Excessive Credit Card Debt

I take home $4000/month. I have been paying $500/month on my credit card bill and hope (with interest) to have it paid off by December. Would you think this would be considered excessive amount of credit card debt when I search for a new job and they do a background/credit check? My score is 740.

If you don't lose your current job then you'll be fine. However, any debt is excessive. Remember you are losing money you could have been earning in interests at a savings account, for example.
That's all I know.

2009-02-18 02:39:47 by boilerette72

Congresswoman Slaughter's floor speech on her amendment to reduce student debt. Her legislation to protect college students from excessive ...

i was summoned from a lawyer thats suing my on behalf of citibank. i owed them 750 in credit debt which they tacked on an irreversible 30% interest rate. I go to court tomorrow and wonder if it would be worth my time taking off work. If i dotn go it goes into default. would it be any different if i showed up and told them i didnt pay them because their rates were excessive and they wouldnt work with me to make it reasonable? should i go? have any of you gone to one b4?

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2006-10-09 12:40:17 by )(*&^%$#@!

how many cards do you have, and are the debts excessive?

I have no debt whatsoever, I always wonder why clear thinking people get into debt.
here's some top CC links to help the less fortunate who are willing to get out iof debt
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
if you get any luck please don't forget about me lol, hope it helped you!

2006-08-22 08:11:14 by maggieschor

As I said, if the IMF & World Bank gave a debt relief for the third world, why not our Banks and creadit Co. gave credit Card debt relief (forgiveness) who are paying tax and excessive interest (from 14-21%). This of course, doesn't include the late fee and the penality for not paying.

For example, City Bank has an asset of #60 trillions from the profit they get from us. Bank of America has the same profit while we the middle class are becoming poorer and poorer. Is there a government who is protecting its working and middle class from rip off to death by those greedy credit card companies and Banks? Don't you think we have to do something about it?

The banks and corporations are getting rich off of you. Why would they want to stop?

The government is owned by the same banks and corporations, so they're not gonna help either.

I also agree with the first poster ... Spending money that you don't have is not a good idea. Of course, the only differences between City Bank and a Loan Shark is that City Bank won't beat you up if you don't pay and they have a corporate logo.

I disagree with the 3rd poster. Credit card companies collect a percentage of every purchase from the seller, not just finance rates. So, they make money on everyone who pays it off every month too. And come on... 21% interest rate is Organized Crime territory!

2007-06-14 14:58:59 by LMiserab

So i can't decide if i should stop my 401k contributions and pay off my high interest credit cards. Here's my situation. My company matches dollar for dollar up to 5.5%, which is great! However, i have >$10K in credit card debt w/ APR of about 17%....

Let me add one more wrinkle. I plan on leaving the US next August to attend grad school in London. This will no doubt require student loans... given this info what should i do? Should i stop 401k and attack credit cards? I've been told i can take a large student loan out for more than i need and use that money to pay off the excessive debt (essentially "refinancing" the debt at a lower rate)? Can I do this?

Do not stop your 401 contribution........I retired at 55 and live on the beach.....not a care in the world.......thanks to a 401 plan.......the second item............borrow money to pay off borrowed money is never a good idea.......what will be your source of income when in London......most likely 0.......appears your need to get your finance in order before you go any further........your on a death spiral......

2008-10-29 15:03:28 by Joe B