i have about 12 cards and about 15-16k in debt...i have been transferring balances for a while yet i cant seem to catch up? am i gonna be screwed for the rest of my life, or is there anything i can do to catch up w/ an average paying job?
2006-12-18 20:44:49 · 6 answers · asked by wizzpack 2 in Business & Finance ➔ Credit
can you get a bank loan?.....thats the fastest way, even if you can get a loan to cover a few of the larger accounts....it will help alot.....my husband and I was in the same boat a few years back....we came into an unexpected large sum of money, well large for us...20 grand, and we paid off all our credit cards, and SHREDDED their asses!!!....I know what you're going thru, it seems like theres never a way out. go to one of those credit card counseling services....and use tax refunds or any large amount of money you may get to reduce the debt...Good Luck you are not alone
2006-12-18 20:54:07 · answer #1 · answered by well_hell_is_this_name_taken 2 · 0⤊ 0⤋
Here is how you can work towards cleaning up the mess you are in. Make a list of all of your credit cards starting with the highest interest rate and working down. Pay the minimum payment on all of your cards EXCEPT the one with the highest interest rate. That one you hit with every spare dollar that you have.
You are doing it this way because that is the card that is growing the fastest on you. If you rid yourself of that one, it will ease the pressure and it will allow you to use more of your dollars to pay off the other cards rather than paying the ever-increasing interest on the first card.
Once the highest-interest card is payed off, do the same thing with the next highest and on down the line. I think you will be surprised how, even within a year, you can be in much better financial shape.
The important thing is to have a plan, work the plan, and update the plan each time a card is payed off. And once payed off, DO NOT close the account. It will adversely effect your credit if you do.
Good Luck!!
2006-12-19 03:51:13 · answer #2 · answered by Craig V 1 · 0⤊ 0⤋
You'll be screwed for a long time but it is possible. Try to live with the care minimum, no cable, no extras on your phone, no cell. Scrimp and save. try to transfer your balances to low interest cards. Also, when you do get paid include yourself in your debt list. Allocate a certain amount of your paycheck to your savings just like it is a debt. You will feel much better once you do that and have some money saved. Be patient, you can do it.
2006-12-18 20:47:52 · answer #3 · answered by surfer_grl_ca 4 · 0⤊ 0⤋
That's not too bad.
Pay them off one at a time. Either start with the smallest balance or the highest interest. Make the biggest payment on that one, to pay it off in 4 months. The rest, pay the minimum plus interest.
You'll get there.
2006-12-18 21:41:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Look into debt consolidation, and combine all your credit cards into one monthly payment, in the mean time cut up all your credit cards, and pay this debt off, your credit score will go up. Make sure you make your payments on time, that is what loan companies look at. Best Wishes.
2006-12-18 21:14:29 · answer #5 · answered by Janice 10 7 · 0⤊ 0⤋
Go to credit counseling service - take it from me, don't declare bankruptcy until you REALLY have too. Good luck:)
2006-12-18 20:46:38 · answer #6 · answered by j b 5 · 0⤊ 0⤋