Credit Card Debt

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Credit Card Credit card debt Tips

Credit card debt is a plague that faces millions of people in the United States. Needless to say, a few hundred dollars about ones Discover card is not specifically a situation that will result in panic or the have to run a white banner of financial surrender up a pole on ones lawn. However, a number of thousands or even a number of tens of thousands of dollars can lead to a near critical mass situation for an individuals monetary well being.

In several ways, avoiding running up bad debts on ones credit card is next to impossible. The cost of living today has a tendency to exceed the particular income one makes. Exploring the recent situation regarding escalated gas rates over the summer, one can see how even the most fiscally conservative person will finish up with credit card debt. When it costs $200 more dollars a month to go to perform, then a person is going to be stuck having to cost that amount when they lack the liquid money to afford it. While $200 may not seem like a great deal, it adds up as well as compounds with other financial obligations that may facilitate even more credit card debt.

So what would be the ways an individual can prevent credit card debt from mounting? Probably the easiest way would be to curtail unnecessary entertainment spending. That is, usually do not shell out money for discretion items or consumer electronic goods if one either does not have the cash to pay for it or perhaps if one can not pay back the credit card debt as a result of such a purchase within a reasonable amount of time. It is not easy enough keeping debt resulting from necessary products under control so steer clear of compounding the matter together with purchases that can be averted.

Ultimately, stick with credit credit cards as emergency purchase tools or as a method of avoiding carrying a great deal of cash about and needless credit card debt can be avoided.

Comments: 46

  1. Weldon February 24, 2013 at 1:00 pm Reply

    I have about 30K in credit card debt and I have good credit. My payments are about $800.00 a month and I want to eliminate my debt fast. Should I consolidate my credit card debt, or will that ruin my credit? I appreciate your help.

  2. Raymon April 3, 2013 at 7:16 pm Reply

    My mom has 2 credit cards that are maxed out at a balance of $15,000 each. My mom gets letters in the mail about how her estimated debt is $30,000 and that they can help. Sometimes phone calls even come about this. How do settlement companies find out about this credit card debt amount?

  3. Hugo April 18, 2013 at 10:47 pm Reply

    I have a good credit score, last time I checked about 6 months ago it was about 720-730. Recently I have acquired a big credit card debt, about $9,000 on one credit card (with a limit of $10,000) and about $3,000 on another one (with a limit of $5,000) for many different personal reasons. After the whole spending money ordeal was over, I was left with all this debt on my credit cards. Since then, I have cut back on all unnecessary spending, besides the obvious things like food, gas, etc. I have never been late on payments and have never been over the credit limit. I Also try to pay an extra hundred bucks on top of the minimum payment due when I can. Are there any good ideas on how to consolidate these two credit card debts and help me out with all this? Thanks!

  4. German May 18, 2013 at 2:51 am Reply

    Assume $8,000 credit card debt. Should I pay off cards first? I have a very high credit score due to paying off two new cars (long story).
    I’m currently paying them down. Just didn’t know whether I should even try to save for the down payment or put 100% into paying them down. I have about 1200 a month extra to “play” with. I want to fix all this college-time debt in case our economy heads into a recession.

  5. Justin June 5, 2013 at 7:00 am Reply

    I will be going to court in a couple of days for a 5,000 credit card debt. I wanted to know what the best thing for me to do is. I want this to go away and want to settle for 2-3k at the most. What are things I should request if I want to settle? And what are things I should not agree to under any circumstances? I want to go to court prepared and not confused as to what I should be doing. Thanks for any help on the matter.

  6. Brendan July 4, 2013 at 12:22 am Reply

    I’m doing a persuasive speech on why people should pay off their credit card debt, but first i need to know how people feel when they have the debt. THANK YOU 🙂

  7. Towanda July 19, 2013 at 2:29 am Reply

    I will be graduating soon with about 20k in student loans. I also have about 10k in credit card debt. Is there any way to lump it all together?

