What are some tips for getting out of credit card debt?
Sunday, August 30th, 2009 at
7:18 am
Brian asked:
Right now, I have two main credit cards. One has a 7500 credit limit and the other has a 6000 credit limit. The balances on these are 7800 and 6700 respectfully. They are way over the limit and I want to get them down quickly. Should I put all my efforts into one of them or split it up between the both of them? Also, both interest rates are about the same.
Right now, I have two main credit cards. One has a 7500 credit limit and the other has a 6000 credit limit. The balances on these are 7800 and 6700 respectfully. They are way over the limit and I want to get them down quickly. Should I put all my efforts into one of them or split it up between the both of them? Also, both interest rates are about the same.
Tagged with: Credit Card Debt • Credit Debt • Getting Out Of Credit Card Debt
Filed under: Credit
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Dont just pay the minimum payment as in some cases this deosnt even cover the interest from the credit !
Best wishes
It is better to concentrate on only one card at a time
I know this sounds crazy but see if you can open another card with the zero interest transfer
As long as these accounts are over the limit, you are going to have hell to pay since in addition to the (what I am sure are) VERY HIGH INTEREST fees you are paying over the limit fees which are about 30 bucks or more each month.
so lets say your payment is 120.00 a month the amount going to the balance is only going to be about 40 bucks. At that rate it will take you about a a year to get out of the over the limit fees if you just pay the minimum.
So please please please cut up these cards.
DO not use them again
next see if there is anything that you bought that you can return for credit back to the card. I dont care how much it is every little bit helps.
you can also see about getting a second job and using ALL of that money to pay the bills down
you can also
see if you have stuff laying around the house that you can pawn or sell on ebay.
are you expecting a tax refund|?
why not file at the end of this month and put the FULL amount to one of your cards…..
Do you eat lunch out every day?
why not brown bag it
cut out that soda from the vending machine
over a months time you can litterally save $150 bucks on lunches (fast food vs brown bag for a month)
There are other ways to cut spending.
Do you need 150 cable channnels
why not cut back to the basic channels for awhile (get rid of hbo etc)
got a crazy cell phone plan that costs you $100 per month, why not cut it down to a more reasonable fee
No new clothing this month at all
wash full loads of clothing only
No more heated dry on your dishwasher (air dry)
have a girlfriend
tell her movies are out for the next two months and you can date at blockbuster
you get the idea
Since you are over the limit on both of them you need to make payments as large as you can on both of them until they are both below the limit. Then one one I’d make a payment of maybe $10 above the minimum and on the other as large a payment above the minimum as you can. Continue that way until that card is payed off. After that take all of what you were paying on that card and apply it to the other. You also need to quit using both cards.
I think your first step on getting out of debt is stop using them
cut them up
and secondly, tackle the smaller card first and get that paid off then focus on the larger one
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