Get out of debt?

Question

I am sick and tired of paying high interest fees on credit cards. I have over 10,000 in debt from college days in credit cards and I can never seem to bring down the balance. I have tried to be aggressive about paying my money down but end up using the credit cards over and over again. I will probably end up cutting them and try to use only cash but can't seem to get rid of those high credit card rates. Any suggestions on how to get them down or how to pay off as fast as possible?

Answer 1

You can't pay them down if you keep spending them up.  You've got to bite the bullet and cut them up.  You have to live a cash-based life.  With no new charges, you should begin to see a dent in the balances.

This is really tough but you've really got to do it.

Answer 2

start with the smallest balance card--while paying the minimum on the others ---pay it off as soon as you can--- then take the next one and add what you were paying the one you just closed to that payment and pay it off as fast as you can. It is called a debt snowball since you are working with the money you have just making larger payments you get 1 accomplished at a time

Good Luck

Answer 3

Approach a debt consolidation company for help, instead of paying high rate of interest to your card issuer. Most of the debt consolidation companies provide loans to help you tide over the credit card debts. These loans are known as credit card debt consolidation loan. The advantage of this loan is that you are charged a low rate of interest. The difference between the interest charged on the credit card and the interest on the credit card debt consolidation loan is substantial, saving you quite a big sum of money.

However you should note that credit card debt consolidation loan may not be right for all. Before applying for any loan, consult your financial advisor and apprise him of your problem. He will analyze your situation, and decide whether credit card debt consolidation loan is right for you or not. Take this loan only if he recommends it.

http://debt-refinance-loan.com/category/...

Answer 4

This is not easy.  Congratulations on realizing the problem before it ruins your life.

It took you a while to get here; you need to accept the idea that it will take you a while to get out.  First, if you can't control yourself, cut them up or give them to a trusted family member to hold.  Do this today.  Then make some lifestyle changes to free up more cash.  I don't know you, so I'll make some general suggestions.  How much do you spend eating out?  Most people don't realize how much they can save by planning ahead and bringing a sandwich.  Add it up!  Re-examine all your optional spending.  Do you have recurring expenses like deluxe cable that you can do without, and may not even use much?

Answer 5

Im sure you will soon see you will get conflicting answers. My advise to you is too do some research.  ill list Some webites that have helped me repair my credit as well as learn alot about effective ways of paying down debt. Good luck to you i hope we can all win this uphill battle against f&ckin Creditors :)

Researchcreditrepair.com

erasingdebt.com

http://blog.creditlawgroup.com/

Veryeasycreditrepair.com

Hope this helps

Answer 6

You can consolidate debts using the student credit card debt consolidation program. Wherein a debt counselor will guide you in managing your debts and paying them off.

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

Answer 7

you can probably  call and talk the credit card companies down on the interest rate and in order for you to see a difference in the balance you need to pay on time and more than the amt. to pay each month..try and pay as much extra each month..it will make a difference..

good luck

Answer 8

Well for starters you are just learing the real meaning of life, you work, you pay, work some more and pay some more (it's like the hamster in the wheel).

But fear not, you are not the only one in this situation.  I would recommend you seek help from a certified credit counselor (not one of those so called non-profit outfits that flash adds all over the internet.

Here is a list of those qualified and recognized by the Federal Trade Commision.  Use this link to find one in your area.

http://www.usdoj.gov/ust/eo/bapcpa/ccde/...

Govt approved credit counseling agencies.

Avoid credit repair agencies that charge a fee to improve your FICO score by removing negative, but accurate, information from your credit reports. No one can force credit reporting agencies or lenders to remove accurate information from a credit report. Credit repair companies often take your money without delivering what they promise, or provide only temporary improvements of your score, sometimes by removing accurate information that will reappear later.

As to the interest your paying, if you have a good payment history with them, it doesn't hurt to ask for a lower APR.  If they refuse, then cut the card up and don't charge any more.

Pay off the highest interest cards first if you can.

Hope this answers your question

Answer 9

I survived Bankruptcy  My late brother inlaw went bankrupt 3 times