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atheist | I need advice on how to get rid of credit card debt.? |
i have like 5 credit cards and half of them are nearly maxed out. i want to cut the balances down and then get rid or all but 1. how do i do it? |
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rob
|
work on paying one card down. take the one with the highest amount due each month and cut that one down. then go on to the next one. |
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Cake17
|
Pay them off. |
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cbjr
 |
Do what ever you have to do to increase your payments. If it means getting a second, or third job, do it. There's no reason to have more than 2 cards. |
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big_mustache
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Talk to a debt consolidation firm. They helped me a great deal. |
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roginad
 |
My advice is good only if you are enough discipline to pay balances down by yourself. Credit counseling services will ruin your credit for a long time. You should be able to put a side at least $100.00 monthly while paying your minimum requirements on cards and other obligations. This $100.00 you will add to pay down the balance on the card with the highest interest (NOT HIGHEST BALANCE) until the balance is completely paid off. Every month you will save the most in your financial charges. Add this saving amount to your next payment along with initial amount of $100.00. For example:
Minimum required payment is $50.00
1 month payment: 50+100= $150. It will save you 5 bucks in interest charges.
2 month: 50+100+5= $155, save additional 8 bucks
3 month: 50+100+5+8 = 163
This is an example. Calculate your savings based on actual statements. Continue with this order and you will see how easy the balance will go down. Now, assume that your last payment on this card totals $300.00. You start paying next card with highest interest. Your minimum is the same, but now you are adding 300 bucks plus monthly savings. Your card will be paid off in a few months. Next card you will start with $500.00 additional payment and all your debts will be wiped out at no time.
Last advice: If you care about your credit score, keep and manage right not less than 2 - 3 credit cards. I will skip explanation. That was not your question. |
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judith11center
 |
Cut them up and start paying more than the monthly minimum. If you want to pay them all off within one year, divide the total of each credit card by 12 and pay that much each month. It will probably take 15+ months to pay them all off because of the interest but the most important thing is to not incur any more debt. |
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Danielle S
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hey dearie, gu morning....I woke up and saw your question,,,last night I was reading a lot about this resource, it tackled your situation too.....almost the same...just look thru the contents
all d best! |
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Sgt Big Red
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The only way to do this and not have an adverse affect on your credit report is to do the following:
find some extra work
pay off as much as you can, as quickly as you can.
put away the cards (freeze them in an ice tray if you have to)
sell stuff you don't need to raise $$$$
Going for debt consolidation or counceling will not get you out of debt, they will tell you the same thing, make more and pay more.
Avoid credit repair agencies that charge a fee to improve your FICO score by removing negative, but accurate, information from your credit reports. No one can force credit reporting agencies or lenders to remove accurate information from a credit report. Credit repair companies often take your money without delivering what they promise, or provide only temporary improvements of your score, sometimes by removing accurate information that will reappear later. |
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Kate
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I agree with going to debt consolidation place. This way, they can assist you in decreasing the total amount.
Keep the credit card with the longest history ... it will establish credit history which will be good in the long term.
Also, having more than 2 credit cards wasn't the smartest but I know hard times come and it's a whole lot easier to open a credit card than to work for the money. |
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Christina
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first of all, cut them all off. start calling ur credit card company for annual fee refund if u r already charged.Each month start paying the minimum installment, if u think that your salary can't survive. But if u think u have enough ,pay more to get rid of the debt as soon as possible.minimize going out and buying things u don't need for month or two, just to avoid extra expences.......and soon ur cards will be paid off , one by one.
good luck |
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src50
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Rule #1: Quit charging.
Rule #2: You must make monthly payments significantly above the "muinimum required" payment. That is the only way to bring the balances down. |
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JOHN H
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stop spending |
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Gaia
 |
The obvious thing would be to simply pay them off. However, if that is not feasible, you need to try to consolidate them into few cards. Figure out which cards have the lowest interest rates and transfer other higher rate balances to that card. Also.. you should concentrate on paying more money to the cards with higher rates as those balances will multiply faster than the others. Also, you should put your focus on one card at a time. Obviously continue to pay what you can on the others, but put all your extra money toward the same card. When it is pay off... CLOSE the account and shred the card. Do this until you are down to your last card that you are planning to keep. Good luck. Credit cards can be such trap!
Do NOT go to a debt consolidation company unless it is truly and completely your LAST resort. People do not realize that it impacts your credit almost as badly as bankruptcy. Those places can help you get out of debt but so can bankruptcy. You'll just never be able to buy anything again (like a house or a car at a reasonable interest rate). |
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