i have credit card debt. im payin the monthly payments but the balance never goes down. what should i do?

Answer 1

If you pay only the minimum payments your balance will hardly ever go down. You can either pay extra a month on them, get a loan to pay them off, or go through one of those debt consolidated places. I used Consolidated Credit Counseling Services at 800-Save-Me-2 They worked great (I paid off $14,000 of credit card debt in 3 years with them -but I also used my tax returns to pay down my balances quicker too) but their costumer service was lacking and most of them had heavy accents that made communicating over the phone very difficult. You can find some in the yellow pages, or even searching online using a search engine. Shop around if you go that route. Some of these require you to pay your cards up to 2 months in advanced -find one that doesn't (mine didn't).

Answer 2

You have to pay more than the minimum or you will be paying on these credit cards forever. First, cut up the cards! Take stock of your monthly expenses - what extras can you cut back on, even temporarily, to give you more $ to apply against your debt. Are there any recent purchases that can returned?

If you have multiple credit cards, then make the minimum payments on all of the accounts except one. Apply all of your extra monthly payment to that one account until it is paid off. Continue in this manner until all of the credit cards are paid. Most people start by paying off the credit card that has the smallest balance, since this can be paid off the quickest. When the account is paid off, then close it. Don't tempt yourself by leaving the account open. And, while you're paying off your accounts, make sure that you always pay each account on time! Late payments will hurt your credit more than high balances, and late payments stay on your credit report for years.

Good luck!

Answer 3

Orion, Credit Card Companies love people who pay only the minimum payment. You will notice that the minimum payment consists of the interest due for that month + a small portion of the money you have used (usually it is about 5 to 10 dollars.) So the minimum payment guarantees the company a payment every month. If you go on like this you will be paying interest for the rest of your life.

So you must decide to pay off the balance as quickly as possible. The credit card company will not encourage you to do it.

Answer 4

You need to pay way more than the minimum payment due. You will never get it paid off if you don't. You might want to contact a non-profit credit counselor to help you. They might be able to get some of the charges and interest reduced. You might want to cut up your credit card also and quit buying on credit till you know how to control your spending.

Answer 5

Cut the card up and throw it away,next whatever the minimum payment is add a little extra every month say 25 dollars or more if you can.you can beat the banks from raping you with their loan sharking ways.don't fall for the offers of free stuff,in the fine print you will see nothing is ever free from the credit card company.If you can't pay by cash or check then do not buy it.YOU CAN WIN HAVE CONFIDENCE AND STAY STRONG.

Answer 6

Always pay more than the monthly payment because the interest they charge is way too high to just make the minimum payment.

Answer 7

You should consolidate your credit card debt to ONE card or a small loan. You should ALWAYS pay MORE than the minimum payment. It doens't go down because of interest.

Answer 8

first answer: quit spending more than your means.
the credit card companies are good at luring a person to use their cards and then really sticking it to you when you miss a payment or are late. all that fine print, they stick to it and none of it benefits the card user. um...be careful and keep only one card for emergencies (not buying a pack of smokes cuz you put your last quarters in the soda machine).

Answer 9

1st cut up the cards. 2nd pay atleast double the mo payments. 3rd cancell all you cc accounts and go to using the debit card attached to your bank account, for all cc purchases. The safe gaurd is that you can,t spend what you don't have. I am aloan officer and advise all my clients this way, because I do this myself. I got into cc trouble once my self and refuse to get that way again.so do as I say and as I do. hope this helps.

Answer 10

You have to make more than the minimum payment or it will never go down.