Paula M
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WAY TOO MUCH!!!!!
Truly...you need to attack that debt like it's the plague!!!
The interest rate is probably, best case scenario 10% apr.
that's $900 a year....$75/per month......OUCH... or what if it's 18% APR....$1,620/yr in interest alone....$135/mo in interest..
Lose the cable......lose the Starbucks.....stock up on PBJ.....work overtime.....make that debt your number one priority.....lower your phone ...cut the internet...whatever you can.....garage sale......consign some clothes/furniture...
part time job....if you could pluck $500 per month on this bill you'd be done Summer of 2009!!!! not bad, but necessary. |
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nikcht
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thats a considerable debt, think of the intereset you would have to pay |
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bracemaiden
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You don't mention where you live. If you make $39,000 per year (pre-tax), you probably have on the order of $26,000 per year after tax.
If you owe $9000 to a credit card that charges 20% interest, you are paying $1,800 per year (7% of each paycheck) for the priveledge of borrowing their money.
While I made many assumptions, you can fill in the numbers to clarify if that is too much for you. If it was me, I would keep transfering balances between cards to minimize the interest rate, and pay down the principal. |
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kjsouder@sbcglobal.net
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As long as you dont go further in debt this will be managable. Dont be discouraged. Pay more than the minimum due, and cut the sucker up! |
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ktownfarmboy
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The more you come to accept your debts, the worse they'll get. Trust your instincts. Your subconscious is telling you 9,000 is pushing it. Start paying it off now and stick to the necessary products. |
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bdancer222
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Yes, it si way to much. You need to stop using those cards and concentrate on paying them off. You are wasting way too much money on interest.
Make a strict budget. Eliminate all the extras -- cell phone, eating out, new clothes, etc. Put every penny you can squeeze on the highest interest rate card while making minimum on the rest. When the highest is paid off, move to the next till they are all paid off.
Find ways to bring in extra cash -- Have a garage sale, collect alum cans, get a second job.
If you work at it, you can pay that off within 2 years. |
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pearl_hoff
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omg yes do not use them anymore till paid |
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misskate12001
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Any carried balance is too much. Set a goal that $9000 is the most you will ever be in debt and start paying it down now. |
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Cowboy Bob Hill
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Anything above zero is costing you. Your goal should be to get completely out of debt.
For more info on debt relief visit my page at
www.financialhelpforyou.com
and click the Debt Relief link. |
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ashalay-layâ„¢
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yes |
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*****
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You bet it is, especially if you are only making minimum payments every month. It will eat you up alive. |
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Halo 3
 |
Yes! |
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The Answer Guy
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Sounds like kinda alot for 39k per year. Try and be careful and remember the debt takes time to pay off so be patient. |
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♥ Etheria ♥
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It is too much any amount is too much, credit is not your friend and will heartlessly harm your life if you are not careful |
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xbluebellax
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Well, when you add the interest in to that, the number can become downright freaky. But I've heard worse....my best friend got into $20,000 plus interest. |
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wizbangs
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It's too much. That means almost 25% of your income is committed to paying off credit card debt. Considering 35% goes to your taxes, you really don't have an awful lot left for now or the future (since that debt is for things you did in the past).
NO credit card debt being carried over is the right amount. But, if you really can't handle that, then regulate it to 10% of your income (in this case, $4000). |
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meltedwatches
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Basically, any debt is too much, so I'd pay it down as fast as possible. With the interest rates credit cards charge, sometimes it means you're paying 2 or 3 times what an item is worth. (Ex: If it's a $1000 purchase repaid over ten months, with 9% interest on the original balance, that's an additional $900.) |
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Maya
 |
of course its too much. why would you want to owe anyone money? plus ur gonna have to pay more interest the more you spend. plus our economy is slowly falling into recession so you should try paying off as much as possible so you don't have to pay later |
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xolilqtyox1000
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9000 oh my goodness yes! just pay it off and you should be just fine |
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Scream
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39K is a lot of money to make a year. If you make more than the minimum payment per month that you should have ya debt payed off in a couple of years. However if you want to add to your debt think twice. |
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Kyra J
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You have credit card debt, and you wan to pay it off as quickly as you can. We will assume that you are going to stop creating more debt. You have changed your ways. You also understand that paying credit card<!--balances with a consolidation loan or rolling it into a mortgage isn't paying it off. In fact, paying a lower interest rate, but paying on the debt for many more years, usually means paying much more, not less.Okay, so you really want to be rid of that credit card debt.
http://bestcreditcards.freehostia.com/Credit_Card_Debt.html
First, you have to understand that not all debt is the same. Of course you know this. Some of your cards have a higher interest rate than others.Find and budget the money to start paying down those balances. If you order pizza every week, for example, you may be spending $60 or $80 per month right there-->If you are serious about getting those debts paid, you may have to eat $4 frozen pizzas for now. Do what you have to do, and determine how much you can apply towards the debt each month. |
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Sweets
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you might want to consider consolidating all your credit card debt. I did and found it a great way to organize my debt and to not use credit cards.
I had about the same amount of debt..paid it off in about 4 years and my credit score is a 725!!
www.auritonsolutions.com is the place i used. i hope they can help. If you decide not to consolidate, they can give you some advice on how to get rid of it all at least. goodluck. |
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Carole Q
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Get it paid off. The interest you are paying is killing you.
It will be cheaper to go to your local bank for loan for the payoff & pay that. Or look up Credit Counseling Services which will make arrangements with that company to freeze the interest rates lower than you currently are paying. If going through a Credit Counseling Service, you may wish to get a credit card through a different company or get a Master Card if already have a Visa for an emergency backup. Reason is that once gone through the Counseling Service, that particular card is not useable during that payoff period. |
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Zeltar
|
The amount, $9000, is all relative. If you make $1,000,000 a year, that's a very small credit card bill you'd pay in full at the end of each month.
However, considering.... it's 25% of your gross income, the debt you have is NORMAL for Americans. Unfortunate, but true. As long as you keep your payments current, and that debt represents about 20% of your overall credit limits (across all cards), you're probably maintaining a 700+ credit score.
Personally, I carry a small debt of about $25,000 on credit cards. But, that's not a big percentage of my income; and the card companies were foolish enough to give me fixed, for the life of the debt, rates of 2.99%. LOL. I'd be the fool to pay them off quickly. Score is high 700s. |
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Sam
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omg YES>>>>>>get rid of it asap....do you know how much you are actually paying in interest YIKES |
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treseuropean
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Any debt is too much. Just pay it off. |
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80s
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You're wise to ask yourself this question. Technically, any debt is too much. But, using a credit card wisely and developing a good payment history is also quite valuable.
Below is a link to a credit card debt calculator which will help you develop a plan to pay it off.
Consider looking at transferring a balance to another card that offers a low interest rate until the balance is paid off. Be sure to understand ALL the conditions, as some of them can be tricky. |
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Alex
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Yes! |
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AP
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no not realy you can have them redused just check this website http://www.resqdetb.com/ |
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Pookie B
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(Yes), if you have alot of money they are gonna charge you for money! WHY? Beacause the goverment or idk (i dont know) Wants the money i guess...or to be fair lol idk!? |
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~KARI~
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How old are you?? Cause I'm 26 and personally, I think 9000 is a lot of debt! If I were you I would be scared! |
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