15,000 in debt help?

Question

im about 15,000 in cretit card debt my husband and i make fairly good money is switching from one credit card to another to keep from paying intrest my best route.i dont have enough equity in my home to consolidate

Answer 1

Ok, I can give you this advice from personal experience. My husband and I are in more credit card debt than you are. We set up a five year plan 2 years ago and everything is looking good. We have learned a lot.

My first suggestion is to call the credit card(s) you have any negotiate a lower interest rate with them. Opening other accounts will only lower your credit score. Most credit card companies will do this even if it's a temporary change. We have one card that gives us a low rate (like 3.9%) for six months and then I have to call back and get a new deal. It's not that big of a deal. A 15 minute phone call.
If they won't adjust your rate, then look into balance transfers. Just make sure you make sure there are no fees to do the transfer and that when the promo rate expires the new rate won't be more than you have before.

I have tons of get out of debt tricks that we use all the time. I could go on and on about our plan to get out of debt, but the most important thing to remember is that it takes lots of willpower! Stop adding to the 15,000! Set up a plan like we did and stick to it. Good luck to you!

Answer 2

If you make good money, I'd try and get rid of it ASAP. You can switch back and forth but that's going to be a lot of work and the credit company may clue in and put a stop to it, or you'll slip up one time and end up paying interest.
Your best off to just bite the bullet, get a line of credit and get the debt down ASAP.
Never charge something you can't pay off, in full, that month.

Answer 3

Switching from one CC to another to avoid paying interest is a short-term fix. While you are applying for these new 0-transfer offers, your credit score is taking the hit.

That means that it will be more difficult to consolidate as you apply for more cards.

If you and your hubby make good money then you either need to "trim the fat" off your spending or find a way to increase your income.

Three steps to getting out of CC debt.
1. stop charging
2. negotiate with creditors for the best APR
3. apply as much principle as possible to your outstanding balance

That's it, no magic here.

Good luck!

Answer 4

i wouldnt put my home on the line for credit card debt. go to daveramsey.com and listen to a few of his radio show that are in the archives. He has a proven plan and it makes sense. Its common sense. I followed his plan and payed back $20,000 in credit card debt and studen loans. so listen to a few shows and judge for yourself.

Answer 5

what i would say you should do is refinance your home and pay off some of them bills. other than that i wouldn't know what esle to tell you.