  8. Raymundo August 16, 2013 at 12:47 pm Reply

    Just wondering what the average is. My husband tells me everyone has debt, and I can understand my house and my car, but what is your credit card debt?

  9. Juan September 19, 2013 at 5:41 am Reply

    Can a person be held accountable for a credit card debt that hasn’t been touched for over 12 years?

  10. Camelia September 26, 2013 at 1:14 am Reply

    I’m 23 years old, a student, and physically becoming ill due to the amount of stress I have between school and work, in which I still struggle to pay my credit card bills. What is the step by step legal way of settling my credit card debt? I understand the ramifications that my credit report will suffer, but my debt to income ratio is already too high to get any loans or credit anyway (student loans). What is the worst that can happen? Are there any companies that help students in my situation? Thank you.

  11. Virgil September 28, 2013 at 5:36 am Reply

    My dad is ill, was just diagnosed with lung cancer. He and my mom own a small grocery store, sole proprietership but they also owe a lot in credit card debt (roughtly $120,000.00). The only obligation to the store are the lease and utilty bills and their home is paid off (worth approx. $150,000.00), store may be worth $50,000.00-$70,000.00. If something were to happen to my dad and he wills the home and the grocery store to me but my mom can’t pay off their credit card debt they owe, will I lose the home and the store still? Any advice would be helpful? What other things can they do to keep from losing the home and the store because there is no way my mom can pay off the credit card bills?

  12. Tiffanie October 7, 2013 at 1:35 pm Reply

    Just had a major surgery and racked up some major credit card debt while being out of work. Just looking to see where I could start now that I am going back to work.

  13. Mack November 27, 2013 at 2:34 am Reply

    I am thinking about negotiating my own credit card debt. I would actually just like to pay the amount I actually used which was about doubled in interest and late fees. In fact in a few cases the amount of fees is more than the actual amount of credit I used. Anyone ever go at it alone any tips tricks?

  14. Steven December 23, 2013 at 11:18 am Reply

    I am having doubt about the credit card debt of a person. My uncle passed away but he is having credit card debt. Who is responsible for that debt?

  15. Merrill December 24, 2013 at 5:39 pm Reply

    My fiancee and I have approximately $30,000 in credit card debt (mostly his). He thinks that we should pay off all that debt and put a smaller down payment down on a home, rather than using all our money for the down payment. I argued that we should not worry TOO much about the credit card debt and take care of it another way, such as re-financing our mortgage in several years and using that cash to pay off the credit card debt (since the interest rate would be much lower). Any suggestions?

  16. Bud January 24, 2014 at 11:00 pm Reply

    I own a house and I have $12k credit card debt and want to refi or line of equity on the house to purchase a second investment home. Would it be wise to do that or should I pay off CC first and purchase a second home?

  17. Tarsha January 27, 2014 at 7:54 am Reply

    I have over 10 thousands dollars in credit cards debts, with high APR. What is the best and most efficient way to condense them and pay lower APR and small monthly payments. I know about the transfer to different cards for 12 months of free APR but it takes 6 month of having the credit card, only than they’ll transfer your balance.

  18. Monte January 27, 2014 at 10:25 pm Reply

    I am currently struggling to pay off my credit card debt (Approximately $4000). My interests rate ranges from high to low on 5 different cards. I have been only making the minimum payments recently and my credit score is in the mid 700s. Would I be better off keeping all of my debt separate and trying to pay more than the minimum every month or should i combine all my debt into one loan that i can make 100+ payments a month with low interest?

    Thank you for the responses!

  19. Hugo February 2, 2014 at 2:47 am Reply

    I’m 21 and have made some studip choices on getting credit cards and charging them up. I have $8000 in debt and am still in school. Is there any way to get this reduced or set up as one payment. I can’t continue to keep making the payments due to living expenses. Thanks.

