I need to pay off $3000.00 of credit cards by the end of the year. How can i do it???

Question

My incomce is $1800.00 and the total of my bills are $1500.00

Answer 1

There are usually ways to reduce your bills. For example, give up cable, if you have a landline and a cell phone, give one of those up, reduce utility bills by leaving lights off in rooms that aren't being used, etc. Also look for ways to save on energy like making sure doors/windows are sealed well before winter and so on.

Call the companies where you have debt, and ask if they'd be willing to reduce the interest rate. I suggested this to a friend of mine and she got 10 cards with interest rates above 20% reduced to around 9%, which made a huge difference in the amount of interest she was paying.

Start with the card that has the highest interest rate and pay as much as possible on it, while making only minimum payments on the others. When it is paid off, do the same with the next highest and so on. It may take a little longer than the end of the year but you can get there.

You might also consider getting a second job (this time of year there are lots of options) and put all of the income from the second job towards paying off your debt.

Good luck.

Answer 2

First step would be to cut down on some of your expenses. You only have $300 a month left over to put towards these credit cards and with 3 months left in the year (counting this month) that only gives you $900 toward your $3000 goal.

Next look around your house for stuff you don't need or use anymore. Try to sell some of this on ebay or have a garage sale to raise some extra funds. Put all of the money you make toward the credit card.

Finally you will need to get a part time job to raise some extra cash. Put all of this extra money towards the credit card.

Answer 3

open a new credit card with a zero % offer

make as large payments as you can and watch the total go down quicker than if you had interested tacked on every month

if you only have $300 left over a month, you wont be able to pay off 3K in 4 months. that would mean $750 payments a month, its unrealistic.

do the zero % and pay it off as quickly as you can. if the offer expires, open a new credit card with zero % offer again and continue making large payments.

Answer 4

It should be pretty obvious that that's not going to happen with the numbers you have given. At best you're going to be able to pay down about $600.00 additional by the end of the year. You either need to increase your income substantially, or not pay any other bills for the rest of the year.

Answer 5

I guess start saving some money every week...instead of going out to eat or soemthing like that save the money...but it doesnt seem like you can do that... since you will hav e300.00 leftover every month... maybe you should call them and make a payment arrangement...i have done that for my boss before so his rate of go high and that he wont be late with payment.
good luck!

Answer 6

Increase your income to $3,600.00 USD (Try a second job) and reduce your bills to $750.00 USD (Try LEDs and cancel your Cable, Internet and Telephone Bills)

Answer 7

make more $$!!