How can I get out of this credit card debt?

Question

I have 4 credit cards. All of the limits are maxed out. The amounts are $800, $500, $300, and $150 which equals about $1750 total. Currently I am working two jobs. Both jobs I get paid every week. One check is roughly $105 per week and the other $80 per week. I'm really trying to pay these cards off and I only plan to keep the Discover card, which has cashback in grocery stores. I want to pay these off and cancel the accounts ASAP, but everything isn't going according to plan. Any suggestions?

Answer 1

My suggestion to you would be to pay off the card for $150 first so you will have 1 less card to pay each month then to the one for $300 and then you can start paying more on the others until they are down to zero. Do not get a car  with the high fuel price right now you might be sorry you did. Take public transportation for now. Wait until you pay off your credit cards first and it is also not good to close credit cards they still remain on your credit report. So just pay them off & don't use them. If you need to use a credit card use the one with the lowest interest rate.

Answer 2

To start STOP USING ALL CARDS NOW PERIOD

Then do the following

Step one get a bus pass rather than a car until you get the debts down.

Step two make a budget now and stick to it in order to find out how much spare cash you have each month and apply this amount to the cards

Step three Find the card with the highest interest rate this is the debt you will tackle first.  On all the other cards pay the min. amount each month.  All the rest of the spare cash goes to the card with the highest interest rate.  

Step four Once one of the card is down to zero go back to step three

Since I do not know you monthly cash needs, I can not estimate how long it will take to get to zero.   Just remember it took you a while to get into the debt problem, it will take a while to get out of it.

Good Luck

Answer 3

Stop using your cards and don't get a car... last thing you need is more debt.

Use public transportation.. you ain't gunna die.

Do you have a brother/sister/parent/relative/friend who will let you borrow the $1750 to pay the credit cards off?

That's not a whole lot.  Each one of my credit card has over $25,000 limit.  What you owe is pocket change.  Get someone to help you pay it off.  Put it in writing with them that you will pay them x*x amount per month, and pay it.

Stop using credit cards like that.  You will kill yourself like that.

Stop it

Stop it now

You hear me?

Stop

Answer 4

stop using your cards,try paying atleast the minimum on each card until they are paid off in full,that means you have to budget.After getting rid of your card bills then you save and purchase a cheap car to give you the opportunity to earn more money, then you can always sell that car and purchase a newer model in the future.

Answer 5

Every thought of joining the military part time to pay off your debt?

Answer 6

First, stop using all those credit cards completely.

Second,  put yourself on a very strict budget.  Eliminate all the extras -- cell phone, eating out, new clothes, etc.  Take every penny you can squeeze from that budget and put it on the highest interest rate card, while making the minimum payment on the rest.  When the highest interest rate card is paid in full, move to the next till they are all paid off.

DO NOT close any accounts till you have them all paid off.  Closing accounts would cause your overall available limit to decrease and your debt percentage to go even higher.  Your score will go down and this could result in higher interest rates on your credit cards.

You cannot afford to buy a car till you get these credit cards paid off.  You should find ways to bring in more cash -- garage sale, sell blood/plasma, collect alum cans ..

You are on your way to digging yourself into deep debt.  You MUST learn to live within your means.  If you only make $185 per week, you have to learn to live on less than $185.  There is a huge difference between WANT and NEED.

Answer 7

If you find difficulties managing your debts you can go for a debt consolidation company. They can help you out in managing your  debt through negotiating with your creditors and providing you with an affordable debt management plan.

Here is the source of a debt consolidation company named http://ezconsolidation.com for your reference.