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Credit card debt help
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Prndi
Reg. Dec 2005
Posted 2015-02-10 10:34 AM (#7118105)
Subject: Credit card debt help


Love the Worn and Ugly (Saddles)


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What do you all do to tackle credit card debt?  Consolidate to one card?  Obviously pay as much as you can each month, but it seems there's been posts about a plan to get the debt down but I can't find them.  Ive always paid off my credit cards every month. I used them as a tool to take advantage of reward points and never got behind on them. A few home owner emergencies happened back to back and now I have thousands (under 10k) on the cards. One is a Home Depot card and one is a bank card.  Just looking for advice or stories of what others do. Thanks 
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Calangelo
Reg. Nov 2003
Posted 2015-02-10 12:43 PM (#7118221 - in reply to #7118105)
Subject: RE: Credit card debt help


Military family

Rebel Without a Cause


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Look up Dave Ramsey's Financial Peace.  It's a great way to tackle debt!! 
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Prndi
Reg. Dec 2005
Posted 2015-02-10 6:47 PM (#7118421 - in reply to #7118221)
Subject: RE: Credit card debt help


Love the Worn and Ugly (Saddles)


Posts: 1937
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 Thank you I will do that. 
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Polly05
Reg. May 2014
Posted 2015-09-22 12:10 PM (#7199993 - in reply to #7118105)
Subject: RE: Credit card debt help


Member


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try going to your bank and get a loan to consolidate them. Then put the cards up!
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RacinPeggy06
Reg. Nov 2006
Posted 2015-09-22 2:31 PM (#7200044 - in reply to #7118105)
Subject: RE: Credit card debt help


Troll Buster


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 I suggest getting a loan to pay it all off then just concentrate on the loan payment. Credit unions usually always have a much smaller interest rate than banks do. For example my interest was 22% from my bank if i had gotten a loan from them, versus 5-6 percent from the credit union. Keep your head up, debt is tough to widdle down regardless
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streakysox
Reg. Jul 2008
Posted 2015-09-22 2:51 PM (#7200052 - in reply to #7118105)
Subject: RE: Credit card debt help



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If you can roll the balance over to some new credit card that has 0% interest for a set period of time you can knock it out fairly fast, especially if you pay more than the minimum.
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CJE
Reg. Mar 2005
Posted 2015-09-22 9:45 PM (#7200185 - in reply to #7200052)
Subject: RE: Credit card debt help



Famous for Not Complaining


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streakysox - 2015-09-21 3:51 PM

If you can roll the balance over to some new credit card that has 0% interest for a set period of time you can knock it out fairly fast, especially if you pay more than the minimum.

Agree you will pay a small fee but usually much less than the bank fees and interest and the hassle.
Then really attack the payment try to figure up how much per month it will take to pay the card off during the 0% time frame.
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MOGirl07
Reg. Feb 2012
Posted 2015-09-23 7:22 AM (#7200227 - in reply to #7200185)
Subject: RE: Credit card debt help



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CJE - 2015-09-22 9:45 PM

streakysox - 2015-09-21 3:51 PM

If you can roll the balance over to some new credit card that has 0% interest for a set period of time you can knock it out fairly fast, especially if you pay more than the minimum.

Agree you will pay a small fee but usually much less than the bank fees and interest and the hassle.
Then really attack the payment try to figure up how much per month it will take to pay the card off during the 0% time frame.

This is what we're doing also. We were like you and only used credit cards for the points and always paid them off each month. Then we had a baby and a few home emergencies and must haves. The bulk of everything is on a 0% card and we're attacking that like crazy.
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HorsesNHarleys
Reg. Oct 2006
Posted 2016-01-05 3:49 PM (#7233934 - in reply to #7199993)
Subject: RE: Credit card debt help



Buttered Noodles Snacker


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Polly05 - 2015-09-22 12:10 PM try going to your bank and get a loan to consolidate them. Then put the cards up!

 This is what I did.   Ended up with a lower interest and lower monthly payment with a faster payoff date.
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Kry5ta1
Reg. Jul 2008
Posted 2016-03-19 8:25 PM (#7255544 - in reply to #7118105)
Subject: RE: Credit card debt help



Three in a Bikini


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Agree with Dave Ramsey.

He has several steps to help you get the ball rolling.
Also, sell your junk... Clean out your tack shed... Move some old clothes...

I have been selling things on eBay and Facebook for the last year and I have really made more money than you would think on things that I was never using anyway.
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daisycake123
Reg. Dec 2006
Posted 2016-03-20 7:32 AM (#7255581 - in reply to #7118105)
Subject: RE: Credit card debt help


Sock Snob


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pay the smallest card off, then tackle the next smallest. that is what they credit experts say to do.
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Turnburnsis
Reg. Nov 2004
Posted 2016-03-20 10:52 AM (#7255610 - in reply to #7118105)
Subject: RE: Credit card debt help


Elite Veteran


Posts: 921
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Location: Oklahoma
Question: If you have more than one card and you pay one off do you cancel the paid off one or keep open and not use?
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Frodo
Reg. Jul 2004
Posted 2016-03-20 2:11 PM (#7255645 - in reply to #7118105)
Subject: RE: Credit card debt help


"Heck's Coming With Me"


Posts: 9129
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Pay cash and keep that credit card in your wallet as much as possible.  Pay off monthly.

 
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BigStarBound
Reg. Oct 2015
Posted 2016-07-09 1:36 PM (#7282390 - in reply to #7255610)
Subject: RE: Credit card debt help



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Turnburnsis - 2016-03-20 10:52 AM

Question: If you have more than one card and you pay one off do you cancel the paid off one or keep open and not use?

I've learned to keep them open. I closed mine after I paid them off, and then found out that damaged my credit by shortening my average term length. I'd have been much better off keeping them open and using them for a small portion of my budget then paying it off each month.
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Runaway
Reg. Jan 2008
Posted 2016-07-09 3:02 PM (#7282412 - in reply to #7118105)
Subject: RE: Credit card debt help



Sorry I don't have any advice


Posts: 1955
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Find the lowest interest rate and transfer all cards to one place with a lower rate (if possible...if not, try to negotiate a lower rate with the respective companies).  Then, never pay the minimum amount, pay all that you can possibly afford to knock down the principal as quickly as possible.  Make a short list of a few things you can do without and put that money toward paying down the credit card debt. 
 
 
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hammer_time
Reg. Jul 2007
Posted 2016-07-31 10:58 AM (#7286709 - in reply to #7118221)
Subject: RE: Credit card debt help



Money Eating Baggage Owner


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Calangelo - 2015-02-10 10:43 AM Look up Dave Ramsey's Financial Peace.  It's a great way to tackle debt!! 

 Yep.  Dave Ramsey is life changing.  You should see if there is a Financial Peace University class in your area.  It's a 9 week (1 day a week) course.  I HIGHLY recommend listening to his podcast on iTunes.  I listened to the podcast before I went to the class and felt I could have done without the class.   

His basic premise:
-$1000 emergency fund
-pay minimums on everything but the smallest; attack smaller with a veneance
-cut down your budget and have a WRITTEN $0 based budget.  $0 based is where you allocate EVERY dollar of your paycheck to SOMETHING whether it be savings or a car repair fund but you don't leave any dollar without a name or purpose.  

I COULD NOT imagine getting paid and not doing my budget now.  
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Delta Cowgirl
Reg. Apr 2005
Posted 2016-07-31 12:06 PM (#7286716 - in reply to #7255610)
Subject: RE: Credit card debt help



The Vaccinator


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Keep it open (closing will affect your credit score in a negative way). Just pay it off and put that card away in a safe place.
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