I was working a job, $12/hour and living off it, or not, and ended up $3,000 in credit card debt. I just started a better job at $18.5 an hour and need advice on how to best pay off that debt. Wait till the end of the month and use left over money? Pay at each paycheck? How much at each paycheck- a set amount or as much as I can? How do I stop from recharging? I have considered cutting it up but I want to keep it for emergencies or what not, and I’ve tried freezing and having my boyfriend keep it without success. HELP! Thank you 
Also, it is all on one card- nothing to really consolidate.
To stop charging: Take the credit card out of your wallet. Get a big bowl. Fill the large bowl with water. Put the credit card in the bowl. Put the bowl in the freezer. You still have the card — but have to thaw it out before you can use it. Then you have to decide if it is enough of an emergency to thaw out the card.
If that does not work…..then you don’t want to be out of debt.
You are in debt because you chose to be. You chose to have a life style that involved debt. You refuse to make the changes to your lifestyle that are needed to get out of debt. I highly recommend Larry Winget’s book: Your Broke Because You Want to Be.
Debt is like fat. It takes time to gain it. It takes time to get rid of it. Either way, you have to work hard – make sacrifices and life’s not fun while you’re doing it.
If you are fat – it because you chose to be. You chose not to make good fat choices. You chose not to exercise. You chose not to do what it takes to get the weight off. (I know….I battle the bulge). Well. Debt’s the same way.
Stop making excuses. Stop spending. Put all extra money on the debt. Accept responsibility for your financial decisions.
get a loan from your bank to pay off the high interest rate credit cards. you will have one payment and your cards will be paid off in a timely manner…..cut up your cards now!!!
I just got a loan from my credit union and paid off my credit cards….the loan is for 4 years and I am saving over 200$ a month in payments…..if you make only your minimum payment on credit card bills you will likely never pay them off.
References :
Stop using the cards completely. Put them in a ziploc bag with water and freeze them. You are living beyond your means.
Sit down and set up a strict budget. Eliminate all the extras — cell phone, eating out, new clothes, premium cable and internet, etc. Take every penny you can squeeze out of that budget and throw it at the highest interest rate credit card, while making minimum payments on the rest. When the highest rate card is paid off, move to the next till they are all paid off.
Find ways to bring in more cash. Have a garage sale, collect alum cans, get a second job.
If you work at it, you should be able to pay off that $3K in less than a year.
References :
Will power is the best answer you can get. You are strong enough to defeat your credit card demon.
Set up a goal of increasing your credit score by bringing this card to a 35% of it credit limit. That helped me to increase and I used as an incentive to keep it low.
Contact me via email for further help if you wish to. Best of luck…..
References :
http://www.supremecreditsolutions.com
Hi,
Ok so you are making an additional $6.50 an hour.
Take $5. of that raise in pay and put it toward the credit card debt.
Assuming you work 40 hours a week and are paid weekly.
I’m guessing you have Internet access since you posted this question, set up (if you haven’t already) on line access to the credit card company
Each week when you get your pay check
Deposit it into your checking account.
Go home, change into something comfortable,
turn on the computer, go to the credit card website
post a payment for $200. to post 2 banking days later.
If you make these payments weekly (or per pay check) you will cut down on the overall interest
have less opportunity to spend the money
get into a good habit
Forgive me in advance, I don’t mean to sound harsh but….
You need to get a grip on yourself…..YOU can control your spending and the use of your credit card..it may take effort but you can do it…the worst thing you can do is set yourself up for failure by having a negative attitude.
Good Luck
References :
Maddie,
The following answer may come across as harsh, or condescending but I do not intend for it to. I am a teacher. It is my nature to respond by asking questions. Here are some thoughts to contemplate.
I think the first question you have to ask yourself is, why did you use your credit card and what were the motivating factors?
Did you use your credit card because of wants, or because it was a matter of life or death?
Also, if you really want to stop charging it doesn’t matter what methods you use to trick yourself into not using a credit card. What does matter is understanding the psychology and justification behind your use.
Now as far as paying the balance off quicker. Do not get a bank or any other type of loan. All you are doing is moving your debt from one place to the next. Yes, you might have a lower interest rate on a new loan, but you are still a slave to someone. And, psychologically you are telling yourself this is a better option, when in fact it is only a temporary fix.
Instead, make double or triple payments if possible. On top of this, get a second job. A second job that isn’t costing you more in the long run. Yes, this might be a sacrifice, but it will be a short term sacrifice compared to just moving your money around.
As far an an emergency fund goes, save part of your income and do not touch it. Then when the emergency comes along, you can pay for it, and not owe someone else money.
Hope this helps.
References :
You should get another card that has 0% balliance transfers. That way you can pay it down with out paying the interest. You then need to put yourself on a budget. You probably should also take 10% out of every check and start a savings account. You can then have that for emergencies insted of using your credit card. A good way to pay that card down would be to pay it weekly. Maybe pay 100 per week or more if you can afford to. As for resisting using the card that is up to you. Maybe open a safety deposit box and put it in there. This way it isnt so convient to get to and you might think twice before charging, but it is also there if you have an emergency. Oh yeah you can go to http://creditcardwarehouseonline.com to see some great balance transfer cards. Also there is a good article on that site about transferring you balance.
References :
To stop charging: Take the credit card out of your wallet. Get a big bowl. Fill the large bowl with water. Put the credit card in the bowl. Put the bowl in the freezer. You still have the card — but have to thaw it out before you can use it. Then you have to decide if it is enough of an emergency to thaw out the card.
If that does not work…..then you don’t want to be out of debt.
You are in debt because you chose to be. You chose to have a life style that involved debt. You refuse to make the changes to your lifestyle that are needed to get out of debt. I highly recommend Larry Winget’s book: Your Broke Because You Want to Be.
Debt is like fat. It takes time to gain it. It takes time to get rid of it. Either way, you have to work hard – make sacrifices and life’s not fun while you’re doing it.
If you are fat – it because you chose to be. You chose not to make good fat choices. You chose not to exercise. You chose not to do what it takes to get the weight off. (I know….I battle the bulge). Well. Debt’s the same way.
Stop making excuses. Stop spending. Put all extra money on the debt. Accept responsibility for your financial decisions.
References :
Work out a budget. Write down all your
bills, expenses, and write down all your
income after taxes, do you get paid
weekly, biweekly if by week put in savings
account if you have credit cards then the
rest of the month work out some bills,
rent/mortgage, gas money for every week
you just have to be a litle disciplined, cause
the more money sometimes you wont
kn ow where it went, how you spent it,
open up a IRA or a Cd. Good luck!!!
References :
The best way is to pay the bills off. reconsolidating your bills only makes your bills last longer or you will be paying more sometimes
just pay them
References :
http://www.carpentrypages.com
easy – don’t get one in the first place…but since you are already stupid enough to have gotten yourself into debt, you are probably gonna have to cut it up. if you want an emergencies only fund, consider opening another free checking account with any bank, deposit a set amount of any money you recieve in your hot little hands, and only use the debit card for emergencies – that doesn’t include liquor, tobacco, or anything else that’s completely idiotic
References :
There are two ways according to me to eliminate your credit card debts.
One is through credit counseling which is also known as credit card consolidation. It allows you to lower your monthly payments by getting interest rate concessions from your creditors by contacting them and negotiating for lower interest rate on your behalf.
Another way is getting debt consolidation loan which is a type of unsecured personal loan where several high interest debts can be consolidated it into one lower, fixed rate loan.
Here is the source of a debt consolidation company named http://ezconsolidation.com for your reference.
References :
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