Comments on: Can I Get Out Of Credit Card Debt?

By: new name

new name — Fri, 25 Sep 2009 19:45:33 +0000

I think so… I thought it was 7?

By: jocundity5

jocundity5 — Fri, 25 Sep 2009 14:40:42 +0000

If you have great credit you might get the loan if not you won't. If the interest is lower why not?

By: rizell2004

rizell2004 — Fri, 25 Sep 2009 12:20:55 +0000

it is very possible for the collection agency to threaten with court. once it goes to a collection agency, they are affiliated with lawyers and you just need to tell them. i can pay $25.00 a week and you must stick to it. $1500 is not a lot in debt, but if in a collection agency, you have ruined your credit. your debt cannot go up. and they cannot add any more finance charges to it. it is illegal.
if you are prepared to make a payment to clear it all up……..ask them to settle with you for a flat amount of $900 …….otherwise, tell them ……..its impossible for you to make the payments they want. they cannot deny a payment from you, so $25 a month is all you can do. if you try to do this BEFORE it gets a court order, you may be in luck.

just don't avoid them and pay what you can and you will be fine

By: sunshine

sunshine — Thu, 24 Sep 2009 06:45:34 +0000

No. You only 'save' tax at your tax margin rate (Your highest rate) on the toal amount put into the 403. So, if you put a $1,000 in you save $360 in taxes. But you have to put in the entire $1,000 so your cash flow is less.

That being said, a 403B is a great way to save, especially if you are young. Sock as much money away as you can. What will it feel like to be millionaire when you retire because you put away $10k a year while working?

By: allybd76

allybd76 — Wed, 23 Sep 2009 03:57:02 +0000

1. Throw away your credit cards

2. Pay the minimum balance on each (if you have more than one)

3. Try and pay the smallest debt off first… then take what you would normally spend and tack it onto the next debt.

example:

you owe $5000 on MasterCard… minimum payment is $130.

You owe $8000 on Visa… minimum payment is $240.

Total monthly: $370.

Once the $5000 is paid off, take the $130 and add it to the $240… Visa payment would be $370…
and so on.

It will cause some serious sacrifice, but you will be able to pay your debt off a lot sooner.

By: migueljuan

migueljuan — Wed, 23 Sep 2009 02:27:45 +0000

I would strongly advise you not to go that way. You will carry that mark against you for life. Talk to your student loan creditors and tell them that you are doing it really tough. Most will understand and help you come to a better arrangement that's suitable to you both. I have been in a similar position to you and I worked out a solution with my creditors. Maybe you could talk to a financial adviser who could show you various options. Good Luck.

By: juno

juno — Wed, 23 Sep 2009 02:00:35 +0000

For one thing your secret from your husband is going to destroy both of you emotionally and financially so don't you think it's only fair to get him in the loop on your mistake if you are looking to correct it? Remember the "for better or worse" thing? So often people keep secrets from spouses and yet they are just as guilty. But, to answer your question you need to pay off those debts one bill at a time but STOP using those cards right now. If you cannot afford something, don't buy it. PERIOD. If you feel you need a consumer credit counseling agency, check out the link below. Forget about debt consolidation… that only spreads your debt around. You owe what you owe so make a plan to pay it by increasing your income or decrease your expenses. You dont have to close your credit cards but get them out of your wallet and out of your hands until they are paid in full. Now, get a good night's sleep and figure out how to turn your business around to make more money by investing less money into it or close it down. Too many people just keep adding to debt out of fear. Be true to yourself… and to your hubby!!!

By: kelly l

kelly l — Tue, 22 Sep 2009 15:30:40 +0000

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.

By: me41987

me41987 — Tue, 22 Sep 2009 15:28:41 +0000

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