How to get rid of credit card debt

amother

Mon, Jul 01 2024, 8:59 pm

I have so much credit card debt, I wanna cry! It stresses me out so badly! I’ve tried paying it down so many times but it doesn’t seem to go anywhere. I pay the minimums every month, but it is a lot of money each month and it is literally eating away at our income. If I would get rid of the debt I would be able to live so much more relaxed and comfortable. Any suggestions?? I must get rid of it!!

amother

Pearl

Mon, Jul 01 2024, 9:03 pm

amother OP wrote:

Is it hard to pay down because of interest and therefore not much going away or because of how much is on there?

You can open a new card with 0 apr and roll the balance on to there and pay it down while no apr if that is the issue. It needs to be with a different bank.

First step before this is to budget what you can afford dollar to dollar and do not spend what you don't have to spend. It will need to carry over even after paying it down so you don't have a repeat situation.

If you have more than one cc, pay minimums on both and heavily target the smaller balance one and then the other.

Take a side job, or try something that'll bring in a little more income to rid this

amother

Mon, Jul 01 2024, 9:18 pm

amother Pearl wrote:

I do balance transfers as much as I can to get the 0% and I try to pay them down like that but after paying all the minimum payments on my other cards, there’s not much left to put towards that one card. I had smaller balances that I’ve paid off this way. But the ones that r left have such large balances on each one.
And the problem is that I keep using the credit cards because after paying the minimums, I don’t have much left to live off of. It’s a vicious cycle!
If I somehow miraculously got rid of this debt, I wouldn’t have to use credit cards anymore.

monseymom6

Yesterday at 7:24 am

I’m in the same situation I’m looking into debt settlement, even though it hurts your credit there are ways to rebuild your credit. We finance both cars and we already own a house so I don’t really need good credit unless it’s to get more credit … I think im going to start with my debt and leave my husbands so we have something in case of emergency .

amother

Yesterday at 7:27 am

monseymom6 wrote:

Do you know how to rebuild your credit? And how long it takes? I heard it can take 7 years or so

amother

Lily

Yesterday at 7:28 am

We called the credit card company and asked them to lower our interest rates (or it was when they called us due to late payments) and they lowered it to 2%. We set up a payment plan then and had to commit to it. They also locked the card . I’ve been paying it for a few years now , but I’m seeing the light at the end of the tunnel. It’s like another tuition payment for me , a monthly charge , same amount every month for a few years . Iy”h I should be paid off in another year and a half . I started in 2020

amother

Yesterday at 7:30 am

amother Lily wrote:

That’s amazing!! I’m so happy for u!!
I once tried doing that with the credit card companies and had no luck. They said they can’t lower the interest rate

monseymom6

Yesterday at 7:30 am

I’ve spoken to someone from the company called angle of debt he was very helpful , either you can pay a company to remove the negative marks or you can have someone who has good
Credit add you as an authorized user on their account (you don’t use the card your just linked to their account and there for credit score ) it may be on your report for 7 years but I’m not sure it takes 7 years to raise a credit score

amother

Snow

Yesterday at 9:24 am

I’m in the same boat and called the credit card companies and I felt so stupid, they’re like why should we lower the percentage rate, that’s what you owe,

I tried to call angels of debt. No one ever got back to me

amother

Apricot

Yesterday at 9:29 am

amother Snow wrote:

They typically will give you a hard time if you are paying your bills. Once it is bad debt they will often settle for a fraction of the total amount owed.

amother

Brunette

Yesterday at 9:34 am

You should check out 2 point zero. www.tpzny.com

They are helping me right now. First time in years that I can finally see myself out of this credit card nightmare. My score will probably drop. But it goes back up eventually.

realtalk

Yesterday at 10:00 am

You need to start by not using your credit cards at all. The balance will not go down if you're still purchasing on them.

Budget as strictly as you can. If the minimum monthlys are what's killing you, throw everything extra at the smallest balance first until it's paid off and then continue with the next.

Points are worthless if you're paying interest. Use all of that towards your balances.