Ever have credit card/other debt problems?

Question

"I owe, I owe," as the old saying goes and DO I OWE a lot.

(Students loans and credit cards...what a vicious circle!)

Tell me your story (no REAL personal details please) and maybe I can learn from YOU..

Answer 1

I do. I began to live within my means. Work another part-time job and study the self cash management course and settle within 3 years.

Answer 2

Talk to the people you owe moeny to (CC people etc.). They WANT you to pay off the debt - it's what they do business for. I worked in a debt recovery team in England in the early 1980's & everyone I phoned up thought I just wanted to be mean - NO I wanted to find SOME way for them to pay the debt. There are lots of alternatives. But you have to talk to these people to find alternatives.

I was fortunate, that when my debts were at their worst, I moved from England to the USA & started a job that paid 50% more than the job I had in England, I got those debts under control pretty quickly.

One final thought - the worst thing about being in debt, when you're young (I'm an ancient 43yo), is that the best thing you can do with money when you're young, is......save it for retirement. Money saved in your 20's has HUGE value for retirement savings. 20 years later, I am finding it hard to get to where I want to be - if only I'd save just a small amount in my early 20's, I'd have been so much better off. That's one more harsh lesson that life teaches :-(

Answer 3

I had some credit card debt recently due to a loan I co-signed on going bad. Don't ever co-sign on ANYTHING for ANYONE!!!
Even your mother. Don't do it. It will come out to bite you in the ***.
Anyways. I was able to pay 3K off in five months by working OT at my job, cutting spending, and selling some company stock I had set aside for a rainy day.
Pay off all high interest debt first. Lock your student loans in at a fixed interest rate. Make a budget and stick to it...it's gonna suck but you do what you have too. Do NOT use your credit cards for anything but emergencies. Starbucks or Labor day sales do not count as emergencies.

Answer 4

1. Cut up all your credit cards. Do not apply for more credit.
2. Stop spending money. Don't make things worse.
3. Get a job ... or get a second job.
4. Pay off the high-interest debts first.

Answer 5

only way: stop spending, save and pay off your debt, never spend the money you don't have. no other easy way.

dryheatdave is so right, if you are young, this is a great lesson, you will have a much easier life later on. i saved very hard when i was young and bought my house when i was 25. i am 38 now and retired. i paid off my house, rent it out as my income, get married and live with my husband, we are traveling around the world, have $0 debt today., i hate to pay any interest. this is my true story, hope it helps.

Answer 6

yup been there done that bought the shirt blah blah blah.....

Cut up the credit cards
Got a part-time job on top of my full time job for 1 year
Moved back in with my parents
Paid everything off
Never used a credit card again if the money was not already in the bank and not set aside for rent or bills.
Credit Cards are for EMERGENCIES ONLY, if you don't have cash or can't use your debit card you really don't need it THAT bad....at least not this pay......

Answer 7

Need to control your debt. I used to use credit card as a mean of the normal living as young age, but I am lucky enough learn the lesson and turn around quickly .You need to seperated between need and want
need: food,rent,light bill,insurance
want: fansy car,cloths, latte,eat out,cable bill, sateliite bill
spend less than you make. meantime ,learn how to invest properly
set aside 10-15% of your salary to 401k, roth IRA
If I can do it, you can too. AT the age of 32, i already amassed 73000 in 401k and roth ira, 30000 in cold hash cash. the car is paid off. I don't feel living paycheck to paycheck anymore. It is not define you by how much you make,but how much you keep
by learn how to invest properly
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

Answer 8

I had multiple credit cards and my debt was huge. I came out of it finally. I find this info very helpful to all who have debts:

How to Manage Multiple Credit Cards
http://debt-refinance-loan.com/category/Credit-Card-Debt-Consolidation-Loan.html

Answer 9

save save save. ing offers 5% interest check it out. fyi the average american is $8,000 in debt so if your close to that then relax a little. Also find out if your employer has a 401k plan and get involved right away.

Answer 10

No problems here...I don't live outside my means. I know what I can afford and what I can't afford.