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Christy | Is there an easier way for me to pay off my credit card debt? |
ok, I'm only 20 by the way, but I did have 8 cards before I canceled 1 not too long ago, the limits start from $300 and go up to $1700 at my highest and I only bring in $650 a month for now, I'm getting to where I can't pay them the minimum payments hardly, I'm wanting to fix this so that I can get my first car soon, how many of my cards should I cancel? and is there any websites that can help my consolidate my credit card debt? I found one site but they wanted my checking or savings account numer but I don't have one anymore, I would appreciate the help, thanks.
Additional Details
my god dude, no need to jump my ***, its just me and my mother alone for now she cleans houses for a living, I only got those to buy her some things every once in a while like CLOTHES, smartass |
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teehee
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You seem like a reasonable person, but you are very misinformed and you're getting bad advice. If you feel that you are not in control of your spending, then go ahead and cancel those cards. But if you can control and budget, read on.
Most people know nothing about credit, and what the term "building credit" even means. Do not cancel your credit cards. There is nothing wrong with having 7 cards, or even 50. It's true, it is above average (which I believe is 4 now), but simply having them does not hurt your credit. CANCELING THE CARDS WILL HURT YOUR CREDIT -- keep reading, I can easily prove it, or you can just go to myfico.com and read up about credit scoring yourself.
Part of your credit score (which determines your credit worthiness, and the whole point of "building credit") is how old your oldest account is, and the average age of all your accounts. Closing your oldest card will hurt your score. Closing ANY card now will hurt your score when you apply for new cards in the future (because the average will become a smaller number quicker).
Another part of your credit score is your credit card balances -- but only as a proportion to the credit limit, not as the absolute number. So it is the proportion (percentage) of your balance to your limit on each individual card, as well as the proportion of your total balance to your total limit. When you close a credit card that has no balance on it, you are lowering your total credit limit, which increases the proportion of your balance to the total limit and LOWERS your score. For example, if you owe a total of $5000 and your total limit is $10000, you are using 50% of your credit. But if you close a card with a $2500 limit and no balance, you still owe $5000 but your total limit is now $7500, and you are using 66.7% of your credit. This will make your credit seem worse.
As far as paying off your cards, I do not recommend consolidation, because it will likely cost you even more money. The best thing you can do is call up the credit card companies and ask them nicely if they could lower your rate (APR). If you haven't made any late payments, they should be receptive (but be nice no matter what). Then you tighten your belt and stop spending until you've paid off what you owe.
I definitely do not recommend you getting a car, because from what I can tell, you can't afford it. I'm not sure what you are doing with your life, but I if you're not in college, I recommend you go to one. You will likely qualify for need-based financial aid, so education will be close to free. When you graduate you'll get a job that pays well, then you can afford a car and gifts for your mother. |
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Hefe
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OMG! Stop living a life that's beyond your means! Quit living in Image mode! Take on a quick and easy waitress job for a few nights a week (the tips are great and you can work 1-3 nights a week till you pay them off (if you're hot, even less)). Overall, Stop using credit! Pick up the audio book, "Yes or No", by Spencer Johnson, its the best 3 hours you'll ever spend. Good Luck, chose wisely |
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Sarge1572
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the solution is simple, but hard to stay on.
find out which card has the lowest interest rate if you carry a balance. Transfer ALL of your other credit card debt to that card. SHRED ALL OF THE OTHER CARDS and DON"T get any other credit cards. Take all of the money you were paying on all of the cards (don't cheat here) and pay on the one that's left. DONT MAKE ANY NEW CHARGES ON THIS CARD UNTIL IT IS PAID OFF. That's the hard part. Any extra money you have add to the payment.
When you get the card paid off, only charge things if you KNOW you can pay for them at the end of the month.
Credit card debt is the worst. |
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Jenn M
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Depending on how much you're in debt you can:
-consolidate your debt.
-get a personal loan to pay it all off, then you can make one payment to your credit union or bank.
-as a last resort, claim bankruptcy. I don't mean to sound condescending, but you're young and it will take ten years for it to clear your credit but you can have good credit in three years. You're future creditors will be more forgiving towards you because you learn this lesson early in life. Depending where you live, bankruptcy can cost up $1500.00. In addition, you have to take a financial management class and go before a judge. |
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Sahara
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You can work with an agency that can help lower your interest rate. They do so through negotiation. You could try it yourself but I don't know how it would work out. Find one in your area that you can meet with face to face.
I would recommend having no more than 2 credit cards. |
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lzc5wh
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There is a great place to go with this. I was in a very similar situation.
This is getting help from real people without the use of banks or credit card companies. Good Luck!
http://www.prosper.com/join/lzc5wh |
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Susana
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GODEBTFREE.COM I HEARD IS VERY GOOD |
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johnslady05
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You may want to check into getting a bank loan to pay off all of the credit card debt then just pay the bank back one payment each month. You may also want to look into consolidating your debt. I am also young, 22, and am working on buying a home. My home loan specialist recommends only having two credit cards. Don't max them out each month because it looks like you need money, just use say 20 dollars for gas or a bill etc. It will help build your credit which will make it easier for you to buy a car. When you get them paid off, I would keep the two with the highest limits because it gives you more buying power which looks good on your credit report. Hope this was helpful. If you need any more info you can email me at johnslady05@yahoo.com. |
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Jeff H
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Visit the Dave Ramsey website or listen to his radio program.
He has a model that he calls the debt snowball which works.
While he does sell books and tapes, you can get the ideas and information you need for free by reading his material and listening to his radio program which is archived on his website.
Again, you can get what you need for FREE with very little effort.
Dave says:
Make a tight budget and stick to it.
Get an extra job if you can.
List the cards by the balance amount smallest to largest.
Pay the minimum due on each card except the one with the smallest balance due. Pay as much as you can on that one until it is paid off.
Repeat the process until you are out of debt.
While I like the guy and his answers to debt, I do NOT work for him nor anybody else. |
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jsawgirl
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first thing you need to know is never give your credit information to anyone on the internet. and they shouldn't need your bank account info anyway. so be very careful
the first thing you should do is get rid of some credit cards. keep 1 or two that can be used anywhere like visa, american express etc. and cut up the others. next well I will email you about what to do. |
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gizmoe
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Check to see what agency that assist people in credit card debt in your area. Cut up all of your cards and send them back to the company that sent them to you. Call the companies to see if they will lower your interest rate,if you have paid on time most companies will be happy to help you they want their money. Keep in mind you are using someone elses money so they expect you to pay then back. The agency's that help people with their debt will look at your income and consolidate everything for you. they will tell you how much you need to pay out each month. Your goal is to not spend more then your making. Which means you are going to have to give up a lot of things that you really enjoy doing until the debt is payed off. Better to do it now then later the sooner your out of debt the better you'll sleep at night. A rule of thumb if you can't pay for it at the end of the month then you don't need it. |
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