Credit Tips: Need Advice Managing Credit Card Debt
Posted On: April 1, 2005
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Post subject: credit debt
bob ainslie
Date: 1/12/2001 12:36 am CDT
I have a credit card with Bank of America that I am simply breaking even with every year! I haven’t used it in over a year but my payments are almost entirely interest. I can’t get a lower % credit card as I have too much debt and other cards simply won’t allow me to transfer . I pay everyone but it is frustrating-can you give me some advice?–Hedlp!!!
Bob
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Board Monitor - AD
Date: 1/12/2001 6:20 pm CDT
Dear Bob,
There are various strategies you can take to help reduce your debt, I would recommend that you visit the following page within CreditCardFreedom.com for some useful tips and tools:
creditcardfreedom.com/debt_management/advice/introduction.asp
Sincerely,
Alex Daskaloff
creditcardfreedom.com
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Credit Tips: Need Advice Managing Credit Card Debt
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Post subject: Credit Help
Jude
Date: 1/13/2001 8:01 am CDT
We had several charge cards,(I have chronic pain & sometimes it felt good to go buy something), well I spent too much & now I’m in a mess. I went to a credit counselor and was getting back on track, however, after several months, I thought I could handle paying myself, without their help.
One of the creditors gave me an extremely hard time & jacked up the interest rate & late fees again & I was back almost to square 1. I’m in the process of going back to the same credit counseling firm. They have a$40 fee.
Can I go to another counseling firm to get back on track, or will I be violating some kind of code?
Jude
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Shereen
Date: 1/14/2001 11:57 am CDT
In my opinion…If you are finacially able to pay the minimum payment on all your accounts, AND you forsee your financial situation getting better down the road, then you should stay paying the minimum…ON TIME ALL THE TIME.
IF a creditor sees that you are paying ontime…they may be willing to lower your interest rates, after atleast a year of paying ontime, all the time.
IF you are NOT able to pay the minimums on ALL accounts, then you should enroll with a not for profit CCCS and MAKE A COMMITMENT TO STICK WITH THEM. Until you are finish with the program. if you cannot stick with them, your just making your situation worse.
Keep in mind, when you join CCCS all your creditors will report that you are with CCCS on your credit report.
hope i helped!
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Mr. Clams
Date: 1/16/2001 1:10 pm CDT
Avoid those credit counselors. If you are in serious financial trouble you should file bankruptcy.
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Shereen
Date: 1/16/2001 4:45 pm CDT
JUST THINK:…..
Would you rather have something appear on your credit report for 7 years….
or
Would you rather have something appear on your credit report for 10 years….
TO INFORM YOU…
If you joined a credit counceling service, the account stays on your credit report for 7 years.
If you file for bankruptcy, the account stays on your credit for 10 years… YOUR DICISION
One the other hand…. in the long run would you rather…
A creditor see that you made an attempt to pay off your debts by joining a credit counceling service
or
A creditor see that you took the LAZY way out and filed for bankruptcy…YOUR DICISION. –A creditor would rather recieve SOMETHING than NOTHING!
Keep in mind, Credit is convience and security in the time of need. You want to do what ever it takes to make sure that you can get the credit you need when you need it without any declines.
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Mr. Clams
Date: 1/17/2001 4:17 pm CDT
Have you have heard of anyone trying to buy a home loan who is a couple years into a credit counseling service? If they haven’t completed it there is no way they will get the loan. That CCS effectively has blacklisted them from getting credit. On the other hand people buy homes a couple years after a bankruptcy all the time.
In spite of you scare talk about it will be on for 10 years and implying that a creditor will think your “LAZY”. Bankruptcy is almost always better for your credit than joining a CCS and you ought to stop giving bad advice and trying to make people feel guilty because they have fallen upon hard times.
