 Should I apply/get a second credit card? |
I'm 23 years old, graduated college and got a job at a bank. The bank has a credit card for employees that has a lower interest rate.
Currently I have a credit card with a limit of $30... |
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 If you were in debt, which company would you use for debt advice / iva? |
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Preciousgem7 | What are good ways to get out of debt? |
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ilse72
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You pay off one bill at a time starting with the one that has the highest interest rate. Pay minimun on the other bills and try to pay at least double (or more if you can afford it) on the bill you are trying to pay off. When it is paid, move on the the next highest interest rate, etc.
If you have a lot of credit cards, decide which one you really want to keep. The rest, as you pay off, cut them up, mail them back to the credit card company asking them to permanently close your account (otherwise, it stays as "open" on your credit rating and, even if not used, counts as available money which can prevent you from getting other loans). Ask the company to mail you confirmation that the account has been closed. |
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kadel
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There are nonprofit agencies that will negotiate with your credit card companies to lower the interest rate so you can pay off the loans. Watch out for the for profit ones that promise you don't have to pay anything and charge big fees. You also have to do things like stop eating out, bring your lunch to work, rent your DVDs for free at the library, don't take trips, etc. to cut your expenses so you have more money to pay down your debt. |
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Tony
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Why would you want too? If the dept is a good dept then pay the dept off over time with maybe a little extra each month.
Dept is a good thing if you know how to manage it. |
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reichman2007
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Don't pay them |
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Tracy
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tha way i did it , is pay OFF one bill at a time till there gone. if you have a house/car payment pay xtra on the principal and that will decrease the interest. |
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solo
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Be realistic about your situation and plan your way out. Basically you need to allocate enough money to pay off the loan (not just the interest) - I know this is easier said than done.
Debt counselling is available in all most areas - do not simply go to consolidation loans as these are likely to just put your debt over a longer period effectively increasing your debt.
The debt will not simply go away - only consider voluntary insolvency if the situation is hopeless as it is a very serious step that will follow you for many years and will, likely, strip you of all your assets.
Seriously ... go see a debt councillor - there are no quick fixes.
Good luck |
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Xenagurl
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Cut down on the extras. (Eating out, clothes not needed, sports events) than use that money towards your bills.
Pay credit cards twice a month, and more than the minimum amount. It's not always easy, but when you get paid, pay them, make it a habit.
So that you don't run up cards before you pay them off, try putting them in a bowl of water and freezing the bowl, this way they're inaccessible to you, and if an emergency comes along you can always thaw it out.
Try a garage/lawn sale. Use the proceeds to pay off debt.
Obtain a second job for the summer months.
Hope these thoughts help! |
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audbarr23
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First pay yourself. Open a high yield savings account(www.hsbc.com is a good one) and put money into it every month. If you don't do this and something happens like your car breaking down or a unexpected medical bill you will just have to put it on your charge card and you just get deeper in debt. Try to have 3 months living expenses saved plus an extra 500-1000.
Figure out how much you need to pay all your bills and expenses. Any extra money put on the card with the highest interest. Call your credit card companies and threaten to move your balance over to another card to try and get them to lower your rates. Cut your spending on things you don't need. For one month track the money you spend. At the end of the month see where your money goes. Create a budget if its not in the budget you don't get it.
Find extra money around the house. Search for coins and add them to a jar. You can usually find about $30 a month this way. Look for things you don't use anymore sell them. A yard sale of eBay would work for this.
After you get out of debt,stay out. Keep saving every month. Try to save up 6 months living expenses plus 1000. Don't touch this money except for emergencies. Once your out debt start investing. |
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partydudette52
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I'm just offering advice on CREDIT CARD debt, not student loans and such. Don't mess around with Student Loan debt. That's more serious.
If you don't care about your credit report and/or if you don't EVER INTEND on paying them, don't pay them anything. Eventually Collection Agencies will call you and offer you a settlement. Delay, Delay, Delay and they will reduce of debt significantly if you can pay a settled amount all at once. They're not likely to sue you (even though they may threaten to sue you) unless the debt is huge. For instance, they won't sue you over a 500 dollar debt because it would cost them more than 500 dollars to get that law suit under way.
Another tip: If unemployed, report unemployment to the Credit Report agencies. Every excuse for not paying helps you in the long run. |
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maria
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dont get credit cards in the first place only one and thats it. save your money cuz when u get old you'll need all the money you can take. work and save! stay safe bye |
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shintama
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stop using your credit cards, stop spending money on unnecessary stuff and pay back your debts in high sums! |
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butterfly2006
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look for few hours part time job,on week end or off days. Anything you can make yourself don't buy...eg sandwhich, coffee. Budget Budget Budget.....even if it mens putting money in enevelopes for different expenses(Travel,rent,tv,food e.t.),save the money you have left at the end of the week/month dont be tepmted to spend it
Finally get wise nothing comes free, Credit card companies there to make money off you! the worse you are at controlling your money the richer they get. |
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