  20. Jannette February 2, 2014 at 6:59 am Reply

    My friend is $7,000 in credit card debt. the good thing is that she has the cash to pay it all off. She wants to pay off all the debt and CLOSE her 5 credit card accounts. Will this hurt her credit long term? Her score is 600 right now. She knows you should keep them open because it looks better but she doesnt want to. She thinks her credit will go down 3-5 points per closed account but how long before it springs back up?

  21. Brent February 13, 2014 at 12:59 am Reply

    It seems that most people have some amount of credit card debt these days and I was just wondering if more people acquire it trying to buy something necessary (i.e. education, car, house) or something unneccessary (i.e. alcohol, clothing, etc.).

    Another words can credit cards actually be beneficial in the long run even though they cause you to rack up a crazy amount of debt?

  22. Alexander February 18, 2014 at 11:14 pm Reply

    Or maybe a combination of both? I have approximately $3500 in credit card debt and am making double minimum payments on that debt. My question is should I make minimum payments and put the rest into investments or keep doing what i am doing.

  23. Bernardo February 21, 2014 at 7:25 am Reply

    Im 10,000 in debt should i consolidate? Will it give me bad credit???I always make payments on time so credit is okay but i stretch every penny

  24. Eugene February 21, 2014 at 8:22 am Reply

    I have 10 credit card and maybe about 3.6K in debt and I have HIGH APR’s on almost all of them and a annual fee on one. My FICO is 657 and I’m wondering if I can open a Citibank credit card with 0%APR for 18months and transfer all that debt on there? I have no idea how to do that or if that’s even possible… I literally am very ignorant and lost and would appreciate all the help I can get.
    I’m sorry I didn’t ask that question properly… am I able to actually transfer all that debt to that one credit card… like if I’m approved, of course lol, can I transfer all that debt?

  25. Constance February 21, 2014 at 8:22 am Reply

    Does it hurt your credit score if you have credit cards with no balance on them?
    I have 1 credit card from 2005 and 1 from 2006 which have never been used, and I just must have forgotten about them, so the accounts are still open. Does that help or hurt me?

    Also, I got my free credit report from Equifax, but they want me to pay $7 just to view my credit score. Is there anyway I can view my credit score for free?

    I heard that debt consolidation loans are better because they help your credit as you’re paying them off: is that true? and what legit company could I go to for that?

    (if you are able to, can you please provide legit sources of information, I prefer not having these serious questions answered by guesses or assumptions. I appreciate it.)
    I’d like to emphasize a part of a question… a couple answers said that those credit cards that have never been used are not helping my credit… Well, are they hurting it? Or are they just doing nothing.

    And to be honest, I couldn’t use my credit cards if I wanted to now… They’re technically closed, however the companies haven’t released them to debt collectors. But every company is looking for me to pay either $80 per month or settle by paying a large amount but not the full amount. I have 5 cards totalling $5000 (could be worse… yay for being jobless for 5 months and denied unemployment!). I just don’t know what to do. I tried a consolidation agency but they wanted $130/month… If I couldn’t make my card payments, what makes these people think I can pay that each month. The only thing keeping my credit afloat is my car payment, because I need to car to get to work.

  26. Man February 21, 2014 at 8:22 am Reply

    I recently received a letter from the court requesting that I pay my outstanding credit card debt from a few years ago. A couple of days later, I received a call from a Lawyer demanding that I pay the debt immediatly. I currently don’t have the funds to pay the debt in full and have been informed that they will be charging me 9% interest each day on the full balance. Does anybody know what my options are?

    Thanks!

  27. Caleb February 21, 2014 at 11:29 am Reply

    I have a credit card (my first and my last) and was gonna take a dip in the debt pool to see what all the fuss was about. A few months later, I was at the limit, and when I hit the limit the introductory 0% went away and they went to putting interest on it causing me to pay overage fees. Now I’m caught in their debt-loop here paying the minimum payment (which I know I should pay way more if I ever get it). What is the best way to get out of this credit card debt and get them out of my hair? Anyone with great experience on this or any experience at all is most welcome to answer. I want to weigh all possibilities for my life’s situations.

