I have no self-control and have amassed about 35000 in credit card debt. What can I do?

Question

I am not late on payments, but I have nothing left after I pay my bills. Advice please!

Answer 1

I am in the same boat almost. My debt is not as high. My suggestion to you is to call the credit card companies and ask about a lower interest rate (doesn't hurt to try, the worst that will happen they will say no) and also cut up all your credit cards and throw them away!

Start with your LOWEST card (or highest interest rate) and start paying them off. Pay more then the minimum (I can help find a FEW things online that wil help make a LITTLE extra money if you would like, [e-mail], they are ones I have done, email me) and as you pay them off either close them out or call the company and have them LOWER your credit limit to like $200 or $300. Also DO NOT call to get a new card. I suggest since you admit to no self control (which is a WONDERFUL first step) that you close out all the account EXCEPT the ONE you have had the LONGEST!

Answer 2

Bankruptcy followed by never, ever using credit cards again.
I went through a similar circumstance. I racked up over $40,000.00 in credit card debt at a young age. Granted the main reason was not because of lack of self control, but because of costly legal battles.
I finally convinced myself to do the bankruptcy thing. I have been completely debt free for three (almost four years now). I pay for everything with cash. With the money saved from paying finance charges and a little self-discipline, I have been able to buy myself a very nice car and have more than enough money for a reasonable down payment on a home.
My mortgage will be my ONLY source of debt, and that feels great!

Answer 3

Lets pretend...

You live in Oz. Between your current job and the new one you managed to find, you are making $60k a year. You somehow manage to budget 10% of your income toward paying off your debts, which comes to $500 every month. Those nice Munchkin creditors are going to freeze your interest payments and late fees. So it's only going to take you around 7 years to pay off your debt.

Now lets look at the real world. You don't even come close to making $60k, right? And no way in this world are your creditors going to let you skate on the interest/late fees. You are making your payments, but you are only making minimum payments, right? If you cut all your expenses to the bone it's still going to take you 12-15 years to pay this debt off.

You could try and negotiate with your creditors to reduce the balance of your debt, but most of them won't.

This isn't Oz! You are going to be spending at least 10 years digging yourself out of this hole.

Now, if you filed for bankruptcy, you will spend the next 5 years on a very strict budget. But after that, your debts will be gone and you can start over. Hopefully with a better understanding on how to control your credit spending.

These idiots and their advice to "pay your bills" and "get another job" don't have a clue. My suggestion is discuss this with a bankruptcy attorney and get his opinion.

Good luck
'

Answer 4

First you should lower the interest rate on as many or all of your credit cards consolidate if you can and then begin paying the card that has the least amount of credit on it first as you pay off each card little by little get rid of 'em. You need to get on a budget so this won't happen again. I was 60000 in debt i know the feeling. We are now totally debt free. Now the job is staying debt free. He He Ha Ha

Answer 5

First, your higher interest credit cards, see if you can get a card with a 0% finance charge on balance transfers. Once you get the new card and transfer the balances, cut those cards up. Pay off the one.

You can transfer balances from gas, department store and major credit cards.

Also, use your debit card. This will force you to have self control.

Keep one credit card with a decent limit to use when you NEED to. Use your debit card for everything else.

Someone I went to college with amassed over $100,000 in credit card debt, and got out of it without filing bankruptcy.

Good luck!

Answer 6

First, I'm going to start off by saying you really are one of the stupidest people I have had the misfortune to read a question from. And that is saying a lot.

Second, cut up your credit cards and never look back, you moronic fool. $35,000 isn't even close to being laughable. You have nothing else to do except cut yourself off, wow.

Answer 7

Cut up the cards, and talk to a credit counselor about consolidating your debts.

Answer 8

Go to one of those places where they help you pay off your debt and cut your credit cards up into little peices so this doesent happen again. and dont spend more money than you have.

Answer 9

Put the cards in a freezer so you can't use them anymore. Then read Total Money Makeover by Dave Ramsey

Answer 10

First off you've done it to yourself!!! $35k is alota money!!!
RIP UP YOUR CARDS AND DIG A HOLE FOR THEM IN YOUR BACK YARD!
Also try transferring your balance to some credit cards that don't have any interest... That way you won't be paying on interest... you'll be paying on your bill!