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Credit Card Debit probelm

Discussion in 'Stocks & Investments' started by keylay, Aug 27, 2015.

  1. Aug 27, 2015 at 3:03 PM
    #1
    keylay

    keylay [OP] Well-Known Member

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    My wife and I both have credit cards through our bank, Wells Fargo. Due to a series of life changing events and poor habits, we accumulated roughly $28,000 in debt and i'm feeling the pain.

    Just recently, with our finances and paying medical bills, have started to save $700-1,000 each month. Right now, it will take YEARS to pay off that c.c. debit with minimum payments and the interest rate around 12-16%.

    I have talked with the bank, and they offered us an option for a loan at a lower interest rate to pay for the debt. Another option is to consolidate with a credit union we use which can get us a 6-7% rate.

    I've picked up extra work starting after Labor Day through May of 2016, bonuses and raises, i think i can pay this off in 2-3 years.

    Anyone else in a similar issue or have suggestions?
     
  2. Aug 27, 2015 at 3:05 PM
    #2
    ZachMX

    ZachMX Well-Known Member

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    Not that much but similar. Been whittling away at it. Feel your pain. Most Americans are in the same situation so dont let any naysayers get to you. I suggest Dave Ramsey and anything that helps you stay on track. I cut my riding back significantly and try not to keep up with all my buddies buying new cars, trucks, bikes, etc.

    As Dave said start with your lowest balance first and pay the most towards that. Once that one is paid off take what you were paying on that and pay the next one with the lowest balance and so on and so on creating a "Debt Snowball"
     
    Last edited: Aug 27, 2015
  3. Aug 27, 2015 at 3:06 PM
    #3
    Bennett707

    Bennett707 Station707

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    first off, make more than minimum payments.

    find a CC that will offer you a balance transfer option at no interest for 12+ months with minimal to no balance transfer fee's.
     
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  4. Aug 27, 2015 at 3:08 PM
    #4
    vrod671

    vrod671 The Okayest Member

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    hope you get everything figured out and get back on your feet. i too am bouncing back..just payed off my credit card (probably my last) and still stuck with lawyer bills from a custody battle. it sucks, but we're alive. good luck!
     
  5. Aug 27, 2015 at 3:08 PM
    #5
    DrFunker

    DrFunker Prisoner of the little people circus.

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    You are on the right track. Get that high interest shit out of there. The CC companies make it so if you pay the minimum you will never get out from the hole and it just gets bigger. If you can stop paying with a CC all together, that would help too.
    Best of luck.
     
  6. Aug 27, 2015 at 3:16 PM
    #6
    T Fades

    T Fades Well-Known Member

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    Instead of making the minimum monthly payment, see if you can afford to make a second payment each month. You will need to clarify with the bank this second payment is to be a 'principal only' payment.

    Have a goal and stick to it. You can probably pay it off in 2-3 years if you really try. Also try to cut back on other expenses (ie. the data plan for your cell phone, smaller cable package, less going out).

    Also, cut up that CC and don't get a new one.
     
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  7. Aug 27, 2015 at 3:20 PM
    #7
    DrFunker

    DrFunker Prisoner of the little people circus.

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    The far side.
    :D
     
  8. Sep 20, 2015 at 7:03 PM
    #8
    ImpulseRed008

    ImpulseRed008 Gone But Not Forgotten

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    If you have any $$ left come pay day, write a check to one of the CC and mail them two checks when it's due.

    Good luck. Got rid of my debt 15 years ago.
     
  9. Oct 8, 2015 at 12:14 PM
    #9
    Simon's Mom

    Simon's Mom Wag More Bark Less

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    Kinda a late response but what I have found helpful is:
    1. A small notebook writing every single penny I spend everyday. There are apps, but I prefer this method.
    2. After writing down what I was spending, I saw all the purchases that were leaking my cash.
    3. I made adjustments to my spending and developed a budget knowing every single expense.
    4. I kept a spreadsheet of all my debt, knowing payment and interest rate.
    5. I took a spending pause not buying anything.
    6. I sold a lot of my unneeded or unwanted stuff.
    7. I cut out all kinds of unneeded services, cable, memberships, Costco, Amazon prime.
    8. Used the snowball method and following the 7 steps got out of 30k of hair on fire debt in 14 months.

    now being debt free other than my mortgage I am hitting that hard & have an emergency fund.
    I no longer spend frivolously and really pay attention to my financial health just as if my life depended on it.
    No more stress, healthier because I eat differently, more active, there is a ton of stuff you can do for Free.
    Good luck, you and your wife can do it!!
     
  10. Oct 22, 2015 at 10:56 AM
    #10
    coffeesnob

    coffeesnob Well-Known Member

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    check out the slate chase card it looks like a good card
     
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