra money to help paydown another account. Don't use this method though - it's a last resort method intended for people who are already on a budget, working two or more jobs, etc. Good luck! |
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Blondie
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you should talk to a not for profit credit counseling agency. I went with Debt Counseling Corporation--they have been great. I had a lot of credit card debt and didnt' know how to budget. They helped with a program called a debt management program. They lowered my interest rates, consolidated the payments and reduced my overall payment each month--not to mention the amount of money i saved in interest over time!
check them out
http://www.debtcounselingcorp.org |
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Sgt Big Red
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With that amount of debt and the fact that you are only paying minimum payments, you will be paying for a long long long time, and will never see the light at the end of the tunnel.
My suggestions:
1) Find extra work to increase income and pay more than minimum.
2) Sell the cars to pay off the notes, and buy a "whoopde do" (older car that at least runs and you can buy out right for little cash). This will also save you lots of money on insurance.
3) Consult with a credit counseling agencie, one that is not a rip off but recommended by the FTC. You could try and negotiate for lower interest rate on the CC's but if your just paying minimum, they won't budge hence your better off with a credit counseling expert.
No matter what you choose, you will have to tighten the purse strings and hunker down for a while.
Hope this helps and good luck. |
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heybulldog
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First thing i would do is call and cancel all the credit cards.
Then get on a written budget.
List you debts smallest to largest and pay min. on all but the smallest. Attack the smallest until its gone. The reason for smallest to largest is you see progress sooner and it motivates you to keep going. Interest rate is not the problem. It's spending money you dont have thats the problem.
You might wanna look into getting rid of the cars too.
get a cash car. They get better gas mileage when they dont have to drag a payment book behind them.
I also recommend going to daveramsey.com and listen to his radio show or watch him on Fox Business News Network. He has lots of great advice on money and debt. |
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collctor2
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if you own your own home, refi and pay everything off at once. Get rid of a couple of the cards, cut them up and toss them. |
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AM-NM centaur
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I would take the opposite approach of TomC. Pay off the low-balance cards first. That way, you stop accumulating interest charges on every card. Keep one card with no monthly balance that you will use for current purchases. You MUST pay off the balance on this one card each month while you work your way out of debt.
Alternatively, pay off the credit card with the highest interest rate first. Get rid of your Discover Card. They have the worst and most punitive method for calculating interest (two-cycle average balance). |
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Photo Girl
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first you need to commit that you aren't going to put any more on the credit cards while you are trying to pay them off.
Then I suggest starting with the smallest balance and putting every extra cent you can find toward paying it off. While you do that make minimum payments on all the other accounts.
Once you have knocked that one out put the amount you were sending to it plus the minimum payment of the next smallest to paying off the next smallest debt. So if you are paying $100 a month on card 1 and $20 on card 5, your new payment for card 5 would be $120. After you pay card 5 off you take that $120 plus the minimum for card 6 toward paying off card 6, etc. By the time you get to your highest balance you will be making big payments. Whoohoo!
My husband and I have been using this method for a couple of months and have paid off about $2500 + in debt.
For more info check out Dave Ramsey's website. |
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clambacke
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It's like getting on a diet, you have to restrict yourself. Call the credit card companies up and ask for a lower interest or payment plan. |
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KING JAMES
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I disagree with paying the accounts with the highest interest rate. I would pay the lowest account out first and work my way up to the bigger accounts. The reason why I say that is because what if you pay out the accounts with the highest interest rates first, those accounts are going to gain interest anyway unless you pay them out all at once. I would go in this order right here:
Card 1
Card 5
Card 6
Card 2
Card 4
Card 3
But hey thats just my opinion. I wish you luck with that. |
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rojo_jojo
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www.daveramsey.com |
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