rach
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Stop using your credit cards and try to pay more than U are paying now and save on all other expenses... |
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bonjovigroupie
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As a last resort you may have to consider bankrupty. It will allow you to get rid of the interest and pay on just what you owe (chaper 13). My sister had to do it and it took her about 3 years but she is now debt free.
$50,000..................you will NEVER get it paid for by yourself. Interest will kill you. |
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kitty fresh & hissin' crew
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Double you minimum payment, at least. |
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JCS
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Honestly, that is a tough one. First, you are going to have to start paying off more than you are right now every month. That of course is easier said than done, since you have to spend less money on other things, but since credit is cumulative, the more you pay now the less you pay later.
I've also read some things a few places, like you should never have a savings account if you have debt because the interest you earn in savings doesn't come close to matching up to the interest you pay on credit. Also, on credit cards, you can usually shop around for lower rates and transfer credit to lower rate cards, which should help a little.
Unfortunately, I don't think there is a great answer. It sucks trying to pull yourself out of debt. I don't have quite as much as you, but still trying to do the same thing. |
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dimples22221
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Call them and ask them to lower your interest rate, move back home with ur parents or in with a willing relative and live for free. Don't buy anything, sell your car if you have car payments and buy a cheap car for cash. Don't buy anything new. Use 60% of your salary toward paying off the credit card and hopefully you can have it paid off within 2 years |
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1001Questions
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watch dvd " the secret" at www.thesecret.tv" and improve your financial situation |
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Waine
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well, before you do anything I'd read these 2 sites through:
http://credit-cards.ebookorama.com
and here http://finance.ebookorama.com
you may also pass them around and help anyone get rid of their debts, people always seem to find help via these links so spread the karma and get points.
good luck! |
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john .
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do you own a home? |
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lstgrlstnding
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Cut up all your cards and go into credit counseling with very reasonable fees. I have been using one with super low fees with a great, user-friendly web interface and am very satisfied. Although you can usually call your credit card companies and get reduced rates, in my experience, the credit counseling folks can get the rates to dirt cheap, with the understanding that you are reforming (i.e. no new cards, no more charging, etc) |
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hudson_1980
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1. Try to pay on time to avoid late fees.
2. Pay at least minimum payments each month.
3. Consolidate debt through lower interest rate balance transfers or (if u can continue to pay for sure) a home equity loan if u own a home.
4. Get rid of all credit cards except one Visa for emergencies and start paying cash for gasoline, food, etc. Forget about the points u lose on the cards it isn't worth the debt interest u pay when u cant pay them off.
5. Eat in more cooking your own food. No tipping and make inexpensive nutricious dishes.
6. Stop going to the movies and watch everything on cable. Buy only one premium channel such as HBO or SHOWTIME and that only costs $10 per month. Movies are $10 per ticket plus popcorn and drinks each time.
7. Dial up the air conditioning if u can stand it.
8. Car pool to work if u can and share expenses.
9. Gradually increase the payments so that more is paid over minimum, but keep at least a month's cash on hand for emergencies.
10. Negotiate with dentists, lawyers, doctors if u don't have insurance. They often will cut fees for those without.
11. See if any government aid is available.
12. Avoid credit counseling that is "for profit" cuz they will take a percentage of your payments.
13. Work better and see if u can get a raise at work.
14. If U can handle it, consider a temporary part time additional job (don't do it if your work will suffer at the main job)
15. Last resort: Borrow off your 401K at work. Usually not recommended but you can get a good interest rate usually and you pay yourself back out of payroll deductions. |
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Curiosilly
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The interest at 20% is 10k. So you need to make as much monthly payment as you can.
Try to switch the debt to lower interest credit card and transfer the balance without fee as much as you can. Take advantage of the 30 days grace period. However, you still will need to make as much payment as you can. If you don't make > 10k in your job, consider seeking help from your family or find a better job. |
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me
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Sorry I can't help you if your talking about $$ help. There is probably no true answer that is the answer you want to hear. The only honorable way out is to Pay the debt. At 50k, it will take a very long time if you only make minimum payments.
Be careful not to add loads of unnecesary debt on top of the existing debt, this could ultimately lead you to bankruptcy.
Credit Counseling is an option you should consider pursuing |
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mom
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You may have to take a 2nd job for a while and devote that entire income to reducing that debt. It will be hard for several years but it can be done. |
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[Gone]
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When making your monthly payment, pay the minimum plus the total interest for that month and your bill will come down a lot quicker. |
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whyithastobeme
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good for u I have more than double |
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Larry & Barbie
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You are screwed
Besides you bought whatever to get in this situation
your on your own and for the next 20 years at least you will be a slave to your credit card. hope it was Worth it.
unless you got a college lone then there might be some hope but not much |
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