Credit Tips: Need Help Managing my Credit Card Debt
Posted On: April 1, 2005
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Monthly payment on credit cards
Tim Johnson
Date: 12/31/2000 8:55 pm CDT
Does anyone have information on how I can reduce my monthly payments for my credit cards? I am roughly $11,000 in debt right now w/two credit cards: Bank of America, and the other, First Hawaiian Bank (I live in Hawaii). My monthly payments are roughly $220 for the both of them, most of course, going to interest. My rates aren’t too bad. One is at 9.9% while the other is at roughly 16%. I think the min payment is 2% from both cards and interest is paid first. Am I stuck with paying $220 a month or can this amount be reduced? I would appreciate any useful feedback. Thank you.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Board Monitor- NK
Date: 12/31/2000 9:32 pm CDT
You might not want to hear this, but I think you should be increasing your monthly payment, specifically to the card with the higher interest rate. If you continue to pay only the minimum payments, you’re going to be paying well into the next decade.
If you can make a commitment to increase your payment, you’ll be surprised at how quickly you can impact the balance. Each and every month, more and more of your money will go towards paying down the balance, instead of just paying the interest.
Of course, you can always think about a home equity loan if you’re looking to spread out this debt over a longer period of time.
Kat
creditexpert.tripod.com/home.htm
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Board Monitor - CA
Date: 12/31/2000 9:37 pm CDT
Tim,
Also take a look at our “Get Debt Relief” page for more tips/suggestions (if you haven’t already). You can access this page by clicking on Credit Information from our home page.
Happy New Year and keep us posted on how your debt situation during the upcoming year (this is a good place to get support)!
Best Regards,
Curtis Arnold
CFCCT P.R. Director
http://www.cardratings.org
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Share this article with:
Delicious
Digg
reddit
Facebook
StumbleUponNo comments yet.
Leave a Reply
Credit Tips: Need Help Managing my Credit Card Debt
Posted On:
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Too deep in debt!
Jenn
Date: 10/23/2000 7:24 pm CDT
I’m not sure what I can do, I have 4 credit cards totaling about 2,600 all together. I also have my car lease and insurance payments every month. I would be able to handle this if all of my credit cards were put into just 1 payment, but as it is, my car payment is as much as 1 paycheck. So when I have a credit card payment at the same time, I can’t make it. So then it’s late, and then the next one’s late…and so on. It’s a cycle that I can’t break, and I can’t get out of my car lease until next Sept! I just need a credit card with a high limit, so I can put everything on to 1 payment, but no one will give me one. They say I have too many cards with outstanding balances. And debt consolidation companies won’t help you unless you’re in debt at least $5000! What am I supposed to do?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Linda
Date: 10/24/2000 0:08 am CDT
Can you make that payment *before* it is due? Why wait until that week to pay it?
Or are you overextended to where you can’t do that? If so, some of the other advice on the board might help. Like get a second job, or work overtime. Cut out some of the extras (brown bag it, cancel the cable TV, take the extra services off your phone service for a while). Hold a yard sale, auction stuff online. And don’t buy anything else for a while. Cut the cards up if you can’t “just say no.”
Linda
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
tim
Date: 10/29/2000 2:05 am CDT
Good suggestions Linda, I hope your situation has gotten better!
Tim
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
tim
Date: 10/29/2000 2:03 am CDT
I believe I have a solution for you but you may not like it.I believe in tough love and sometimes my opinion gets me slammed and mistreated. But here goes. Treat yourself like a well-run business and take an inventory of yourself.Write your entire yearly budget on a program like Microsoft Money 2000 or Quicken.This is the fiest step.
Now, you didn’t mention things like kids or a spouse so I will assume you are single like me.
Second add up everything that you have of value that is paid for. Then decide what you can do without. I suggest selling that extra television or taking any extra clothes to a consignment shop. Electronics sell well at ebay.com. I currently sell there as a part-time job!
