 $125,000 Credit Card Debt? |
| We are a married couple, both are 32 year old, we lost jobs 2 years ago & came up with $125k unsecured debt. Now both are working & our monthly income is around $6k before tax, which is $4500 ... |
|
 When's the best time to pay off your credit card debts? |
| I want to focus on buying a house soon, and raising my credit is my main priority. I just got a credit card, and want to know if I should pay my debts off little by little, or at the end of the ... |
|
 Bad credit.. possible loan? |
| I have really bad credit and I would like to try to take out a loan to buy a used car.. with my credit, who can i go through and what can i do to get a loan? how much would i need to put down for a $5... |
|
 Can I use my daughters social to buy a computer? |
| I want to buy a computer and my credit isn't all that good. I wanted to get a dell and they give you an option to get a credit card and pay monthly payments. My daughter is 3 months and she has ... |
|
 Credit Card? |
| My husband is going to be off of work for a medical reason. We are self-employed truck drivers. Does anyone know how to make offers to credit card co. we don't want to default on anything it ... |
|
 Not using any credit cards. What do I do in an emergency? |
| Or for an expense that was not budgeted for? Or for an expense that's more than my emergency fund?... |
|
 Do you think money is the worst thing ever invented? |
| would'nt it be nice to have a world where everybody has a good life.... |
|
| What should my friend do? |
| My friend has three credit cards debts worth about 3,000 and health loan 8,000. He wants to file bankruptcy but he has to go back to his country for the next two weeks. So he does not have enough ... |
|
 If a person dies with outstanding debts, does the family inherit the debt? |
| If a person does not have a spouse, or children, are their siblings responsible for their debt when the person dies?... |
|
 Can i sew if i fall outside a goverment office becasue the blocks of concrete are not leveled? |
| i fell outside of the juvenile center because i was running up to the door and i fell over the blocks on the ground, because of the block that was not evened out, so i scraped my elbow, hand, knee ... |
|
 My credit score is bad!? |
| i got into some debt a few years back and had some late payments on a few credit cards and when i got my credit report today it said the rating was POOR what can i do besides making my payments on ... |
|
 Can a collection agency take money from my husbands army active duty paycheck? |
| a collection agency called and threatened to take the paycheck money and get my husband in trouble in the ... |
|
 Is it woth to get a credit card for 30 dollar savings? |
| is it worth it to get a credit card from buy.com to save 30 dollars. I have pretty good credit but i don't really use credit card so if i get it i wont use it and just end up cancelling it. i ... |
|
|  |
Whitney M | How do I get rid of my credit card debt? |
I had some things happen to me, and depending on my cards for a while. I am only 1,750k in debt, which is really nothing compared to a lot of people. I am living on my own trying to save save save, and get rid of my credit card debts. I am wondering exactly what I need to say when I call the companies. I don't want to get bullied around, and I have never done this before. I only have two cards. I know the steps, but I dont know what to say when I call. Thanks in advance!
Additional Details
wizjp.. I have a full-time job and I make plenty of money. I had a family emergency and wasn't able to work for about 6 months. I am not that much in debt, but I cannot pay it all off at once. I go to school full-time and work full-time, I can't get a part time job! |
 |
 
Tom C
 |
Since you only have 2 cards, it should be fairly easy. You pay the minimum to the one that has the lowest interest rate and you pay everything that you can to the one with the highest interest rate.
Once the card with the highest interest rate is paid off, then you move those monies to the other one you have.
As to what to say to the credit card companies, call them and just tell them that you ran into some situations and that you're going to be paying them off very soon.
Hope that helps and good luck. |
|
wizjp
|
stop charging; part time job for payoff |
|
Channels M
 |
good luck with ur problem :) |
|
itsmesteph11
 |
It depends on how old the debt is as to how they will treat your situation but you can call the credit card company and say you want to talk to someone about making arrangements to pay a bill you were unable to pay while you were out of work.
Have they been calling you and sending notes threatening to send you to collections or have they already gone to collections?
As far as them bullying you , just don't let them. Have your plan ready and you tell them what you can pay. Do not go into detail about your finances. Never give them your bank account number! Only send them a check. do not even do a check by phone. These people will screw you and take your money out of your account.