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against bankruptcy
Date: 1/17/2001 8:34 pm CDT
Why do some people don’t save anything toward a rainey day fund?Because they live beyond their means like their isn’t going to be a tommorrow.They don’t even consider what would they do if they would have some hard times,instead they live high as they can,and think they got the world by the *****.Then what do they do if they are unable to repay a debt?They go the so called easy out like BK!I am against BK,it is not right to take any money from a lender unless you got the means to pay it back with interest.When i get done paying off my debt,i will have a total of 17 yrs of on-time payments!To anyone that thinks BK is cool,how can you live with yourself screwing your creditors out of all that money?Could you answer that in the right mind,or are you too guilty with shame that you can’t?So MR.Clams your ideal that Bk is okay think again.End of commet
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Shereen
Date: 1/17/2001 11:01 pm CDT
I Agree with Against Bankruptcy, You cant blam anyone for your credit troubles and debt BUT YOURSELF. In addition, In todays society there are soooooo many alternative that are made available so that bankruptcy DOES NOT have to be a choice in your list of alternatives.
If I come up with hard times, and wasnt not smart enough to realize that I should have an Emergency Credit Card, Emergency Stack Of Cash, or something of the sort…and I realize that all of my credit cards are maxed out THAT IT IS MY FAULT, then why would I even be upset if down the road a creditor denies me credit becuase i wasnt responsible enough to pay off MY old debts.
Thanks again!
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Ira Stoller
Date: 1/18/2001 11:18 am CDT
I totally agree.
I dug myself a $40,000 credit card hole and never considered bailing out to bankruptcy. I simply found clever ways to climb out. There are so very many methods available to those who really REALLY want to get straight. To me, bankruptcy is akin to cutting off your leg to cure an itchy toe. Yes, it will work, but are you willing to live with the consequences? In a bankruptcy, your life is totally disrupted for THE NEXT TEN YEARS!! You won’t be able to get ANY credit at all. You won’t be able to get a car loan, you won’t be able to get a mortgage, you may not even be able to rent an apartment or house, and some employers won’t want to hire you with that on your personal credit history. I don’t mean to generalize, because there are always exceptions, but please, please, people….think long and hard, and then think long and hard again—and again, before you decide to go the bankruptcy route. Talk to creditors. They’ll usually much prefer to structure a repayment plan to your means, than get pennies on the dollar if you bail out and declare. I could go on & on, but I’m sure you get the point.
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Mr. Clams
Date: 1/18/2001 3:51 pm CDT
Ira said:
“In a bankruptcy, your life is totally disrupted for THE NEXT TEN YEARS!! You won’t be able to get ANY credit at all. You won’t be able to get a car loan, you won’t be able to get a mortgage, you may not even be able to rent an apartment or house, and some employers won’t want to hire you with that on your personal credit history. I don’t mean to generalize, because there are always exceptions…”
This is just not true. People who file bankruptcy certainly don’t have their lives “totally disrupted for the next ten years”. If you believe bankrupcy is wrong under any circumstance then we can just disagree on that point. I personally feel it is wrong to post blatant inaccuracies about the effects of bankruptcy on a message board where people are looking for answers. All I am trying to say is that for people with serious financial problems bankruptcy is almost always the better alternative (financially and creditwise) to a joining a CCS. If you wish to read an intelligent discussion about the pros and cons of Bankruptcy vs. CCS I refer you to this link:
http://www.bayhouse.com/discus/messages/4/874.html
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Credit Tips: Need Advice Managing Credit Card Debt
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Post subject: credit card debt
lucydecasas
Date: 11/21/2000 7:30 pm CDT
I have a Citibank Visa I am past the limit they are charging me very high interest rate, I am in financial difficulty right now, should I close my account to stop the interest rate from escalating or should I leave it open and need to know quick what to do? Please respond soon. Thank You.
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Ma
Date: 11/21/2000 8:52 pm CDT
Even if you close the account, if you have a balance the interest will STILL continue, just b/c you close it doesn’t mean you don’t pay interest.
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Linda
Date: 11/21/2000 11:12 pm CDT
Sounds like you need some help. Have you tried consumer credit counseling? You need someone to negotiate with C. There’s help out there. Look them up in your local phone book and ask for help.
Linda
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GEORGE
Date: 11/22/2000 1:03 am CDT
BE CAREFUL OF C.C.C.