Change your grade of gas to regular instead of 93. Buy generic brands at the market instead of name brands. Vow to yourself that you won’t buy anything but the basics; food, clothes and shelter for the next year.
My opinion is to tighten up on expenditures. This plan does notmeen forever, just for a year or two to pay down your debt!
If you are unable to work a part-time job then start looking for a job that pays more then your current salary. You may loose benefits but the benefit of controlling your debt may be greater. Besides, at you next job, better benefits may be in place.
In the meantime see if you can move payments around so that they are due on the same day.Your card company may let you skip a month or two without penalty if you negotiate with them.Asking won’t hurt, not asking does not help your situation one way or another.
Extra money can also be had at epinions.com. If you email me I will give you a link to that cite.
Your situation souned similar to mine about 7 years ago and everything I suggested above I have done with success.If you write me I will give you other suggestions.
Good luck to you and remember, before you had credit you had cash and your only credit was faith in yourself!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Crimsonguy22
Date: 11/1/2000 11:55 am CDT
Try this. Take all of your payments and divide them by four or five depending on how many months are in the week. When you get paid, put the money in an envelope and label it car, credit card, and so on. This is called the envelope system and it works. I found out about the envelope system thru a program called financial peace. You can get information on this at www.financialpeace.com or by calling 888-22-PEACE. I would give them a call and I am not endorsed in any way by the author or anyone on staff at Financial Peace.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
CHERYL
Date: 12/26/2000 10:09 pm CDT
Dear too deep in debt:
You could ask your cc companies to change your payment due dates so they don’t fall on the same day as the car lease due date. Consolidating your debt to one payment from my experience has only been a bandaid on the problem. I have consolidated many times and gotten myself into more trouble again. Make some behavior changes and get on a budget and look up Dave Ramsey’s Financial peace website. This is helping me though I am still fighting the battle daily.
Good Luck
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Share this article with:
No comments yet.
Leave a Reply
Credit Tips: Need Help Managing my Credit Card Debt
Posted On:
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: way late payments
candy
Date: 10/31/2000 3:53 pm CDT
all my creditors are threatening or have already turned me over to collections. how bad is this? also, my lack of responsibility and lack of money, are affecting my husband’s good credit. what can i do? i don’t care if i can’t get credit anymore, obviously i am not responsible enough to have it, but i never meant to wreck everything my husband works so hard for. i can’t even save enough to make the 1st payment for debt consolidation. is there any help for me?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Crimsonguy22
Date: 11/1/2000 11:37 am CDT
I suggest you check this website out and listen to his radio show and put his ideas to use. His name is Dave Ramsey. Go to daveramsey.com or call 888-22-PEACE and discuss your situation with one of the financial counselors. I am not endorsed by Dave Ramsey or anyone on his staff, I just came across him and was in the same situation prayed about it and put Daves methods to work and it has helped me incredibly. Check him out and give him a chance.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
CARRIE
Date: 11/2/2000 1:56 pm CDT
i understand your situation, i am in the same boat, except for the husband thing. But my fiance’ also has credit problems and we kid each other that we couldn’t finance a candy bar if we wanted to. I understand how it is to not be able to pay any of your bills on time, including debt counseling. I have tried that to, but i had to drop it when i couldn’t pay those payments. i have tried to get loans, but i keep getting turned down because my credit is so bad. i would really appreciate it if you find any solutions out there, to let me in on them. i will do the same for you.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
CARRIE
Date: 11/2/2000 2:15 pm CDT
i understand your situation, i am in the same boat, except for the husband thing. But my fiance’ also has credit problems and we kid each other that we couldn’t finance a candy bar if we wanted to. I understand how it is to not be able to pay any of your bills on time, including debt counseling. I have tried that to, but i had to drop it when i couldn’t pay those payments. i have tried to get loans, but i keep getting turned down because my credit is so bad. i would really appreciate it if you find any solutions out there, to let me in on them. i will do the same for you.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Share this article with:
No comments yet.
