Holiday Credit Card Debt

Hello there! I hope you're all well after the new year, welcome to 2009.

::Details::
I am a 19 year old student in the UK with a horribly large credit card bill of £4,000. The deal I got was with Paypal - a Paypal credit card with a £,4000 limit and "no hassle" for nine months.

I like to think of myself as a careful person with money! Perhaps not. I have had a terrible financial year with my work cutting my hours (by a quarter) and a few problems with my car (which I do take good care of). I am a Scandinavian Studies student and as part of my research I have been to Iceland and Norway this year which are two very expensive places to go and not on holiday!

I understand that I need to cut my cloth according to the garment so I have been chucking in those Tesco Value baked beans instead of the Heinz ones and the like however I just cannot pay it all off and I have been worrying non-stop, affecting my studies.

I have a very loving and caring girlfriend with whom I have been with for a year and she has offered to pay my credit card debt off and then I can pay her in small or large amounts so that (in her words) I can "start living your life again, Tom!".

This is, of course, a lot of money and I have been taught to be responsible but I would like to ask the opinion of the folk here on Yahoo Answers... If YOU were in my position, would you allow your girlfriend to do that for you? I have said I will think about it and have thanked her. What would you do?

Thank you very much in advance!

Dude, you're literally walking into a mine field with a blindfold on. You need Professional advice to help you make the right decision(s) It is very generous of your friend to offer to help but you have to think about what effect it will have on your relationship.

And then, just for yucks, what happens if you default? Do they shoot your kneecaps off?

2009-01-06 15:09:24 by Tóm H.

acreditcard.info M Discover VISA American Express

Hello,
I am a single mother and in 23k in creidt card debt seems like i cant get out. It all started little over a year ago when my mortgage payment went from 750 dollars to 1434 dollars. I tried to refinance however i owe 30k more than its worth. I am forced to use credit cards for grocery, household items and other bills. To make matters worse my boss pull me aside today and told me that the company cutting holiday bonuses out thats 3k i expect!!! and he told me that there are looking at cutting positions next year and the title i have is one in question. He told me that they would not term me i would get get a new job lower capicty. Anyone else in this mess.

Sorry to hear about you misfortune. seems like all of this is hitting you at once. I would not advise bankruptcy, this really messes your credit up.. Now it looks like this all started out with a ARM, the government is looking at helping people like you out, where they will freeze you beginning rate so you payment would be 750, you need to call you bank and there are plenty of idiots that will not have a clue keep trying talk to mgr. sups. ect.
2nd you should have a good tax return with a child credit, mortgage interest. i would get your taxes done right away and apply it to debt.
3rd check for some help with your state
As for your job i am sure the bosses are getting a bonus and maybe its time to move on to another company. Who knows you may find a better company that pays more. You have had a horsesh;t year financially, being proactive is the best recourse battling this issue.
I wish you the best of luck!

2007-12-13 20:13:16 by Sarah T

pay it all off as quick as I can. I know there are people out there the same age as me and are in debt alot more. Is this what money is? should I just accpet that us human's to live are always going to be paying off some type of debt weather it's for a car, mortgage, holiday etc... Or should I be trying really hard to pay my debts off and instead of borrowing money try saving up for things instead.

Debt is not a normal part of human nature. To think so, is to just make excuses for your bad choices.

I highly recommend you pick up a copy of Dave Ramsey's book - Financial Peace. He also has a radio program that comes on every day.

I started listening to his show and then bought his book. He will help to give you an understanding of debt and a strategy for paying it off and living debt free.

2008-06-07 23:13:42 by !

I have pretty big balances on two of my credit cards, which I am paying off every two weeks (but obviously that is taking a while even though I make TRIPLE the minimum payment on each).
Meanwhile, with the holidays and Christmas coming up, I'm sure I will need to use my credit cards to purchase things on line etc.How can I do my holiday shopping AND keep my balances from skyrocketing?
Should I use another card just for those purchases so the interest on the other two cards doesn't ecru? I don't want to spend a lot this holiday season with the economy the way it is!!!

I say you need to leave your credit cards at home in a safe locked away place where you can't touch them! lol This is what we like to call IMPULSIVE SHOPPING!!!!!
I know that might seem difficult with online shopping and what not? But whatever happend to just shopping at a store like the old days before online and credit cards? Also when you are putting down payments here and there, put aside a chunk just for Christmas shopping. for example.... lets say you get paid 1500$ every 2 weeks... and you are paying 500$ for your credit cards, 200$ for groceries etc. saving 500% for rent that leaves you with 300$ you could put away out of that. Also if you have a partner, then get them to do the same sort of budget. So0 in one month you should be able to save 600$ from a 3000$ a month wage. Also... consider the fact you don't need to go crazy when it comes to shopping.
Have you ever considered checking out a second hand store? I don't know what they are like where you are, but here in Vancouver B.C. its great! They have AMAZING things for dirt dirt cheap. Also no one knows these are second hand gifts... AND even if they did? WHO CARES? You find things you know the ppl you are buying for would love and thats all that counts.
Alsp maybe consider being more practial with your gifts... maybe go out and buy in bulk when something is on sale! For example.... Dove shampoo and conditoner on sale for 2.00$ you buy 5 of each... then do the same with lotions and bath soaps and candles.... buy a few baskets from the dollar store, stuff them all to the top with practical things that EVERYONE can use and love.

Sometimes it is nicer to recieve something that took a tiny bit more thought then something you scraped up on Ebay. I know for me I'd prefer something like that :-)

Anyway, those are just a few ideas of how you can still budget AND get everyone gifts AND pay off your credit card debt.

Good luck and I hope I helped you a little.

2008-10-15 12:58:07 by Telling It Like It Is

i want to holiday from australia to the USA for about 3 weeks.
problem is, im a little strapped for cash right now.
i have no debt, no current credit cards, loans etc, but i do have about $1,000 in the bank.

would a low-limit credit card or a small personal loan be better for a holiday?

Personal loan would be better. Lower interest rate and lower fees. Also a set repayment schedule to repay your loan within a definite period. Credit cards have only a minimum amount to be repaid each month, which can take a lot longer than a personal loan, which would mean that you pay more interest over the longer term.

2009-08-18 23:41:42 by she_who?