I want to get out of my credit card debt. I know I need to cut up the cards and tell them "bye", but can I get a personal loan at the bank and consolidate them with a better interest rate?
How do I get out of credit card debt?
I work for a CC company the first thing you should do is call the companies you have debt with and ask for a lower interest rate. Private level cards will not usually offer you a lower rate but many large companies will. Also try to threaten to close your account usually they will try to save you by offering you "Benefits" some of these can be VERY nice and if they give you the benefit close anyway. Consolidation can also be good. Many cards offer a 3 or 4% balance consolidation fee for the life of the balance transfer. I suggest if you try to get a card that has a LOW apr that you do NOT plan to use but consolidate all your balances over at the low balcon rate. Also remember that your monthly cycle balance will incur FC's UNLESS the balance is paid IN FULL each month. Doubling up on payments may go toward paying the princible but you will still get FC each month on that balance. The way FC work are as follows The math for the FC is as follows: Take the Left over balance times the APR and move the decimal to the front as .248 (or whatever is relevant) . Take the amount given on the statement and divide by 365 for the days in the year. Then multiply times the amount of days in the Cycle to get a close estimate of the FC on a balance of 300 for instance the FC would be $6.11. Now remember that the Average Daily Balance is how most companies add FC's if the balance is NOT paid in full you pay the FC on the Total Amount for the previous cycle.. Last CUT UP ALL of your cards. If you are going to use credit use it for a House or something that will appreciate in value. Otherwise you will dig yourself deeper and NEVER in debt get out of it.
Reply:Stop charging...and start paying extra payments.
Reply:look baby-boo...forget that bankruptcy non-sense…it will seriously hinder the ease of your purchasing power later down the road.
Bottomline…you want this to go away bad? I have a step-by-step process that will always work…you can keep your purchase power, and current credit standing.
1. Decide that you WANT and NEED to accomplish this goal: getting out of debt by…(time frame determined by YOU)
2. Get up off your shoulders and get a part-time job!
3. Pick a balance…focus ALL of your part-time earnings to one card balance at a time.
4. Promise yourself to not never position yourself this way any more!
If you can’t pay cash for something…you can not afford it.
If you want to be able to buy what you want…find a way to create extra income and use that.
If you do not do these things…be prepared to suffer in silence behind the clever guise of materialism…which most of us do in America.
5% of this population control over 40% of the wealth in America…uh…let us learn what THEY are doing!
Bye!
Reply:Stop using your credit cards and start paying extra.
Reply:hi, these links seem to help people in trouble
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck.
Reply:There are credit card counseling centers that can negotiate for you with all of your debts, they will get you a lower rate to pay off cards and consolidate them into one payment.
Also, it's best to use only one card and only for emergencies or necessary things. Get rid of the rest.
Search on the web for the counseling companies.
Good Luck.
Reply:%26lt;%26gt;http://www.nohasslebargains.com/loan/cle...
Reply:yes you should be able to get a personal loan and consolidate your credit card debts, but you should also cancel your credits and not just cut them up, so the bank doesn't charge you credit card fees.
The other way is to work how much more you can afford to pay off your credits cards each week above the minium payment, then pay the minium payment of each card and the extra of the card with the highest interest rate until its paid off, then attack the next card with the highest interest rate and so on. When you finish paying of the the first card you take the entire amount you were paying and add it to the minium payment of the next card.
Reply:Cut up your cards so you don't charge any more. Call or write each lender to see if you can set up a payment plan w/o any interest.
Don't be late with the payments. Pay the highest interest cards off first. Pay more than the minimum payment if you can.
Buy a book like one from Susie Orman to see how to stay out of debt. She writes about real life situations and how to resolve them.
Reply:if you own a house you can, personal loans with no collateral is hard to secure. No harm in trying tho'. Good luck. Try to contact one credit card company and see if they are willing to offer balance transfer specials or apply for cards that have fixed lower interest on balance transfers until they are paid off etc. then do your best to stop using them and pay them off.
Reply:Try Dave Ramsey. He helps people with debt and financial problems.
http://www.daveramsey.com/
Start with the Total Money Makeover
Reply:have you considered bankruptcy? it works for major airlines, it could work for you!
Reply:First thing you need to do is call each credit card company and request a lower percentage rate. If the representative denies the request, ask for their supervisor. Many companies just say no as a standard.
After you have got them to agree to a lower rate, or were given a final no, then not only cut up the cards but close the accounts. By leaving the account open, there is always the temptation of using the info to order online or request a new card. Then they will continue to send you monthly statements until you are paid off.
I also suggest that even during tough months, that you at least make a payment twice that of the minimum amount due. The minimum usually only covers interest. Doubling it insures that something is being paid to principle and will help keep your credit report from showing "minimum payments" on each account.
Reply:don't consolidate
just be patient and rip your cc
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