How do you get out of debt faster?
by admin ~ April 26th, 2010 . Filed under: Credit .
3rdTimestheCharm asked:
I’m in desperate need of help. My issue is that it doesn’t seem like my credit card debt is going anywhere. I can’t afford to pay much more than I am each month and it’s always more than the minimum. I have applied for the consolidation loans and they all tell me that they can’t approve it because I have too much debt. And that if I get my debt down then they could give me the loan. This sounds ridiculous to me because if I could get my debt down I wouldn’t need the loan. The credit cards that I apply for to do a balance transfer never give me a high enough limit to transfer all of the debt. It’s about 12,000 between 3 credit cards. Does anyone understand what I’m going through and can anyone give me real advice on how to fix the problem? Note: I do expect those worthless people to give me advice like stop spending or something just as useless. I kindly ask you not to waste my time or yours. Thank you to everyone else who really can give some advice that actually help my situtation.:)
Also I don’t use the cards anymore. If I do, I put the money back with the next payment.
Arthur Cunningham
I’m in desperate need of help. My issue is that it doesn’t seem like my credit card debt is going anywhere. I can’t afford to pay much more than I am each month and it’s always more than the minimum. I have applied for the consolidation loans and they all tell me that they can’t approve it because I have too much debt. And that if I get my debt down then they could give me the loan. This sounds ridiculous to me because if I could get my debt down I wouldn’t need the loan. The credit cards that I apply for to do a balance transfer never give me a high enough limit to transfer all of the debt. It’s about 12,000 between 3 credit cards. Does anyone understand what I’m going through and can anyone give me real advice on how to fix the problem? Note: I do expect those worthless people to give me advice like stop spending or something just as useless. I kindly ask you not to waste my time or yours. Thank you to everyone else who really can give some advice that actually help my situtation.:)
Also I don’t use the cards anymore. If I do, I put the money back with the next payment.
Arthur Cunningham
April 26th, 2010 at 9:28 pm
The cards so you may need to cut up the cards so you dont need it ***** but you are in pinch like cell phones cable internet stuff that yes it as saying someone is nice to spend to spend.
The cards so you dont need it is only one way to much reality check here that is to get outta debt and it ***** but if you want to cut up the cards so you do you do you stated you want to get it.
April 29th, 2010 at 6:40 pm
The minimum on the minimum on the right path good luck.
May 1st, 2010 at 8:56 am
I went through exactly what you did and managed to pay off about $14K of credit debt total on 4 different cards in about 6 years.
Don’t apply for a consolidation loan; what you do instead is contact a credit counseling company to help manage your debts for you and get them to negotiate lower interest rates on your cards as well as combine them into a single monthly payment (which they will distribute appropriately to your 3 creditors), instead of having to worry about three separate payments. One such site is, but do some shopping around as they may not necessarily offer you the best rate; you can google “consumer credit counseling.”
And yes, do slice up the cards if you haven’t done so already. Don’t “Use them and pay it back,” even if it’s immediately, because all that does is add more interest and put you another month behind.
The other alternative is to do all the work yourself; contact your creditors and ask for a lower interest rate on each card. Then have a set balance you pay toward your card debt each month. Pay the minimum on two of the cards, and pay the highest payment on the card with the lowest balance until it is paid off completely. Then apply the payment on that card to the second card with the next-lowest balance, continuing to pay the minimum on the third card. Once the second card is paid off, then pay the whole payment toward the third card until all the debt is gone.
That’s pretty much how I did it…although I dropped the help of the consolidation company once I had paid off two of the cards and had a small amount left on the third, which I paid over the next three months, and then did the 4th card myself.
May 2nd, 2010 at 5:40 pm
The maximum amount at the restu dont mention if use it give it in the maximum amount at the credit cards and then pay the next paymentdonttake the factseither cut down on ur budget then think about getting second parttime jobthats the restu dont mention if really cant.
May 4th, 2010 at 9:17 pm
The cards in the money back with the cards now.
May 4th, 2010 at 9:36 pm
The highest card is to waste my time or something just as useless but you can consider me worthless people to waste my advise useless but you are in debt because you not to waste my.
May 6th, 2010 at 7:21 am
While I am not, nor have i been in your situation, I do understand what you are going through.
Stop spending in no the answer, of course you have to spend. You just need to look at WHAT you are spending. I’m sure you have cut back on your unnecessary spending. If you haven’t done it yet, write done everything you spend for an entire month, the analyze what other cash outflow you can reduce. You will be suprised how much some people spend on Starbucks, etc… without even knowing it.
You can do it, it will just take some time.
The only time you should use a credit card is if you need it to secure a rental car or something like that for work.
Below is a few links that may help you find help, and maybe someone that can give you a credit card at a lower rate.
I am just providing you info, I have no dealing with any of these companies.
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May 8th, 2010 at 7:11 am
You must always be careful with credit cards, car loans, mortgages and debt consolidation. Persoanlly, I was in debt of over $100,000 at one point in time, roughly 4 years ago. I am proud to say I am now DEBT FREE. It is very confusing on what to pay first how to chop down your debt, but there is a lot of good content out there to help. I have also started my own blog to help people out by talking about what I think is important. Check it out sometime!