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Love the Worn and Ugly (Saddles)
Posts: 1937
   
| 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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  Rebel Without a Cause
Posts: 2758
Location: Adopt a homeless pet - www.petfinder.com! | Look up Dave Ramsey's Financial Peace. It's a great way to tackle debt!! |
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Love the Worn and Ugly (Saddles)
Posts: 1937
| Thank you I will do that. |
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Member
Posts: 32
| try going to your bank and get a loan to consolidate them. Then put the cards up! |
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Troll Buster
Posts: 6045
| 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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 Take a Picture
Posts: 12837
| 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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 Famous for Not Complaining
Posts: 8848
Location: Broxton, Ga | 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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 Expert
Posts: 1395
Location: Missouri | 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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 Buttered Noodles Snacker
Posts: 4377
Location: NC | 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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 Three in a Bikini
Posts: 2035
| 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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Sock Snob
Posts: 3021
| pay the smallest card off, then tackle the next smallest. that is what they credit experts say to do. |
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Expert
Posts: 1409
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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"Heck's Coming With Me"
Posts: 10793
Location: Kansas | Pay cash and keep that credit card in your wallet as much as possible. Pay off monthly.
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 Extreme Veteran
Posts: 434
Location: Northwest Florida | 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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 Sorry I don't have any advice
Posts: 1975
Location: Sunnyland Florida | 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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 Money Eating Baggage Owner
Posts: 9586
Location: Phoenix | 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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 The Vaccinator
Posts: 3810
Location: Slipping down the slope of old age. Boo hoo. | 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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