How do I get rid of over 100K in credit card debt?

Yes, you read that right -- I have over 100K in credit card debt. I have about $150K in income per year, but I'd love to knock this debt out asap. Other than the typical solutions I've heard, anyone have some clever way of knocking this out?

How do I get rid of over 100K in credit card debt?
Just do it the old fashioned way. Cut costs everywhere and spend less. For example, I am in debt (about 8,000 now, down from 15,000) . . . and I'm cutting costs everywhere. I am moving out and finding a room mate to spend half as much on rent, driving car less, using subway to get to work.





Get more than 1 bank account. I have 3 accounts. One account I keep 100 dollars in everyweek so that i NEVER spend more than 100 a week. Then I have an account that I put all my money in for bills . . . then whatever is left I put into savings. I also put 100 dollars a week from my paycheck straight into my savings so that I never see it. It all adds up quickly.





I will be able to save even more when I sell some old equipment and move out and LEARN TO LIVE WITHOUT!!!! Thats the key.





At 150k I'm sure you went through college? And if mom and dad didnt pay for it you lived without. Well get in that mindset again. Its time to do without the luxuries and get to business.





Good luck. And I also agree with the guy who said to call your CC Company and try to settle for less.
Reply:Go online and run some numbers through one of the loan calculator web sites, as if you were trying to buy a $100,000 car. How much cash you can possibly afford to pay every month, the interest rate they're charging you, and the number of years or months you want to finish in. A rough guess on the interest rate tells me you could finish in about two years if you could put $5000 per month on it. Whatever amount you choose, paying that same amount each month bypasses the minimum payment sucker trap that's designed to string you along forever.





Don't forget to back that up with real cost cutting measures. Cut up your credit cards and pay everything with your debit card from now on so you don't increase the debt again. Change your lifestyle, it'll do you some good. Move to a smaller home and trade down to a used car if necessary. Put the kids on eBay. And so on.
Reply:Your best option always is to call your credit card company, and offer to make a settlement. Most creditors will offer you a way better deal if you are willing to make lump sum payments, as opposed to making small installments over the next 12, 24 or 36 months. You might be able to settle for as little as 60% of the balance.





Not only does this rid you of the problem quicker, but it also saves you a ton of money. Believe me on that. Plus the longer you take, the more interest is slapped on top of the principal...
Reply:I recommend debt settlement . Total Debt Solutions partners with a company in Texas called Credit Results USA to offer debt settlement. Credit Results USA has been in business for years and is listed with the BBB. My dad used them with great results getting debt free in 36 months. He held the money in a trust account; this isn't just sending money to some faraway company each month and saying a prayer that you dont get ripped off. Check out the source website and their free evaluation form or toll free number; they can help!
Reply:I managed to save up 180k in 6 years on 60k a year.


That was extremely easy as it still allowed to live on 30K a year.


You make 150k so you get about three times as much as me.


I am sure you can do 100k not in six years but three times as fast.


On your wage I could do it in about 10 months.


But perhaps we need more than money to save up, I am not sure what.
Reply:Stop using your creditcard ASAP. Work from there.