2007-01-20 06:29:30 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
debit counseling companies, like consumer credit counseling. They have arrangements with credit card companies to reduce your intrest. They will set you up to pay a certain amount of money a month to them and they will send these payments to your credit cards. If you pay them on time monthly they can usually get you out of debt within a few years. This happens because you pay the same no matter which cards get paid out. For example in the beginning you may pay $400 a month for 5 cards. Once one card gets paid out you will still pay $400 a month until the last card will be receiving the entire $400 towards it's balance until it's completely paid out.
2007-01-20 06:36:57 · answer #1 · answered by Nette 5 · 0⤊ 0⤋
You're looking at a fair amount of debt. The easiest and fastest way out is to sell and asset and pay it off in full (or at least a substantial part of it).
If you do not have this luxury, then consider if you can pay more than $250 more than the collective minimum payments each month. If not, then you might seriously want to meet with a financial counselor before it's too late.
2007-01-20 07:35:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Credit cards are much easier to use than to pay off. There is no easy answer, just a disciplined one. First you cut up the credit cards and try to negotiate lower interest rates on those cards or by transferring to another card with a lower locked in rate. Chose one and sock as much money on it as you can ....with the kind of debt your talking about, I think I'd take the lowest balance. Pay the minimum on the rest. When you pay off the first one, start on another and do the same until it is paid. And as much as I hate to say it, because after all you owe that money.......bankruptcy would be tempting.
2007-01-20 06:57:56 · answer #3 · answered by Amy 1 · 0⤊ 0⤋
First, stop using them. Second, begin paying as much as possible on the one with the highest interest rate while making the minimum payments on the others and knock them off one at a time. This answer assumes you don't have access to home equity, 401K etc. If you have access to home equity, you can consolidate them into one loan at a much lower interest rate that is probably tax deductible. The most important part is to learn from your mistake and not make the some one again.
2007-01-20 06:39:46 · answer #4 · answered by Scott C 2 · 1⤊ 0⤋
been there done that, but not an expert, give this guy a listen, if you have a brain cell left, follow this guys advice, may not be what you want to hear but it will get you out of debt and then some..... at first i didn't want to hear what he was saying, i wanted a quick fix, aint gonna happen, just take your baby steps and you will climb out of that pit of helll called debt, if i did it, you can do it.....
HAND have a nice day!!!
his name is dave ramsey give him a listen, call him if you like, wouldnt hurt
daveramsey.com/
click on THE DAVE RAMSEY SHOW on the left collum, find a radio station in your area, give it a listen and then follow thru, if it makes sense to you.....
you can do it
2007-01-20 08:22:31 · answer #5 · answered by texasbar 3 · 0⤊ 0⤋
debt counseling/ they work with credit card companies.
2007-01-20 06:33:19 · answer #6 · answered by Anonymous · 0⤊ 0⤋