i have 3 credit cards and the limit on those are more then 14,000 all together but i cant pay them and i havnt payed any of them what should i do so i could bring my score back up and how?
2007-03-02 10:52:20 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
Can you pay them? Even if its the min. until your back onto your feet... Please do not just let them go...it'll pile up and be worse for you...
2007-03-06 06:22:16 · answer #1 · answered by *G* 3 · 0⤊ 0⤋
Do you have anything to show for the $14k worth of stuff?
Maybe you can start by selling those things off. This is not a punishment but you cannot afford them so why keep them and be a slave to them.
Start a side business on ebay selling stuff that you bought but cannot afford. You can also sell things that you no longer use.
If you have a hobby maybe you can turn that into a money making venture. For example, if you collect baseball cards, maybe you could sell them off
YOu can make a few $100 bucks a month by doing this.
Certainly you wont get rich but you can put a small dent in your bills this way.
You might consider walking or carpooling to work or switching high speed internet to dial up.
If you live alone maybe moving to a lower rent place might help or taking in a roommate to share expenses.
Contact the companies and ask them if they can lower your interest rates. ALL the can say is no...if they do, what really have you lost?
Admitting the problem is a great first step!
Identifying ways to keep it from getting worse is a fantastic thing to do also (cut up the cards)...
You will be out of this mess in short order as you are making great strides!
GOOD LUCK
p.s. Debt is the great american way, dont feel like you are alone in this as several people are in severe credit card debit.
2007-03-02 19:20:58 · answer #2 · answered by lisa s 6 · 0⤊ 0⤋
First, cut up the card.
You cannot afford to charge anything else at all.
Even if you cannot afford to pay the entire amount, do try to pay SOMETHING on each one of them.
There are 24 hours in a day an you only need 7 of them to sleep. This leaves you with time to get a part time job! You obviously need to make more money.
You might be able to do that by cutting a few more expenses....Can you take your lunch to work 4x a week.
Can you cut back on cable tv (you dont need 400 channels). Can you switch your lightbulbs to energy efficent ones?
Can you limit spending in other ways (dont buy the trendy clothing every month, buy in bulk etc).
Your score will NOT increase until your debts decrease!
2007-03-02 19:02:15 · answer #3 · answered by xxxxxxx b 3 · 1⤊ 0⤋
Cancel all but one and only charge the 'bare minimum' to keep that card 'active' while you work as hard as you can to 'pay off' your debt. You may need 'credit counseling' but be extremely careful before you 'sign up' ... know exactly how much you'll 'pay' for this (it could be a 'percentage' of what they will 'pass on' to your creditors, or a separate amount) and to whom you will actually 'give' the money and how it will be 'paid out.' It may take a few years, but you can 'do it' ...
2007-03-02 19:25:08 · answer #4 · answered by Kris L 7 · 0⤊ 0⤋
The best thing to do is to limit your spendings for now. Buy sparingly. If you have it, use your food storage. Walk to work, to save gas money. Best thing to do in the now is to get a job with steady income and ask for a period of time to build up your stocks of cash. Don't try to get the money by gambling; it mostly just sends you deeper into debt.
2007-03-02 18:58:38 · answer #5 · answered by Tap Happy 2 · 0⤊ 0⤋
Don't ever use credit cards again until you pay off your debt. In the meantime try debt considation or, worst case, bankruptcy lawyer.
2007-03-02 18:59:01 · answer #6 · answered by norm2120 3 · 0⤊ 0⤋
You need to go to a debt consolidator. They will combine your bills and get them lowered. Then they will put you on a payment plan. Get rid of your credit cards. Your bank may be able to help you.
2007-03-02 18:56:22 · answer #7 · answered by notyou311 7 · 1⤊ 1⤋
Go to your bank and see if they can consolidate all of your debts into one loan. That way you only have to make one payment a month, usually at an amount you can afford, at alot less interest, so what you pay isn't all going to interest only.
2007-03-02 19:00:27 · answer #8 · answered by Anonymous · 0⤊ 1⤋
STOP using them. Pay what you can, start there and don't charge anything else, anywhere until those are cleared up. Thats a good start.
2007-03-02 19:01:45 · answer #9 · answered by Julie 3 · 2⤊ 0⤋
Work, get money, pay them?
2007-03-02 18:55:05 · answer #10 · answered by Anonymous · 2⤊ 0⤋