HEARD HORROR STORIES OF CUSTOMERS OF C.C.C. NOT BEING ABLE TO GET A HOUSE AFTER FIVE YEARS PAID WITH C.C.C. AND NO CREDIT CARDS OF ANY KIND AFTER C.C.C.
THINK TWICE…
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Linda
Date: 11/22/2000 8:57 am CDT
Well, I have friends who have successfully used CCC. It’s true, it will reflect on your credit, and you have to do what you agree to do, but it beats ending up in bankruptcy.
The other alternative that I know of is to call C yourself, and tell them what is wrong. They can freeze the account and stop adding penalties and interest, and set up terms for you to make payments. Especially if the situation is beyond your control, like an illness, divorce, or layoff from your job. It will still reflect on your credit, though - you will be starting over.
I had to take bankruptcy after my husband died - it is the last thing you want to do, believe me. And that is where you’ll be if you do nothing.
I know everyone turns their noses up at the credit insurance the card companies offer, but, as an insurance agent, let me say, they can save your a$$ in most of the situations that cause this kind of dilemma. I have a big disability policy of my own, but I still take their credit insurance because of the unemployment and family leave coverage. It’s worth every penny. Don’t think it can’t happen to you!!
Linda
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Ray
Date: 11/27/2000 9:31 am CDT
I would definitely seek help from a credit counseling agency. If you own a home, you can apply to the Housing and Urban Development Home Counselors who will help and they are free. If not, contact a credit counselor but make sure that the better business bureau recommends them and that they are certified. You do not want to end up paying more than you are already paying in debt.
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Credit Tips: Need Advice Managing Credit Card Debt
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Post subject: CREDIT CARD DEBT
CHERYL
Date: 12/21/2000 9:14 pm CDT
I am at the point where my $15,000.00 worth of debt has become unmanagable. I was transferring balances to lower rate cards but am now being refused since my debt to income ratio is too high. I am sending out $300.00 per month and almost all of it is going to interest. This month I did not pay anything on the three credit cards that I owe the $15,000.00 on. I can’t live on a realisic budget and pay these bills every month and get no where.
I have contacted credit counseling organizations but the credit cards I have does not lower interest rates at all. I have checked into bankruptcy and I do not want to do this.
I don’t care that my credit is going to be ruined. Credit has got me into nothing but trouble. I own a home with a great interest rate so I will not need to refinance. I want to live on CASH from now on.
My questions is this. As of December these 3 accounts are now past due. I live in the State of Massachusetts. I would like to work out a deal with these cards. Sears I will send $2,000.00 from income tax refund. I owe $3,500.00 but purchased within the last 5 months a table and chairs ($1,000.00) and an air conditioner $500.00. I would like sears to take them back and call it a day. The other 2 cards Discover and Optima I would like to eventually make arrangements with to settle for a lesser amount. Do you think they will try and sue me? I have a homestead act on my house so I dont think they can touch that but could they attach my or my husbands pay check. We have 3 kids and we are both working overtime, and I am sewing on the side making curtains. There is just nothing left in us to give.
Any advice would be appreciated.
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Board Monitor- NK
Date: 12/21/2000 10:14 pm CDT
Hi Cheryl.
Honestly, I would call CCCS and let them help. They are the nonprofit Consumer Credit Counseling Service. I have seen them help many, many people get out of crushing debt.
It’s not only a terrible situation that you’re in financially, but it’s emotionally draining as well. You would be amazed at the relief you can feel by putting some of the weight of this problem into the hands of an organization that can help. 1.800.388.2227.
Many major credit card banks recommend them to consumers who are in trouble, so you may have better luck allowing CCCS to try to negotiate your debt and partner with you in dealing with your creditors.
Best of luck to you and your family. I guarantee you that things will get better.
Kat
creditexpert.tripod.com/home.htm
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GEORGE
Date: 12/21/2000 10:34 pm CDT
BE CAREFUL OF CCCS…MANY PEOPLE HAVE NOT BEEN ABLE TO GET ANY CREDIT FOR TWO YEARS FOLLOWING PAYMENTS WITH CCCS!!!