  28. Alec February 21, 2014 at 7:11 pm Reply

    I have $30,000 in credit card debt and can’t afford to pay my minimum payments anymore? I do not own a home. I am basically broke. what are my options? what will the credit card companies do if i stop paying on them? Should i file for bancruptcy? Advise would help. Thanks

  29. Carlotta February 21, 2014 at 7:11 pm Reply

    what are the laws on credit card debt if the card is in one spouse name only and that person dies is the other spouse liable for the bill?

  30. Mario February 21, 2014 at 9:47 pm Reply

    if a person loses a job, gets laid off, then paying for food, rent, etc becomes priority, and a credit card debt goes to the bottom of the list, my question: can a person go to court and try to cancel the debt through a court order? given the circunstance of being out of work?
    thanks,

  31. Ranae February 21, 2014 at 11:54 pm Reply

    Isn’t there a legal way you can get out of paying your credit card debt (outside of the obvious, paying them off). I could have sworn I heard of something that allowed you to do this, but of course not well known….

  32. Mechelle February 21, 2014 at 11:54 pm Reply

    Has any one ever used a consolidation company for credit card debt? Dose it hurt your credit? How does it work anyone know?

  33. Karleen February 22, 2014 at 2:08 am Reply

    I have a single credit card from Chase (visa). i am maxed out on it with a current debt of $1515. i am a graduate student and the research funds for my project ran out this jan (2009) and therefore no real income since then. at that time i had a debt of $700. emergency expenditures and a further limit increase to $1500 piled my debt. i have tried to pay it off periodically but now i have absolutely no cash influx. i ask my dad for my rent and general expenses. i didnt want to burden him with this and havent told him anything.so right now my balance/debt is constant at ~$1500. what do i do? any help?
    thanks for the answers. i know the obvious answer is to get a job.believe me,i have tried. but being an intl student doesnt open a lot of doors…i was also wondering how bad this big debt would be…as a few mentioned,it might not be a lot but its still quite a substantial amount…i wanted to know what is the impact of this,being unfamiliar with the credit score system.my accounts show $1515 outstanding balance. is this with or without interest charges?

  34. Eboni February 22, 2014 at 4:32 am Reply

    Is it possible to get 0% APR from the credit card company forever and ask them for a fixed and low monthly payments?

  35. Digna February 22, 2014 at 7:01 am Reply

    i just want to know the correct option of credit card releif

  36. Carlos February 22, 2014 at 7:01 am Reply

    I have some old credit card debt from my college days (probably going back 4 years) that I have started to receive collection notices for. I’m in a better financial situation now, by no means rich, but I would like to clear my name and not be handcuffed by my prior situation.

    What’s the best way for me to handle this? I got a letter offering a “one-time only” payment to a collection agency at about half off, which is very attractive, but I want to make sure that I’m both clearing my conscience and boosting my credit rating. If I can do that and pay less than I theoretically owe (considering most of it is probably finance charges), all the better.

    For the record, I have a couple of open accounts that are perfectly clear. I’ve looked into it a little and the state I lived in when I opened the account has a six year statute of limitations.

    Looking for solid advice as I’d like to buy a house in the next couple of years.

  37. Mary February 25, 2014 at 3:29 am Reply

    currently I have about Rs.35000 Credit Card Debt. My monthly salary is Rs.15000/- and monthly expenses around Rs.10000/-. I want to pay the credit card debt at the earliest. Any tips?

  38. Devora March 13, 2014 at 12:34 pm Reply

    Some one Please help! I have so much debt. I have about 12 credit cards (nuts i know). Lately i have been able to only pay min payments and I feel like my debt is NOT GOING DOWN. Im still paying off my wedding and honeymoon with my husband, and furniture and other bills. Anyone know the best way to get out of this debt!? I have even thought of taking out a loan, but im scared to do that. Im living from check to check and its so frustrating at times. Im not able to save money and i have all these bills. Anyone have any suggestions? Thank you.
    For those wondering, I do not own a home. I rent. And havent stopped paying my bills. Im just late SOMETIMES with some of them.

