credit card debt? i just cant seem to get out of it...any advice?

Question

i have about $5000 from 5 different cards and i pay minimum on each having between 10 and 25% interest. i'm tired of having this debt. i want to invest this wasted money.

Answer 1

Try talking to Primerica Financial Services, they will give you a free financial needs analysis (financial plan) that will show you how to get out of debt and become financially independent, their services are free, and they can help.....at least they did for me, $10K of debt almost paid off :0) Look them up in phone book

Answer 2

Cut up the cards. All of them. Get no more!!!

Then make a list of all the debts (cards and others), the amount owed, and the minimum payments. Pretend this is the list:
Debt 1 $ 100 owed $ 10 min
Debt 2 $ 500 $ 50
Debt 3 $ 2000 $ 200
Debt 4 $ 5000 $ 500
Debt 5 $1000 $ 800
Your mins are $1460 a month
What you do is dump everything you can on the smallest one (the 100). Soon as it is paid, you take that $10 you have been paying, add it to the $50min on the next and get it paid off
Then you take the 10 and 50 and add them to the 200 to get the next one. Followed by the 10+50+200 on the 500. Then finally the entire 1460 a month on the 800.

You are not paying out one cent more each month, but you are getting rid of the debts a lot faster. If you only make the min payments, you will never get it paid off. But if you pay them off one at a time and then move the money to the next, you can be rid of them real fast.

Answer 3

You should get a low-interest consolidation loan and combine the debt into one payment. That way you can just focus on one payment and you can send more each month, if you're able. Don't close the credit card accounts, but don't use them either. Cut all the cards up and DO NOT use them unless you have an emergency. Try to give yourself a timeline for paying the debt off, like a schedule. This will give you a light at the end of the tunnel.

Answer 4

Pay off the card with the highest interest first. Once that is done. pay off the card with the second highest interest. Do this until all debts are paid off. Do not use credit cards anymore as it is obvious that you cannot control your spending. If you want to invest, you must first pay off all debts, save money for 3 to 6 months of expenses, buy insurance to insure the amount that you plan to invest, then invest the excess money that you have. Do this sound difficult? Not really, if you have the discipline.

Answer 5

With rates that high, you need a break from the finance charges. If you are able to pay more than the minimums, then I teach a good strategy for getting your rates reduced.

However, since you are only paying the minimum on each, you may see your rates go even higher as you are labeled as a slow pay.

If you are not making headway and are serious about getting out of debt, you may wish to meet with a credit counselor. Many agencies will meet with you for free, and they can answer questions while providing advice based upon your unique situation.

You may wish to try and find a local agency. Make sure that they have a satisfactory rating with the Better Business Bureau.

Answer 6

Choosing the card w/the highest interest rate will work IF you can still make minimum payments to all of your other cards at the same time.

If this doesn't work, call your local Consumer Credit Counseling agency or visit their website www.cccs.org and see if they can help.

They are a non-profit who can help you get out of credit card debt.
They negotiate to the companies on your behalf to accept payments that you can afford at a much lower interest rate )usually 9.9), which will bring your balances down in a hurry and eliminate over the limit and late fees.

Good Luck !

Answer 7

First of all, stop charging.

Pay the minimum payment on your lower interest cards. On the highest interest card, try to pay as much as you can afford above the minimum amount due. When you pay that card off , close the account then move on to your next highest card.

You can also try debt consolidation if you can get it.

Answer 8

The easiest solution is this:

1.) Go to a bank and get a loan if you can to pay this off and pay 1 payment monthly back to the bank
2.) Use a credit counseling service

If you pay it off and then get back in the same position, you didn't learn anything. Believe me. We know! Shred at least 3 of the cards but leave them open for your credit report. Keep 1 or 2 active in cases of emergencies and learn to control your spending habits!

Answer 9

Cut them up. You have to get rid of them. If they are around you will use them. You gotta lose the cards.

Also, call the companies and tell them you are going to stop using thier card, cut it up. If your a good customer, never missed a payment, you can talk them into a lower rate. Ask for it and demand it.

Next, you gotta increase payments. Cut things out of your budget you really don't need and increase your payments. Have a garage sell and pay off some. Combine the balances, transfer money to one card, get an introductory rate and pay only one off at a lower rate. Try anything.

Answer 10

first of all, spendless than what you made, control the urge to buy fancy stuff, build up a little emergency cash like 1000-1500 in case of the car broke down,wheel falling off, the roof problem, plumbing need to be fixed by that mean, you do not charge the credit card no more when emergency coming up. Broke the cycle. if you want to buy some thing, save up

List the the largest to smallest debt, paying the smallest, after that cross it out, and attack the next one, like snow ball effect. in the mean time, study how to invest in the financial market, real estate market the right way,

Yes you could learn invest by yourself. it is your money, you should know how to do with it. for starter check this site out.

http://www.pathtoinvesting.org/index_fla...
http://www.stockcharts.com
http://www.streettalklive.com>... university. a lot amount of information. It will serve you well
I accumulate in good amount in 401k at the young age.I could share with you. when consider invest in stock market. you should consider basic 3 things:

fundamental analysis==(economic data,finincial health, management, business model, competetion)>>what to buy

technical analysis==(chart+indicator)>> when to buy

Sentiment/schycho analysis==>>mood of investor, Contrarian point of view.
Market cycle===>> check out book Trader Almanac by jeff hirsch will give you inside stuff
When you combine 3 thing, It is one of the powerful knowledge goinh with you for the rest of your live

At the age of 32. my 401k is amassed 71,000.00 and 30000.00 in taxble account. by follow simple rule