credit card debt

DK0223 · Apr 8, 2014

any good companies out there to help you with this? im sure lots are scams, so was hoping to hear some success stories

Plumbdog · Apr 8, 2014

I cancelled my cards and paid them off

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sluggy · Apr 9, 2014

Plumbdog said:
I cancelled my cards and paid them off

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Canceling your card is not good, would not recommend that. Pay them off sure, but use that to improve your credit score.

D2 · Apr 9, 2014

sluggy said:
Canceling your card is not good, would not recommend that. Pay them off sure, but use that to improve your credit score.

care to elaborate on this?

rumbletumble · Apr 9, 2014

Pay off your least amount owed 1st. and let all the other ones go for now, until the 1st one is paid off, then hit the 2nd least amount owed, so on and so forth. When the bill collectors call asking why your not paying them anything, say you will get to them later; but you have not forgot about them. Always call your credit card companies after you have saved some money, and ask them what they will take, money wise, if you can pay them in full, negotiate. Make sure you have them send you a written letter saying you are paying off your credit card for the amount you have agreed on, and keep the letter and several copies of the check for the rest of your life, just in case they come after you years later. Never, ever, give them access to your checking or savings account, they will take everything you have in there.
I don't have a single credit card, and don't forsee ever having another one the rest of my life. If I can't pay cash for it, excluding a house or car, I don't need a credit card. Always remember the borrower is slave to the lender! rt...

DK0223 · Apr 9, 2014

rumbletumble said:
Pay off your least amount owed 1st. and let all the other ones go for now, until the 1st one is paid off, then hit the 2nd least amount owed, so on and so forth. When the bill collectors call asking why your not paying them anything, say you will get to them later; but you have not forgot about them. Always call your credit card companies after you have saved some money, and ask them what they will take, money wise, if you can pay them in full, negotiate. Make sure you have them send you a written letter saying you are paying off your credit card for the amount you have agreed on, and keep the letter and several copies of the check for the rest of your life, just in case they come after you years later. Never, ever, give them access to your checking or savings account, they will take everything you have in there.
I don't have a single credit card, and don't forsee ever having another one the rest of my life. If I can't pay cash for it, excluding a house or car, I don't need a credit card. Always remember the borrower is slave to the lender! rt...

well i only own one card, but i owe a good amount on it:banghead:

Deleted member 121863 · Apr 9, 2014

how much do you owe? Whats the % rate? I`ll tell you my debt and make you feel not so bad

Just stop using the f`ing thing, you don`t have the money, you don`t get, that simple. CLosing a credit account is negative to your credit score because it drops the amount of total available credit, it also closes current positive activity, it could also be your oldest account which you would wanna keep that long track record of good pmt history. Cut back on your hair gel purchases down there and you can pay it off in no time

DK0223 · Apr 10, 2014

hogan86 said:
how much do you owe? Whats the % rate? I`ll tell you my debt and make you feel not so bad Just stop using the f`ing thing, you don`t have the money, you don`t get, that simple. CLosing a credit account is negative to your credit score because it drops the amount of total available credit, it also closes current positive activity, it could also be your oldest account which you would wanna keep that long track record of good pmt history. Cut back on your hair gel purchases down there and you can pay it off in no time

over 4k

lmao on the gel comment!

richiec · Apr 10, 2014

rumbletumble said:
Pay off your least amount owed 1st. and let all the other ones go for now, until the 1st one is paid off, then hit the 2nd least amount owed, so on and so forth. When the bill collectors call asking why your not paying them anything, say you will get to them later; but you have not forgot about them. Always call your credit card companies after you have saved some money, and ask them what they will take, money wise, if you can pay them in full, negotiate. Make sure you have them send you a written letter saying you are paying off your credit card for the amount you have agreed on, and keep the letter and several copies of the check for the rest of your life, just in case they come after you years later. Never, ever, give them access to your checking or savings account, they will take everything you have in there.
I don't have a single credit card, and don't forsee ever having another one the rest of my life. If I can't pay cash for it, excluding a house or car, I don't need a credit card. Always remember the borrower is slave to the lender! rt...

Nice quoting Dave Ramsey but you have missed some KEY teachings of his: don't neglect paying the other cards, pay the MINIMUM on those and pay the lowest one down first. Then snowball it. Right though, wrong application.

While cancelling your credit card may "hurt" your credit, it's not going to destroy it. "Credit" is the biggest sham in our lives. They tell you that you NEED credit so that you become their slaves. Yes, your credit matters when getting a loan, but why get a loan, why not save up?

