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XOXO
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Re: I need some financial advice/reassurance
It sounds like you're doing the right thing. Alot of people have high credit card debt, especially homeowners. Consolidation is a sound move. As long as you've been on time with your payments, your credit is sound![]()
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Re: I need some financial advice/reassurance
You really should make more than double the minimum payment. Making only double will never reduce the debt (especially if you still charge).
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Re: I need some financial advice/reassurance
Consolidation is one way to go, though it does hurt your credit a little to have a history of consolidation on there. About 6 years ago I had racked up about that much - $12k. I started to pay off the little ones first, and worked up to the big ones after that. It took a few years, but I managed to do it. Something to also consider is to call the credit card companies and try to negotiate a lower interest rate. If they refuse - transfer to a zero balance card.
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Re: I need some financial advice/reassurance
You are definitely doing the right thing. And you are NOT stupid - sooo many people get involved with credit cards and don't do half as much as you are doing to correct the situation. Keep it up, and you'll be fine. ![]()
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Re: I need some financial advice/reassurance
I wouldn't consolidate.
my DH and I had 12k- we are down to 8k.
I know it is frustrating and even though I have high debt... I still have very good credit (I have REALLY high minimums. So having 8k in debt when your available credit is 40k really isn't THAT bad). It's all about the credit you have vs. what is available to you.
Just keep paying the CC down.. any extra $$ you get, send to them.
my DH and I had 12k- we are down to 8k.
I know it is frustrating and even though I have high debt... I still have very good credit (I have REALLY high minimums. So having 8k in debt when your available credit is 40k really isn't THAT bad). It's all about the credit you have vs. what is available to you.
Just keep paying the CC down.. any extra $$ you get, send to them.
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Re: I need some financial advice/reassurance
I think you are doing the right thing and as long as you pay your bills on time your credit won't be adversely affected by your debt. Although, later when you want to apply for a mortgage the cc debt will be figured into your debt to equity ratio which determines how much you can borrow. I would concentrate on paying larger payments on the higher interest rate cards first, then work on the lower rate cards.
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Re: I need some financial advice/reassurance
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Re: I need some financial advice/reassurance
We're going through something similar right now - although on a smaller scale. We built up a high debt on one card and it got out of hand.
So now we're on a strict budget - we use cash or debit for everything...and pay off a set amount each month to the credit card. I estimate we'll be paid off by the end of the year.
I was angry with myself, because this is the second time I've done this and I thought I broke that habit years ago.....but I got too comfortable and ruined it all again...
You're sooo not alone!
So now we're on a strict budget - we use cash or debit for everything...and pay off a set amount each month to the credit card. I estimate we'll be paid off by the end of the year.
I was angry with myself, because this is the second time I've done this and I thought I broke that habit years ago.....but I got too comfortable and ruined it all again...
You're sooo not alone!
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Re: I need some financial advice/reassurance
Everyone does go through stuff like that..don't worry, you are def. taking the right steps!
I found myself in a bad situation last year with credit and the BEST thing i ever did was go to www.creditboards.com. The people on there have more information that anything else I've found and help you learn how to raise your score and improve credit all on your own...w/out paying any companies.
Someone said on a previous post that as long as you pay, you're credit is solid...not necessarily true-your score will shoot way up when your utilization becomes low.
For example: If you have a limit of $10,000 and charge up almost to the limit your utilization will be high and therefore your score will drop big time. By paying big chunks and getting that balance down, your score will raise a ton....
Easier said than done..but be patient and you'll be fine. Good luck! I know how is!!
I found myself in a bad situation last year with credit and the BEST thing i ever did was go to www.creditboards.com. The people on there have more information that anything else I've found and help you learn how to raise your score and improve credit all on your own...w/out paying any companies.
Someone said on a previous post that as long as you pay, you're credit is solid...not necessarily true-your score will shoot way up when your utilization becomes low.
For example: If you have a limit of $10,000 and charge up almost to the limit your utilization will be high and therefore your score will drop big time. By paying big chunks and getting that balance down, your score will raise a ton....
Easier said than done..but be patient and you'll be fine. Good luck! I know how is!!
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Re: I need some financial advice/reassurance
On bankrate there is a calculator that tells you the fastest way to pay down your debt (I think it is in the credit card section.) You input your cards, balances and interest rate and it will tell you the quickest way to pay it all down. That might help you out a little.
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Re: I need some financial advice/reassurance
The first thing that you should do is get your finances in order by making a monthly budget and sticking to it.
Make sure that you leave yourself a just in case cushion. What a lot of people do is they pay their credit cards and have no money left for spending or just in case something comes up. Then they have to use the card to charge again and it's a vicious cycle.
You may also want to look into transferring the balance to another card for a lower interest rate.
FH had a ton of credit card debt and in a year we have reduced it to a fraction of what it was. You will get there.
Make sure that you leave yourself a just in case cushion. What a lot of people do is they pay their credit cards and have no money left for spending or just in case something comes up. Then they have to use the card to charge again and it's a vicious cycle.
You may also want to look into transferring the balance to another card for a lower interest rate.
FH had a ton of credit card debt and in a year we have reduced it to a fraction of what it was. You will get there.
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