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Old 08-17-2010, 07:17 AM
 
Location: Canada
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How do you get out of credit card debt? Any good suggestions?
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Old 08-17-2010, 07:59 AM
 
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Default Get out or pay down?

To many folks the terms are meaningless. I consider it rational to attempt to seperate out the actual charges for costs of goods & services from the legitimate interest charges at some standard rate and lump those in the " must be paid" class. The high fees and fines for lateness and the like are more designed to get you to stop your bad behavior.

A true not for profit credit counseling organization may be helpful in getting you on the path to paying down the debt. Do not believe outfits that talk about magic ways to make disappear. They are scams.
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Old 08-17-2010, 08:34 AM
 
Location: Pennsylvania
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Step one has to be to stop adding to it. Step two is to make sacrifices to cut expenses. Step three is to find ways to generate extra income, whether through another job, selling items, etc.

The size of the debt will certainly impact the effectiveness and timeliness of these steps. If you're talking a few thousand dollars, you might be able to knock it out pretty quickly. If it's more like $50K, then you're in for a much longer and more difficult time.
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Old 08-17-2010, 08:41 AM
 
49,244 posts, read 39,668,111 times
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Quote:
Originally Posted by lisalan View Post
How do you get out of credit card debt? Any good suggestions?
Cut expenses, then cut them again....no eating out, no cigarettes or liquor, no new stuff....basically spend NOTHING. Generate extra income anyway you can, 2nd job, sell plasma etc.

Then pay it off as fast as possible and don't do it again.

If it's truly enormous then consider bankruptcy but do the above anyway for a couple months so you learn a lesson and save up some $$$.
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Old 08-17-2010, 01:19 PM
 
Location: Texas
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If you owe money on several different cards, many people including Dave Ramsey, suggest that you concentrate on paying off the one with the smallest balance first and work your way through them.

Also, if you are having trouble paying some of them at all, don't avoid them. Go to them. Some companies are quite willing to try to work with you on it and may be willing to knock off at least some penalties and interest you owe. (We had this happen some years back when my husband and I were struggling to make some payments.)
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Old 08-17-2010, 01:30 PM
 
Location: Overland Park, KS
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Read Dave Ramsey "Total Money Makeover" or take his course at your local church. It's a great life/financial plan.
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Old 08-25-2010, 01:18 PM
 
Location: New York, NY
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Originally Posted by CMPX2 View Post
Read Dave Ramsey "Total Money Makeover" or take his course at your local church. It's a great life/financial plan.
This is excellent advice. You can also get Dave's podcast on Itunes. He preaches hard work and sacrifice, not quick fixes- as a result, his plan actually works. It's just common sense- get your spending under control and don't splurge on any extras til you're debt free. He's got great exercises in budgeting that can help you see where you're throwing money away.
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Old 08-25-2010, 05:32 PM
 
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Originally Posted by lisalan View Post
How do you get out of credit card debt? Any good suggestions?
Don't charge anything more to the card. Do pay more than the minimum payment. Do you have cable or satellite tv that you are paying for? Get rid of it (at contract end if necessary) and use that money instead to pay down your card. Think of other things that are draining your wallet that you can go without and use that to pay down your card.

It will be miserable but hopefully you'll only have to do all of this one time in your life. Try not to borrow from the future again. You never know what's down the road. Debt is slavery.
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Old 08-26-2010, 07:10 AM
 
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Originally Posted by lisalan View Post
How do you get out of credit card debt? Any good suggestions?

you could cut expenses and pay it off.
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Old 08-26-2010, 07:11 AM
 
35,121 posts, read 38,088,566 times
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Originally Posted by lisalan View Post
How do you get out of credit card debt? Any good suggestions?
Go immediately and get the book "The Total Money Makeover" by Dave Ramsey and START TODAY. It is amazing what can be done following the steps in this book. There is also a website that is excellent.
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