credit card debt

[Nice Lover Boy]

Hi everyone. Its me n haven't been here in a while. So the topic is a no brainer.
Does anyone know or had positive experience in findind a debt solution program that helps get out of debt. I'm in debt n don't wanna lose my credit.

[doppelgaenger]

The solution is to not use the credit card.

[misombra]

how much is your debt?

[Junket]

Cut back on your expenses.

The key is to use your credit card like you would a debit card that withdrew the finite amount of cash you have available at the bank.

Live within your means.

Don't eat out as often, cancel the extra cable channels, drive more conservatively, that kind of thing. Don't fall for those "debt solutions" businesses, they don't do that shit for free, y'know.

[Gigabitch]

Contact the government (not sure exactly who).

Apparently, there are consumer services available for free that some companies will charge you hundreds of dollars for. I wish I had more details for you, but at least it's sending you off in the right direction.

Check it out, anyway.

[Yggdrasil]

Eh.. destroy your credit card, get a well paying job and pay off your debt?

[IndiReloaded]

Here you go, doll, including the contact info Giga was referring to. Good luck with everything:

[url]http://www.essortment.com/all/debtscontrol_rvtx.htm[/url]

[misombra]

well it would look worse on your credit report if you paid it off and cancelled it, than it would to just pay on it regularly and on time.

[Junket]

Pay it off as soon as you can, but don't cancel the card.

Don't believe the bullshit about paying off debt too quickly.

[s_b]

Here's a solution that I used:

1) Find another credit card company that you can transfer the balance to AND which has a lower interest rate (in UK they are typically interest free for first 9 - 12 months for a one-off 3% fee of the balance).

2) Stop using the old card and don't use the new card for any purchases.

3) Pay off as much as you can afford each month - but at least make sure you pay the minimum amount due.

4) When the interest free period is up - find another credit card and do the same....

Surfing the debt this way, you'll:
a) save lots of cash without using those expensive programmes
b) not lose your credit rating
and c) learn to have respect and self control over money - a good habit to pick-up.

[Yggdrasil]

Here's a solution that I used:

1) Find another credit card company that you can transfer the balance to AND which has a lower interest rate (in UK they are typically interest free for first 9 - 12 months for a one-off 3% fee of the balance).

2) Stop using the old card and don't use the new card for any purchases.

3) Pay off as much as you can afford each month - but at least make sure you pay the minimum amount due.

4) When the interest free period is up - find another credit card and do the same....

Surfing the debt this way, you'll:
a) save lots of cash without using those expensive programmes
b) not lose your credit rating
and c) learn to have respect and self control over money - a good habit to pick-up.

And stay in debt.. I think you forgot to mention that.

[s_b]

Of course..... until the debt is finally repaid. It's a way of managing down the debt slowly without raking up interest charges.

Using those debt schemes is just the same - but you end up in debt to the debt programme company rather than the credit card company.

If he wants to go bankrupt...fine...but he said he didn't want to lose his credit rating. Bottom line - there's a debt and he's going to be made to pay it...

[IndiReloaded]

I think that solution could work provided one has the discipline not to use the cards. I would just cut up the old one. 3% a year for the transfer isn't very much IF the card is really interest-free. A bank loan could be less, but generally one requires assets in order to get those rates. Check the fine print for either.

I think Ygg's concern was your mention of minimum payment. I know you said to 'pay off as much as you could but *at least* the minimum'. But, as we all know, paying the minimum will not pay off the principle (usually).

Whatever you decide to do, make sure you make a table/spreadsheet showing your debt/repayment schedule for whatever interest rate you finally end up with. Excel will work just fine. This will give you an idea of how much you want to pay & how fast your debt will disappear.