I need about 25000.00 to pay off my credit cards. What should I do?

Question

It is taking almost everything I make just to make the min. payment. I have been married for 7 years and my husband and I have seprate acts. He doesn't help. I try to talk to him about it. I think he's probably in worse shape than I am. This is really getting me down. I don't know what to do.

Answer 1

First of all cut up all your cards and quit using them. Now that you have that accomplished start with the payment which has the lowest amount and begin paying on it with everything you have left over after paying your other bills. I am assuming your husband won't let you starve. Once this smallest credt card bill is payed off then apply that payment to the next credit card bill you have.

Continue this process ad nauseum until you finally pay off all the bills. It will take a while with 25,000 but I did it in three years with about 12,000 in debt. It is a tried and true method to accomplish paying off your debts. The key is always trying to pay over the minimums on at least one debt, preferably the smallest.

Answer 2

(1) stop using (preferably cut up) the credit cards
(2) work out a plan to live within your means
(3) find a way to make more than minimum payments ... you will be paying for just what you have on the cards right now for the next 20+ years with only a minimum payment
(4) contact the card issuers ... you are probably paying some pretty high rates which translate into high minimium payments that they might be willing to negotiate a better deal, if you take the initiative

Answer 3

There are companies called debt consolidators (they have other names also) who correspond with your creditors and negotiate a payoff of considerably less money than owed. They will do this on monthly, or one time lump settlement.

My experience is this might work OK with doctor bills, bank credit cards (especially the ones sent to you free without you asking, might even work OK with car loans if the lender thought the car was worth less than you owe.

I would not do it with a company like American Express, they remember everything you do to them, good or bad ! But I'm thinking about doing one account with a bank who I am just a number to, reduce that number by about 40%, and I owe a doctor who did a lousy job, a few bucks. I might try him too.

These companies run ads and pop ups on the internet all the time, or find one on a search engine.

Answer 4

Consolidate the debt to the lowest possible APR - see what cards have the lowest APRs and transfer your balances to them.

Try to get some new credit cards, awful as it sounds, but they might come with 0% APR. Check with Citibank and Washington Mutual.

Get a second job. Move to a cheaper place. Sell the car and drive a bus or ride a bike.

Answer 5

First thing cut up the cards so you can't us it any more. Make a budget that fits
your income ramen noodles not steak. No new shoes or any other expense,
even if you think you need them, you probably don't. Call the credit card company to see what kind of arrangement you can make with them to stop
building interest and cut your payments.

Answer 6

The question I ask my-self when I hear your question is a marriage is supposed to be about two people sharing good times and bad-even debt if they really love each other.Is there another problem that is making you both spend recklessly instead of combining your revenues and efforts to make both of you successful together? I think you should answer this first and then work on your finances together- or there definitely is a problem in the marriage-good-luck.

Answer 7

Get a Washington Mutual credit card. They are offering 0% on balance transfers. Transfer as many balances as you can, and cut the card up.

Answer 8

Speak to your credit card issuer and ask them if they can convert this amount into monthly installments. Once you have done that look for ways to earn extra income. I can offer you a business oppertunity. Drop me a line on [e-mail]

Answer 9

Its unsecured debt, Id charge it to the game. Check with an attorney about unsecured debt in your state. Oklahoma and South Carolina are the only 2 states where they cannot garnish wages for unsecured debt, so if you live in one of those two states, i wouldn't pay them.

Answer 10

here is an idea. if your husband wont help, there is obvously something he doesnt agree with about your spending habits. Take it easy until you can get on your feet. I have no other suggestions exept maybe get a better job!?!?