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What is the best solution for credit card debt?

LyndseyGetsLucky asked:


I am way in over my head, I have 6 credit cards and I’m over $12,000 in debt. I have tried to take out a loan at the bank to consolidate but i got turned down. I can barely afford the minimun payments and it has ruined my credit. I need HELP!

Kim

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This entry was posted on Sunday, March 22nd, 2009 at 4:54 pm and is filed under Debt Relief. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

10 Responses to “What is the best solution for credit card debt?”

  1. Don B Says:
    March 23rd, 2009 at 2:27 am

    Jennifer

    Heres and idea— STOP SPENDING MONEY!!!

  2. curtisports2 Says:
    March 23rd, 2009 at 7:36 pm

    Sue

    Cut up the cards so you can’t run yourself into more debt.

    Learn to live on what you earn. Get a second or even a third job. Do whatever you must. Be responsible.

  3. bryanthegreat Says:
    March 24th, 2009 at 10:46 am

    Sarah

    you should have thought about it before using those cards….

  4. Pat Says:
    March 26th, 2009 at 11:07 pm

    Kristin

    First thing you need to do is get rid of the credit cards.

    Capitol One Credit company offers a credit consolidation loan that you may qualify for if you are being turned down at other financial institutions. My wife and I used this, the interest rate is still there but at a much much lower rate.

  5. jmiller Says:
    March 29th, 2009 at 10:31 pm

    Philip

    Cut corners and cut up your cards. Stop spending on unnecessary stuff like coffee, fast food, etc. Don’t do those credit counseling stuff they’re a rip off. Pay off the lowest balance first so u can concentrate on the higher ones later.

  6. jplrvflyer Says:
    March 30th, 2009 at 3:56 am

    Vanessa

    You are going to need to seriously curtail your spending. You need to look hard at how you spend money and eliminate all unneccessary expenses. You might even need to move back in with your parents until you pay everything off.

    There are companies devoted to helping people like you out. The trick might be finding one that will treat you fairly. What they do is consolidate your debt into a single payment at a high but more reasonable interest rate. They also make you do a budget and take all the other steps to fix your spending habits.

  7. SPIFIMAN1 Says:
    March 31st, 2009 at 8:36 pm

    Jack

    Contact Consumer Credit Counseling Services at 1-800-388-2227.

    They are the oldest and largest non profit credit counseling service in the Country and have agreements with all major credit card companies so they can lower your interest rate and monthly payments.

    I used them several years ago and was debt free in36-months. You will lose all of your credit cards until the accounts are paid off, but you obviously don’t need them anyway.

  8. gonzo Says:
    April 3rd, 2009 at 12:22 pm

    Bessie

    First you have to stop spending money, second you must pay your credit cards in full and then close most of them. You don’t really need more than 2 credit cards and when you come out clean don’t spend more than you can afford. Pay your balance in full each month!

  9. david a Says:
    April 3rd, 2009 at 9:21 pm

    Wilma

    Change your spending habits
    Stop using all your cards
    Transfer balances to Lower-interest credit cards
    —————————-

  10. smile07 Says:
    April 6th, 2009 at 2:25 am

    Karl

    Read this series on articles on ‘How to get out of the debt hole’:

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