Having a credit card is not bad or evil, it's how you use it. If you spend frivolously you will end up in a crap situation. If you spend on the card and pay off the balance each month to say get airline points, and actually pay it off every month, then you're good to go.

blackstang1288, don't cancel your card. Stop using it, but don't cancel it, actually shred it! Call them, see if they can help you out with the APR. Start paying as much as you can towards the card each month until you've got it paid off. Once you've gotten it paid off and feel you can be responsible with it, call them and say it was stolen and you need a new one. If you don't feel like you can use it responsibly then cancel it and damned the credit crap.

rumbletumble · Apr 12, 2014

richiec, Yes it is Dave Ramsey's teachings, I have been to one of his live events and taken his full course through my church, and he has really turned my finances around for the better. If the poster only owes around $4,000, that is not that bad compared to the rest of America. If he has a decent job and buckles down, he can get the debt knocked down to zero. In my instance one should not buy a home if he/she can not pay it off in 15 years, if it takes you longer than that, the house is to expensive for the buyer. As far as vehicles, if it takes one longer than 3 years to pay off, it is to expensive for the buyer. My home is paid off and I drive a truck that I paid cash for, and my credit report is absolutely clean, except my home that I paid off early. Since the original poster only has one credit card, get it paid off and don't use it again, and I agree to not close the credit card account, just shred that thing; since he is not disciplined enough to use it wisely. rt...

Deleted member 121863 · Apr 12, 2014

blackstang1288 said:
over 4k

lmao on the gel comment!

$4k is nothing, just get your budget down on how much you will pay each month no matter what. Maybe try and call for an interest % reduction if its that high, say your about to fall behind, your not sure it can ever be paid off, etc... MAYBE they will drop it a few pts if your lucky.

DK0223 · Apr 12, 2014

glad 4k doesnt sound like much to some of you, but it is for me! its just so easy to use that thing, as many already know, especially when money is tight, which for me it has been

pesty4077 · Apr 12, 2014

LOL@ you need credit. Biggest scam going to get you too pay even more for something that is over priced. If I want something, I simply work harder. I am glad I don't have any credit cards and have everything paid off. The only thing I owe is my house and that payment is 1/2 what people pay for rent in this area. My vehicles are paid for. Why do people think they need everything new anyhow, especially a car? Save your money and pay cash on a good used one. We use to do this when I grew up, no one I knew had credit cards. Easy to just charge things, isn't it? In America everyone wants the latest things, that is why people overspend, when they really don't have the money. Stop being enslaved to these Banks for everything. I carry cash and pay in cash. Glad I went back to this.

jay_dub · Apr 12, 2014

pesty4077 said:
LOL@ you need credit. Biggest scam going to get you too pay even more for something that is over priced. If I want something, I simply work harder. I am glad I don't have any credit cards and have everything paid off. The only thing I owe is my house and that payment is 1/2 what people pay for rent in this area. My vehicles are paid for. Why do people think they need everything new anyhow, especially a car? Save your money and pay cash on a good used one. We use to do this when I grew up, no one I knew had credit cards. Easy to just charge things, isn't it? In America everyone wants the latest things, that is why people overspend, when they really don't have the money. Stop being enslaved to these Banks for everything. I carry cash and pay in cash. Glad I went back to this.

Truth here, I sure wish I lived like this but unfortunately I was a stupid college kid at one point that I'm still paying for it. Bodybuilding is not a good thing to be obsessed with when you're a broke ass college student with credit card companies targeting you on a daily basis...

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Plumbdog · Apr 12, 2014

sluggy said:
Canceling your card is not good, would not recommend that. Pay them off sure, but use that to improve your credit score.

Credit is for poor people.

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richiec · Apr 14, 2014

rumbletumble said:
richiec, Yes it is Dave Ramsey's teachings, I have been to one of his live events and taken his full course through my church, and he has really turned my finances around for the better. If the poster only owes around $4,000, that is not that bad compared to the rest of America. If he has a decent job and buckles down, he can get the debt knocked down to zero. In my instance one should not buy a home if he/she can not pay it off in 15 years, if it takes you longer than that, the house is to expensive for the buyer. As far as vehicles, if it takes one longer than 3 years to pay off, it is to expensive for the buyer. My home is paid off and I drive a truck that I paid cash for, and my credit report is absolutely clean, except my home that I paid off early. Since the original poster only has one credit card, get it paid off and don't use it again, and I agree to not close the credit card account, just shred that thing; since he is not disciplined enough to use it wisely. rt...

I agree with this ^^^

The 4k should be paid off rather quickly if he attacks his debt. I've talked to my wife about this and that's what we're doing. We have baby #2 coming and I told her this baby will not be born while we have debt. So we are attacking it! blackstang, you need to do the same thing, attack your debt. One thing that will help you tremendously, stop buying supplements and use that money for your debt.

Pharm_Fed · Apr 14, 2014

I say open a bunch of credit cards, max them all out buying crap and then when the economy collapses, the nation turns to chaos and the financial system is in upheaval, everyone will default, we will have to reset, but then at least you'll have tons of cool stuff!

[/sarcasm]

DK0223 · Apr 14, 2014

richiec said:
I agree with this ^^^

The 4k should be paid off rather quickly if he attacks his debt. I've talked to my wife about this and that's what we're doing. We have baby #2 coming and I told her this baby will not be born while we have debt. So we are attacking it! blackstang, you need to do the same thing, attack your debt. One thing that will help you tremendously, stop buying supplements and use that money for your debt.

i hear you man, gotta buckle down i guess...