Credit Card Debt??!!

Hazeleyes33 Posted: Aug 04, 2006 03:27 PM

Credit Card Debt??!!

Has anyone been in alot of credit card debt and how did you get out? I feel like there is always something that has to be charged. We were doing good, not putting anything on our cards and then the car broke down and $1,200 later-ugghh!!. We have maintenance money each week but we 'owe' it to the cc's because it is not enough to cover everything (only when things like this come up).
Thanks!!

AMGBride2008 Posted: Aug 04, 2006 04:02 PM

Re: Credit Card Debt??!!

I took out a debt consolidation loan and locked up one credit card and cancelled and cut up the rest. Now, I'm paying one lower payment instead of three big payments and I'm paying down my debt.... slowly but surely.
And that's not counting student loans... OY!

Meaghan729 Posted: Aug 04, 2006 04:21 PM

Re: Credit Card Debt??!!

have you been paying on time?? is your credit good, even though you have a lot of debt?

I would try to consolidate all your cc debt onto one card, then get the lowest possible interest rate. (hopefully 0% for a certain period of time).

The key is - DONT use your other CCs!

Hazeleyes33 Posted: Aug 04, 2006 04:37 PM

Re: Credit Card Debt??!!

Posted by Meaghan729

have you been paying on time?? is your credit good, even though you have a lot of debt?

I would try to consolidate all your cc debt onto one card, then get the lowest possible interest rate. (hopefully 0% for a certain period of time).

The key is - DONT use your other CCs!

Yes, I always pay on time and my credit is good. I need to get my fico score though.

I have actually started consolidating into 0% cards so that IS helping.

We have tried not to use the cards unless we have the money on hand to pay the bill but when the car thing came up, we had no choice. We are trying to do 'needs over wants'.

MrsH1156 Posted: Aug 04, 2006 10:12 PM

Re: Credit Card Debt??!!

Be careful you don't close too many cards out at once. As long as your available credit to balance ratio is pretty even, you should be okay. Canceling cards and opening new ones too close together can hurt your score even if you pay your bills on time. I had accumulated some cc debt when I wasn't working for a few months and I paid it off by taking a percentage of my paycheck every month and putting it toward the cc's. It su cked to have to do that but it was worth it because now I'm out of debt with regards to cc's.