Get Out Of Credit Card Debt

I want to get out of my credit card debt. I know I need to cut up the cards and tell them "bye", but can I get a personal loan at the bank and consolidate them with a better interest rate?

I work for a CC company the first thing you should do is call the companies you have debt with and ask for a lower interest rate. Private level cards will not usually offer you a lower rate but many large companies will. Also try to threaten to close your account usually they will try to save you by offering you "Benefits" some of these can be VERY nice and if they give you the benefit close anyway. Consolidation can also be good. Many cards offer a 3 or 4% balance consolidation fee for the life of the balance transfer. I suggest if you try to get a card that has a LOW apr that you do NOT plan to use but consolidate all your balances over at the low balcon rate. Also remember that your monthly cycle balance will incur FC's UNLESS the balance is paid IN FULL each month. Doubling up on payments may go toward paying the princible but you will still get FC each month on that balance. The way FC work are as follows The math for the FC is as follows: Take the Left over balance times the APR and move the decimal to the front as .248 (or whatever is relevant) . Take the amount given on the statement and divide by 365 for the days in the year. Then multiply times the amount of days in the Cycle to get a close estimate of the FC on a balance of 300 for instance the FC would be $6.11. Now remember that the Average Daily Balance is how most companies add FC's if the balance is NOT paid in full you pay the FC on the Total Amount for the previous cycle.. Last CUT UP ALL of your cards. If you are going to use credit use it for a House or something that will appreciate in value. Otherwise you will dig yourself deeper and NEVER in debt get out of it.

2006-09-06 21:20:54 by kelly l

I want to get out of credit card debt. I'm in college, but am working. I have several cards that are at their limits, and have used most of my savings trying to pay the interest each month. I probably have a total of $5000 in debt, and while I make around $8000-10000 a year, I do have other expenses to pay. What are my options?

Your Best Tool for Debt Reduction

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If you have developed a spendthrift nature by using your credit cards, in the end, you might get caught up with mounting debts and outstanding credit bills that could cause multiple problems including affecting your credit rating. This is where a Credit card debt consolidation program comes to your rescue. These debt elimination programs are good ways to eliminate credit card blues. Get all information about it at: http://www.credit-card-gallery.com/artic le/191,Credit_Card_Debt_Consolidation_Pr ogram_The_Safest_Way_To_Erase_All_Your_D ebts

2007-05-22 19:57:40 by me41987

Price: $4.99

What is the best way to get out of credit card debt. We are not filing bankruptcy. Please, helpful advise only.

1. Throw away your credit cards

2. Pay the minimum balance on each (if you have more than one)

3. Try and pay the smallest debt off first... then take what you would normally spend and tack it onto the next debt.

example:

you owe $5000 on MasterCard... minimum payment is $130.

You owe $8000 on Visa... minimum payment is $240.

Total monthly: $370.

Once the $5000 is paid off, take the $130 and add it to the $240... Visa payment would be $370...
and so on.

It will cause some serious sacrifice, but you will be able to pay your debt off a lot sooner.

2008-03-25 11:55:42 by allybd76

Price: $14.98

I am a new teacher in TX and was told that the 403b plan could help me pay off my credit card debt. I was told that the tax taken out of my income could be used to help me pay off my debt if I invest it in the 403b plan. I am clueless about this. Any help is appreciated, thanks in advance.

No. You only 'save' tax at your tax margin rate (Your highest rate) on the toal amount put into the 403. So, if you put a $1,000 in you save $360 in taxes. But you have to put in the entire $1,000 so your cash flow is less.

That being said, a 403B is a great way to save, especially if you are young. Sock as much money away as you can. What will it feel like to be millionaire when you retire because you put away $10k a year while working?

2007-04-25 09:12:27 by sunshine

I currently owe $45,000 in student loans and I am having a hard time paying them off. The loans are private (sallie mae) and I am not elligible for consolidating them via federal loans since I am not a US citizen. I was not able to get a visa so I had to leave the US. I live in Europe now.

I understand that declaring bankruptcy would not cancel out the student loans, but I have read that bankruptcy could cancel out credit card debt. I have a good credit score (790), so given some time, with an even higher credit score, I may be able to transfer my loans to a few credit cards.

What are the laws regarding credit card debt and bankruptcy? What difference does it make that I am not a US citizen and do not live in the US?

I would strongly advise you not to go that way. You will carry that mark against you for life. Talk to your student loan creditors and tell them that you are doing it really tough. Most will understand and help you come to a better arrangement that's suitable to you both. I have been in a similar position to you and I worked out a solution with my creditors. Maybe you could talk to a financial adviser who could show you various options. Good Luck.

2007-04-16 09:04:53 by migueljuan