CHECK INTO IT BEFORE YOU DECIDE.
FEEL FREE TO GET OTHER OPINIONS.
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BLE103
Date: 12/22/2000 7:02 am CDT
No they can’t touch your husband paycheck just as long as these accounts are not joint accounts.Sears will not make any concessions with you because they are a secured card,and yes you are at risk of getting sued by them.As far with AMEX,and DISCOVER call them,and explain you are having trouble meeting your credit obligations,and see what they can do for you.Now don’t let your accounts become 5 months past due or you will have no chance at getting a special repayment agreements because your account will be charged-off.As far with CCCS they won’t really be any help with these creditor’s you got listed.In other words these will not lower your interest rates or payments.Only you can have a fair shot of getting your interest rates reduced some along with your payments of being reduced.Don’t put off any longer call your creditors right away.
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Joe
Date: 12/25/2000 4:56 pm CDT
Regarding the post about being delinquent 5 months, Sears does not fall in that category. With the Sears account your account will not charge off until the Ninth month, but you have to remember by then you will have at least $200.00 in late charges and if you have two consecutive months of delinquency your apr will go up to 24%. Not to mention if you charge off you may be sued for all of the charges as well as attorney’s fees. Remember a charge off stays on your credit for a very long time and will be devestating if you are trying to buy a new home or car.
BLE103 wrote:
——————————-
No they can’t touch your husband paycheck just as long as these accounts are not joint accounts.Sears will not make any concessions with you because they are a secured card,and yes you are at risk of getting sued by them.As far with AMEX,and DISCOVER call them,and explain you are having trouble meeting your credit obligations,and see what they can do for you.Now don’t let your accounts become 5 months past due or you will have no chance at getting a special repayment agreements because your account will be charged-off.As far with CCCS they won’t really be any help with these creditor’s you got listed.In other words these will not lower your interest rates or payments.Only you can have a fair shot of getting your interest rates reduced some along with your payments of being reduced.Don’t put off any longer call your creditors right away.
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adsoft3
Date: 12/28/2000 3:10 pm CDT
Hope things get worked out… I wheel-and-deal the credit card indrustry looking for the best “freebies” they like to offer… and at one time… I had trouble getting a credit card because I had too much credit… I had tons of credit cards that I was not using… and the credit card companies were totaling up the amount of credit limits… and rejecting my applications… so here is what I did… I located the credit reporting agency in my area… and obtained a credit report… the cost… ’bout $8.00… I went through the report line by line… and any card I was not using… I cancelled… then wrote a letter back to the credit reporting agency and informed them of those cards that I had cancelled… they updated my credit file and sent me a new report… Also… I had them remove the “promotional block” - this allowed the credit card companies to obtain some information ’bout me - which resulted in receiving… at least 2 credit card offers each week… If an offer comes in that looks good, i.e., use the card and get $50 dollar saving bond… I go for it… use the card 1 time… pay the bill, then cancel the card… and write a letter to the credit card agancy… to have my credit report updated noting the cancellation… they send me a new updated report… I have been doing this for over 4 years now… this may help you over the long haul… though for the sort term… need to develop a plan of action to curb the spending and work with u’r creditors on getting the $’s under control…
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GEORGE
Date: 12/28/2000 3:41 pm CDT
Many people recomend you keep a card for no less than one year.
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Ira Stoller
Date: 12/29/2000 8:20 am CDT
Why?
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GEORGE
Date: 12/29/2000 6:55 pm CDT
AGING OF THE ACCOUNT AND F.I.C.O.
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Ira Stoller
Date: 12/29/2000 11:07 pm CDT
Makes no sense to me. For years I’ve gotten cards with low intro rates for 6 or 9 months, transferred balances to them, and at the end of the promotional rate transfer the debt somewhere else and cancel the first card. Never seemed to hurt me since I was always able to get two more to replace the one. I kept cancelling the old ones because I didn’t want to have too much credit available. My EquFax report shows pages & pages of, “Account closed at consumer’s request.
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