Credit Card Debt
BestCredit: How to Win the Credit Game, 2nd Edition
Dana Neal (Paperback) Paladin Press 2006-04-01
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Answers
I have $10,000 in credit card debt, and found some resourceful information on the blog with some good links, and I am wondering if anyone has some more.
sure dude, here I found tons more. It'll take a month to read it all.
I've found some good information here too...
http://www.safelinked.info/jump.php?link =debt
Hope that helps.
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I am currently in school, and I cannot keep up with the payment and afford to pay for school and also transportation, and rent and all the other things life is being wonderful to me about...:)
Lol, is there anything I can do or any ideas you have for me, thank you.
GET A PART TIME JOB =)
Im 23, my score is like 550. I have never had a credit card, all my debt is bills from the emergency room and I have 1 power bill and one phone bill.. my total debt is about $7000.
How do I fix it, I cant get a credit card at all.
Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service - freecreditreport.hotusa.org
my credit card bill have sky-rocketed. and i feel i won't be able to pay substantial amount to keep it down so i've decided to call the credit card company and "come clean" tell them about my predicament..i've somehow saw it once on tv that it can be done..i just missed the other parts though..i think you can have this "settlement" with the cc company...i just wanna ask what to expect with the conversation..i mean, in the end would i benefit from this..meaning:no hidden add-on rate..or is it really their call.
im clueless..please help.
You might need professional debt advice help. Check website like http://oktutorial.com/debtadvice.htm .
Alright... I'm not looking for sympathy. I'm looking for honest answers...
I have 5 or 6 credit cards, all of them have balances. However, the balances are relatively small compared to how much my credit limit is.
Altogether, my credit limits equal around $25,500 dollars. I currently have around 5 thousand total credit card debt, spread across the cards.
Now, I know a lot are going to say "You made the debt, you have to pay it." Well, I completely agree, I'd love to. However, I lost my 1,500 dollar per week job a while back, and have burned through my emergency funds.
My question... Should I just let the debt go for now? I know I will get penalties, I know I will get all sorts of fees. However, I just can't pay it right now. And I DO NOT want to utilize the $20,000 in credit I still have left, now I know that would just be stupid.
I think I should just let it go. If I can get back into my field once the economy picks up, I will have the funds to pay the debts+fees, and fix my credit... So I think it's the best option.
And please, I've read answers about this topic and a lot of people say "You must not have cut back too much you still have internet." The only reason I still have internet is because my neighbor thankfully lets me piggyback his wi-fi. I have cut back on everything. I've sold multiple items, expensive items, from my home for a 10th of what I paid for them. I'm at the bare bones, honestly.
Thanks for your suggestions. I'm at my wits end, looking for the bright spot!
I have gotten another job. Making less per month that what I made per week at my old job...
If you absolutely can not make the minimum payments on $5000 of credit card debt with what you earn right now.... then here is what you need to consider before you let it all go:
Can you find a job in your preferred field with a ruined credit report?
Is a credit check a routine part of the application process in your field of work?
Do you own your car? If you do.... can this vehicle last for another 5 to 7 years? (and can you set aside enough money for the usual car maintenance fund that includes repair costs up to and including a new transmission - $3000)? (you don't need overnight... but you need to be able to get it together within a year or two).
Are you still able to afford the rent? Or will you need to look for a cheaper rental in the future? Remember that landlords do credit checks too...
Before you "let it all go" and ruin your credit for the next 5 to 7 years you need to have a roof over your head that is semi-permanent and affordable and you need to have reliable transportation that you own completely. (The job... that is the one thing you need to evaluate... can you land that high paying job again when your credit is ruined?)
You are chancing your future over a measly $5000.
Talk to each credit card company and ask them to temporarily freeze your interest rate and accept smaller min. payments until you are back on your feet. They have nothing to "win" when you "give it all up".
Don't bother with debt consolidation companies, etc. They are scammers and usually do nothing but charge you a fee while letting all of your accounts go into the "delinquent" stage, ruin your credit anyway and can not force your creditors to give in and reduce your balances. Most of the times credit card companies will get aggressive and sue you in court and win a judgement against you.
The best thing you can do is to pick up the phone and talk to each credit card company and explain your situation and see what they can do for you.
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"Save more" or "Pay down debt," or "Increase your net worth" were a lot easier to achieve than "Increase savings by 10%" or "Eliminate $6000 in credit card and more »The Associated Press - Dec 23, 2009
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They cannot decipher the fine print on credit card agreements that plunge them into unmanageable debt. They repeat thought-terminating clichés and slogans.