Card Credit Debt Eliminate

i am having a very difficult time paying down the balances that I owe on my credit cards. I've tried calling them up myself and negotiating the interest rate, but they refuse to lower it. I can barely afford the minimum payments and just want to be done with this. I don't want to file for bankruptcy, I'm just looking for other methods of helping me eliminate this debt that I carry. Any help would be greatly appreciated!

I, personally, think that debt settlement or a debt consolidation loan is not a great idea. If you have an income, this plan will work for you. Just follow the steps.
Please do not consolidate or use a debt reduction company . It is not free, they will lower your payments by increasing the length of time until you are debt free, and you will take a hit on your credit score. Or they negotiate your debt down after telling you not to pay for awhile adding another hit to your credit score. Student loans are the only debt that can garnish your wages for non payment without taking you to court first. Just list them out on a piece of paper or a spreadsheet and follow the plan. If you work the plan, the plan will work for you.

A. Have a garage sale and sell anything that you no longer need or want.

B.Get a temporary part time job, if you have one, get another.


Here is a plan that can help you. If you work the plan, the plan will work for you:
1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an "emergency fund" category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don't even have to worry about it. You must cut your spending and live on less than you make.

2.First get current on all of you debts and make no more late payments. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on.

3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:

To start :
Debt #1 (highest interest): minimum payment+ extra payment
Debt #2 (middle interest): minimum payment
Debt #3(lowest interest): minimum payment

Debt #1: paid off
Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment
Debt #3: minimum payment

Debt #1: paid off
Debt #2: paid off
Debt #3:Minimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.

That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.

4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty.

5a. When you have your emergency fund in place, add a category for "fun" to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life.

5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. Your employer probably matches at least part of your contribution so why give up free money? Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire.

5c. When you have your emergency fund in place, start saving for your next car. Only buy cars, or other things that depreciate, with cash. Save up for a nicer car. That way you get the interest instead of paying the interest.

You can do it and it isn't as hard as you think. Just follow the plan.

2010-01-21 16:22:52 by mike

debtrelief911.com - Get Rid of Credit Card Debt Now! Learn How to Eliminate Your Credit Card Debts in 90 Days Without Debt Consolidation or ...

Can an individual eliminate credit card debt by declaring bankruptcy? I didn't think you could wipe it out, just get the bill collectors off your back. But, someone told me that it depends on which chapter of bankruptcy you use. The right one WILL eliminate credit card debt. I know someone who has $80,000 in credit card debt and they are trying to do that to get rid of that debt! Is it really possible? Are there any restrictions in doing this. Can you ever get a credit card again if you do it?
If you file bankruptcy to eliminate all debt, do you have to give up ALL of your possessions? Will you have anything left?
This is for a friend of mine (really). They don't own a home. They have 2 cars and some furniture and A 401k plan. Between the two of them they make about $40,000 a year. I don't see how debt consolidation will help them How could they EVER pay off $80,000!?! They had a house but they used up all the equity in it over the years and sold it recently and broke even on the deal, ending up with NOTHING! What a mess! I just didn't think they could wipe out their credit card debt! And, it really isn't fair to the rest of us that pay our bills!

There are a number of factors involved.

A chapter 13 is where you have to pay back some of the debt. How much depends on what your current disposable income is and how much your debts total. There is a fairly complicate formula involved. But this will stop them from filing judgments, garnishments or liens. It freezes interest and late fees. And it protect your property if you own a home or car.

A chapter 7 is called "liquidation" for a reason. You may have to give up most of your property. Therefore, if you have a lot of property along with that 80k in credit card debts, you may have trouble keeping it all.

Also, you must pass a "means test". This was put into place to prevent someone who has a very good job from filing BK and dodging their debts. If you earn (generally) over $45k a year you will not qualify for Chapter 7. Again..there is a complicated formula to figure this out.

There are a lot of bankruptcy lawyers who have a free consultation. If you think it's necessary talk your situation over with them.

2007-08-10 16:49:17 by ol_skater_boy

Price: $0.99

Estimated 6000 debt on high interest credit card....

I work in the credit industry and there are several ways you can go about tackling this. First off, take comfort in the knowledge that $6k is not a lot to owe, but if you don't pay it the right way, it will become a long term problem.

Step one: contact your credit card companies and request that they lower your interest rate. if you have been a good consumer they will most likely lower the rate... if you have not been paying on time and look like a risk, they will put up a fight... no matter what, do not give up on the idea that you can lower your interest rate...

If you have been on time tell them that you are considering obtaining a different card, and unless they can lower the rate you are simply going to transfer your balance to a new card and cancel the account.

If you have been bad at staying on time with your payments - then its time to get current and stay current. After 6 months of being timely with your payments they will lower your APR.


next step is to develop a repayment plan... if you can out $200 per month toward the debt you should be done in under 3 yrs. I would suggest that you set yourself up to pay your bills on line using an auto bill pay system, most banks offer this service free of charge and it is a quick way to have your payments go out. Its also easy to track and manage. Set yourself up to pay every 2 weeks. ($6k means your monthly minimum is probably $120 - $135) try an set it so that you make this payment every time you get paid... the more money you can spare towards the debt the faster it will be paid off.


In the meantime you will also want to set up a household budget to see how much money is coming in and out of every dollar, how many pennies are being committed to bills. Once you know what you have to work with it will be easier to plan out the upcoming months.

If you have a lot of extra cash that you can put toward the debt, make sure that you also set aside a reasonable amount into your savings account (if you have $150 that you can send to your card - send $130 and put $20 into savings)

The reason that you want to put money in savings is that you will begin to build up solvency - meaning that you won't have to rely on credit should some unexpected expense come up... (new tires, emergency repairs, etc)

Finally, once you have paid off the debts, DO NOT STOP PAYING- only change where you are sending the money... what I mean is, put that $150 into your savings account so that you can start building up a bit of a nest egg. Having accessable cash help to further stabilize your finances. Everyone should have at least 6 months worth of living expenses available to them in their savings account.

This is an emergency fund that will prevent you from going back into debt should you lose your job, have to move or encounter a large expense down the road (want to buy a home, etc)

There are several professional services that can help such as Debt Management and Settlement Companies, but if you are responsible and can handle taking 3 hours a month to look over your situation you don't really need them. Always be proactive with your debts, always look for ways to save. With a little patience, self-control and determination you will be out of debt in no time.

Best of luck to you.

2006-11-29 17:09:12 by redheadsmum

When a card holder uses a credit card, he is borrowing from the credit company. How he eliminate his credit card debt.

You need to take some time and learn about money management. It sounds like an old, worn out line but it is true. Using credit cards can help "balance" your money to some degree but it needs to be used wisely. By balance I mean that it can help you during low points of available cash. For people being paid monthly, credit cards can be a real help.

The only proper way to get out of debt is to pay it off and manage your money better.

2007-01-09 21:04:20 by abby fth

Ask lenders for agreement to delete this items from your credit report when paying them. I recommend to get such agreement thru credit repair agency, for example this one - creditreport.imess.net

2009-02-14 06:05:31 by Jacqueline B