I have had a card for 3 years now. Limit is $4500. Card has been maxed out several times, but I was able to pay half of it back too.....well, I charged it back up. Now it's back to $4000+ plus I have another card with $1600 balnce. My minimum combined payment is $180/month. I have realized it that I will not be able to pay those cards off anymtime soon. Interest is like $50+/month on one of them. Is there anyway I can contact thecreditor and have them to cut my balance in half or so? If this is even doable, is it a good idea? How would that affect my credit rating? Thankx
Cut your balance in half? Cut the card in half, and get a 2nd job! Basically, you can 1) keep paying reccomended 2) file BK (not fun) 3) Credit Counseling Services (hear they kill your credit score).... best bet is to cut expenses and pay card as much as you can!
I already have 2 jobs. Bancrupcy is not an option for me. I've worked too hard to establish good credit. I had some bad stuff on it before, it's finally gone. I have other expenses which I can disclose. That's partially why I had to charge those cards back up. Well, I guess I'm gonna have to eat plain bread for the next 10 years
You could call them and ask for a temporary reduction in interest rates. All they can say is No. Dancer
I've heard that you can significantly reduce the amount of overall interest you pay if you pay half of the minimum 2 weeks before the due date and the other half on the due date. For example is the minimum is $50/mo and due on the 28th of every month. Pay $25 on the 14th and $25 on the 28th. The theory being that your interest charges would be accessed on a lesser amount. good luck!!
Jaybird, If you have 2 jobs, there's no reason you should not be able to payoff this small balance. If you were sick & unable to work (much), that's another story. You maxed out your card previously, so you either didn't learn your lesson, or something unexpected got you in trouble. Tighten your belt, cut the fat, and with some perseverance, you will be able pay it off. If you want some help establishing a budget spreadsheet, email me. This may sound miserly, but the following strategies got me out of debt 3 years early: 1. Utility bills: use hall lights & natural sunlight as much as possible to reduce usage. Get rid of caller ID & other options for a few months. Shop around for the best long distance. Get basic cable or no cable at all. 2. Cell phone? Get rid of it, don't go over your plan minutes, or switch to a lower cost plan. 3. Eat out less, brown bag more. Cook @ home. Drink water instead of soda. Find less expensive means to entertain yourself. 4. Pay as many bills as possible online or via monthly automatic drafts. (For every 5 bills you do this, the cost of stamps will cover 1 day of interest on 1 of your credit cards). 5. Buy clothes that don't require a lot of dry cleaning. 6. If you're a woman, do your own nails. 7. Establish a contingency fund. There are few real emergencies/catastrophies. A situation becomes an emergency usually because you didn't plan for it.
5. Buy clothes that don't require a lot of dry cleaning. ----------------------------------------------------------------------------------- MY RULE...WASHING MACHINE ONLY...I own NOTHING dry clean only...