  39. Darwin March 17, 2014 at 1:45 am Reply

    Here’s my situation: I have 3 maxed out credit cards totaling 35K (all debt to help a friend in need) and 60K of currently deferred grad school payments. I still have good/decent credit because my wonderful parents put me as an authorized user for all their cards since I was 10. I can’t thank them enough. Also, never had one delinquent, etc. The 0% on the cards have now expired and in pretty high rates.

    I’m a full-time student and work full-time, but can’t show income because only been working two months and it’s a commission-based job. On track right now to make over 120K this year, but can’t work for the next month and need a credit line or free up one of the cards asap.

    Can I move all CC debt into one account? What’s the deal with debt consolidation-will it affect my credit score? needed? How about yet another credit card? Any other companies that will see the maxed-out high limit cards and not freak? Any options being a student?
    Creativity welcome 🙂
    Thanks in advance, Sam

  40. Maragret March 21, 2014 at 8:03 am Reply

    If I stop paying on credit cards will they put a lein on my home? I can not afford the payments anymore and they are to high to consolidate?

  41. Irwin March 21, 2014 at 9:20 am Reply

    I have credit card debt in excess of $4000. Do the ads you see on TV for relieving one of credid card debt work? Or am I better suited to just pay it off?

  42. Laci March 28, 2014 at 2:19 pm Reply

    I lost my job in construction about nine months ago. I have since decided to enroll in college and I am now a full time student taking 18 credit hrs per semester. I will be in college for next 3-4 years. My total credit card debt is around $27k, I am losing my house to foreclosure, and I still make my monthly payments on my truck. Oh I also have a Roth IRA but not a whole lot in it. I have been in default on my credit cards now since March of this year. If they decide to file a judgment against me, what if anything, could they lien it against? I live off of student loans, that’s my only income, and grant money. And this will be all I will be living off of until I graduate and get a new job in a new field. Can they really do anything? I would hate for them to take my truck but I still owe about $11k on it and its my only means of transportation right now. What could they do? I have heard they cant touch my retirement, is that true? Oh I live in Florida if that makes any difference.

  43. Laquita April 9, 2014 at 11:05 am Reply

    I have $15,000 on my credit card debt, and would like to know if I pay $1000 a month, how long would it take to pay off, or i will never get out of it?
    the interest rate is about 20%
    also, if they don’t agree to settle, and I choose not to pay at all, what might happen, would I be put in jail?

  44. Terrance May 15, 2014 at 9:51 am Reply

    I am a student looking to get out of credit card debt. Between two cards I owe about $15,000, basically from spending about 2 years w/ shaky employment and reckless youthful spending.

    Right now I am working steadily at a job I love, albeit low paying and not enough hours to make a good amount of money. I am in school getting a supplemental associates degree to the BA I already have, which will hopefully help me to get a stable professional job w/in a few years.

    I would just like to know what my best options are right now, as far as credit counseling, debt consolidation, etc. I really know very little about all of this and got in way over my head in a short period of time and want to work my way out.

    I’ve been making minimum payments on my two cards and watching them go up and up each month to the point where I am spending nearly half of each paycheck paying the cards.

    One is maxed out and the other is close, and I only use them for gas and sometimes groceries at this point.

    Please, I just need lower monthly payments to make life a little more bearable, and so I don’t fear the monthly increase. I want to pay this back and am willing to do the work, but right now they are just asking for more than I can handle! Any help, any ideas? Please I am desperate, afraid, and can’t sleep at night anymore. Please help!

  45. Elisha May 29, 2014 at 3:56 pm Reply

    After taxes, im going to have 12k in credit card debt minus my college loan. Does anyone know of anyway to pay less interest on this amount? Or any advice at all?

  46. Diane June 13, 2014 at 5:42 pm Reply

    Gambler caused 135k worth of credit card debt. Is in ga now and in therapy. I don’t want to get in deeper trying to fix this? what is the best direction to go from here.

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