If they get mean or nasty just hang up. |
|
tim t
|
If you are caught in the credit card debt trap, approach a debt consolidation company for help, instead of paying high rate of interest to your card issuer. Most of the debt consolidation companies provide loans to help you tide over the credit card debts. These loans are known as credit card debt consolidation loan. The advantage of this loan is that you are charged a low rate of interest. The difference between the interest charged on the credit card and the interest on the credit card debt consolidation loan is substantial, saving you quite a big sum of money. |
|
bibsian
|
first step is rip up the cards
then call the companies concerned and offer to pay them back at an amount you can afford every month
most companies will help you if they can , when you explain the circumstances
all the best
Ian |
|
Serge M
 |
If you are paying off the cards but the interest rate is high, you can call the card company and ask them to lower the rate. If they refuse, there are other things you can do.
1. The most important: Stop using the cards. Keep paying them off, but do not add any new charges on them.
2. Apply elsewhere for a lower rate card and transfer the higher interest balances. Look for a card with a very low or 0 initial rate. Again do not charge on the card, just pay it off as quickly as possible. Be careful, some cards advertise low rates but they apply only to charges and not to balance transfers.
3. When you have paid off your cards, start using them again, but only to the extent you can pay off the balance in full each month. That approach gives you a lot of convenience, costs no interest, and helps build up a good credit rating.
Credit card debt is the worst you can have. Avoid paying credit card interest by charging no more than if you were paying cash, and your cards will serve you well. |
|
Krystal *
|
its actually pretty easy, STOP CHARGING. Its called self control. Only charge what is needed. If you cant survive with out it until your next pay check then its a must. You need to start taking little by little out of each pay check to attempt to pay back the credit card debt. If you dont your credit will be ruined for the rest of your lifeeee. |
|
Monkeyboi
|
$1,750K?
Do you mean your debt is only $1,750 or that your debt is $1,750,000?
If the former, pay as much as you can to the card with the highest interest rate & the minimun + $10 to other.
Once the first is paid, send all you can to the other.
You'll have them both done b/f you know!
Either way, leave both cards & home in a locked box. If you're trying to pay them off it won't make any sense to pile on more debt.
Based on your additional notes, it sounds like you pretty responsible with your $'s, so you don't have to cut them up yet.
(going 6 months w/o working & only accumulating $1,750 is damn good!).
Cancell either of the cards if there is any annual fee.
After you have them paid off, it's okay to have a few cards (again as long as there is no annual fee), but the trick is this;
Never EVER charge more than you can pay off in a single month!
It's great being able to use other people's money for a short time (while yours sits in an intrest bearing account), but only if you can avoid rolling over the debt (causing you to pay interest).
Using a credit card in this way will help build your credit score.
If you do owe $1,750,000, cut up both credit cards, & get to a credit counsiling service today! |
|
jim06744
|
why do you need to call the companies? they are very happy to have you maintain a balance and pay it off at ridiculously hi interest rates. just try to get balance down as fast as you can, cut up your cards so don't use them in the future |
|
Duane
 |
Why do you need to call them? Are you paying late? If not just sign up for online banking at your current bank and pay them that way! Most credit card compnaies have a payment window where you can make a payment at there website and they can deduct the payment out of your checking account.
Whatever you do, don't default! It sounds like you have the money, you are just worried what they will say about you reacing your maximum credit limits!
Go to my website and read it all. I know it's about credit repair, but once you know how credit works, I think you will breathe a little easier! I went through a bankruptcy and an Identity theft so this is something I know about.
You will benefit from the "how credit scoring works" section! $1750.00 is not that bad to pay off and because you wat to take care of this now makes you smarter than the average bear! |
|
SlimMick
 |
If you are current on all your card (not late) the card companies aren't going to budge one inch on the current terms (interest rate)...You should be thankful your debt level is where it is and not $35K+ like a lot of people.
Many cards have balance transfer options at either 0% or very low rates...If one of your cards has this feature and you have the available credit, balance transfer this debt to the card at a lower rate....With interest rates this low you can more easily pay the debt down. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
13 | 16 minutes(s) ago
| | | |
8 | 25 minutes(s) ago
| | | |
13 | 50 minutes(s) ago
| | | |
12 | 3 hour(s) ago
| | | |
14 | 8 hour(s) ago
| | | |
13 | 2 day(s) ago
| | | |
14 | 1 week(s) ago
| | | |
12 | 2 month(s) ago
| | | |
13 | 7 month(s) ago
| | | |
12 | 9 month(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
