Credit Card Debt!! Help!!?

Question

I'm about 16,000 in credit card debt. I can barely make the minimum payments and feel like I'm getting no where! Any advice?!?!

Answer 1

You need a good consolidation company.
Consolidating means creating a whole new loan for a longer period of time. This would hopefully lower your payments enough so you can get back on track, in this case it might SAVE your credit score.
A credit counselor will give you some tools and suggestions for reducing your payments, just keep an eye on what the % are, you want it to be lower than what you pay now.
However, debt consolidation can be nothing more than a way of putting off the evitable. It really does little to correct the problem. That's why many people come back to debt negotiation as a way of getting out of their financial problems and starting fresh start.
More here: http://finance.ebookorama.com
also plenty more to read here
http://credit.ebookorama.com
http://credit-cards.ebookorama.com
http://credit-repair.ebookorama.com
good luck!

Answer 2

1.Cut something out of your routine (special coffee? Junk food? Lunches out?), so you can make at least minimum payments.
2. Stop charging, except for a true emergency. This will keep you from digging a deeper hole.
3. Make a budget, and stick to it. There are many websites that tell you how to plan a simple budget. Do a search.
4. Pay off your credit card with the smallest balance. When it is paid in full, put that card away and do not use it again. (DO NOT close the account at this time. Your debt is calculated as a percentage of what you owe compared with what you are allowed to charge, so you don't want to make the ratio worse.)
5. Keep paying off the cards one at a time.
6. If you are unable to do this, then find a certified debt counselor, who will then control your money and pay your bills for/with you. Better to avoid this, since you have to pay the counselor.
7. Give yourself some applause for recognizing the problem, and taking action. Best of luck to you.

Answer 3

I can only give you advice based on experience. You are what the banks consider over extended and you are a risk to them at this point. However you are not alone and that makes your bargaining abilities limited to the following options.
1.Bankruptcy - you don't have enough debt to go that route and your situation isn't all that desperate. You don't want the bad credit for the rest of your life and you can pay some money each month.
2. CCCS - they are the consumer credit counseling industry. alot of bad press but they can help people that are struggling with high interest not high payments. they can reduce your interest rates but may fail to reduce your payments which is what you need. once you add in the fee they charge your payments usually go up about 50 bucks a month and it could be payments for the next 6-8 years.
3. Debt Settlement - for consumers that are over extended. a debt settlement company such as www.fdnsolutions.com can help you to reduce your payments to establish a payment amount monthly that you can save to help you save enough money to pay off the creditor in a lump sum. the credit card companies are willing if qualified to accept a lesser amount in a very short period of time especially when the consumer is in a legitimate hardship such as high monthly payments that could cause you to default.

let me know if you need any thing else.

Answer 4

I think it is usually better not to do bankruptcy, which will harm your credit report worse than mere charge-offs and collections will. But of course it depends on a lot of factors. You could also consider credit counseling. Your creditors can take you to court and sue you to get a judgment. The judgment MIGHT lead to garnishment of wages or a lien on your house, or access to your checking account. Note that those options are pretty limited -- bankruptcy is primarily a means to protect your assets from creditors -- usually not needed for unsecured debt. Note that your situation with credit cards is way different than the guy above who had medical bills. Different laws apply. I very much doubt anything as draconian would happen to you. And you don't get arrested for not showing up in court. You just lose default judgment. More likely, they will never take the step of suing -- that takes time, money and effort. But no guarantees. Your state has a statute of limitations, after which creditors cannot successfully sue you (varies, usually about 3 - 6 years). You should research that, and what triggers the "clock" and what if anything can restart the clock in your state. Some people just wait it out til SOL expires, then take action to clear up their credit reports.

Answer 5

Call you're credit card companies and ask them to lower your interest which will help alot with a balance that big. I just got my interest lowered by 5% on each of 2 cards by simply calling the 800 number on the back of the card. The change went into effect immediately.

Make an assesment of your debt and interest rate, monthly payments etc and create a payment schedle that work for you. See http://finance-girl.blogspot.com this month for advice on tackling debt.

Answer 6

I'm assuming you have more than one credit card. Start paying off your credit cards that have the highest interest rate first as opposed to the most debt. Only buy something if you have the cash for it. Call your credit card companies and ask if they can lower your interest rates...good luck to you!

Answer 7

There are probably millions of people in the same boat you are in. Cut up the credit cards and call the credit card companies and see what they will work out with you.

Answer 8

You should consider meeting with a credit counselor. They can frequently help you get lower interest rates and a lower consolidated payment.

Find one that has reasonable fees. You should also make sure they have a satisfactory rating with the Better Business Bureau.

Answer 9

I'm sorry for your troubles.
It may help to call your credit card companies to try to lower your interest rates. Or get help from a credit counseling agency who can negotiate with the credit card companies for you.
Without lowering your interest rate, you'll get nowhere.

Answer 10

Stop buying stuff. Sell some stuff on ebay and liquidate some of your belongings. And stop buying stuff. And see if theres way to transfer to lower interest rate credit card.