Question by alirealtor: Overwhelming credit card debt, but never late yet, what to do?
I have about ,000 in credit card debt. It’s a combination of lotsa medical debt and rolling over lots of other stuff. Don’t judge, I already know I’m in trouble.

I have NEVER been late on a payment (on anything, ever). The debt is spread over 5 cards and ALL BALANCES are at 3% interest or lower. The balances are such ,000, ,000, ,000, ,000 and ,000. On these I pay 0, 0, 0, 0, and 0 per month. I also have 2 other cards available with k limits each – in case balance transfer is suggested by someone.

With the housing market as it is, I cannot get a home equity loan to consolidate debt. I also have k in student loans.

My monthly bills are making it so I CANNOT make ends meet. Rather than have any missed payments or late payments, I put groceries and gas back on the credit card I’ve just paid on time. This is NOT RIGHT, but I don’t know how to stop this evil cycle I’ve gotten myself into.

I buy generic, cut coupons, conserve electric and water, and penny pinch like crazy. I pay extra on bills when I can, but that bites me in the ass when auto insurance or HOA dues come around and I don’t have any money saved and just end up putting those on the credit card again.

Any suggestions?

- I’ve always had a great credit rating, despite my credit card debt. I’m not sure if a consolidation loan or trying to settle on a few cards would be the best bet. I have no collateral to offer for a consolidation loan. I’ve already ebay-ed everything I can for some living expenses cash. And IF I could get a credit card to settle (which I doubt they would because I’ve never made a late payment), I have absolutely no cash lying around to pay the settlement amount…so prior to trying to settle, I’d probably want to get that cash from a totally different credit card and have it ready to pay the settlement amount.

ACK! What has happened to me?? Please help with good suggestions and not yell at me for falling into this mess – my stress level and health has already suffered due to this mess. Thank you.

Best answer:

Answer by Tim
stop charging on the cards.

If the interest is 3% or lower that is really low. Lower than getting a home loan. Just pay as much as you can on each one until they are paid off.

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Question by angel3029: Balance Transfer onto a Credit Card?
I am a little over 00 in debt with small finance companies I would like to transfer them all over to a credit card and pay one monthly payment. Is there any credit cards that would help me with these finance companies? I have tried to get a debt consolidation loan but with my bad credit and having no collateral I keep getting turned down. I have seen people transfer personal student loans to credit cards with lower interest rates and was hoping to find a credit card company that would take over my small finance loans. I have a good paying job now but I just can’t seem to get ahead. Also please don’t refer me to debt consolidation agencies I have heard some very scary stories about them and don’t really trust them. Thank you.

Best answer:

Answer by kristin
I had this same problem. You will not be able to do anything really. It is a cycle that is hard to break. Once you have bad credit, it is very hard to turn it around. It takes alot of work and dedication to do it. I had to do a consolidation loan and I ended up paying more in the end. I would just keep doing like you’re doing. Pay as much as you can on each one each month.

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Question by Sarah: I am about to max out my credit card, my interest rate is ridiculus and im a broke college student! help!!?
So I only have 80 dollars left on this card. I have or well had a 4100 dollar limit and througout the years thathas dissapeared. Now my minimum payment each month is 300 dollars and there is NO WAY i can pay that!! I live in an extremely expensive town and that on top of everything else i have to pay is nearly impossible. I have no idea what to do. Take out a loan?? What do i do?? Someone please please hep me!! My others cards have no where near that amount to do a balance transfer and the interest is eating me alive.

Can I get some kind of loan to pay this and then have lower interest on that? Or cant you do a consolidation loan and pull them all into one payment? If so how do i do that? I am not .000 in debt of credit card bills like a lot of them say you have to be…so im stuck.And i already caled my credit card company to try and get my interest rate lowered again and i cant so im just screwed!

SOMEONE PLEASE PLEASE HELP ME!

Best answer:

Answer by mr pickle
Ask to speak to a Supervisor of the card company. Do not give up.

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Question by Herman: I Have ,000 in credit card debt & APR is high – Use IRA $$ to pay off?
I am 30 years old and I have ,000 or so in credit card debt. I started a small law practice a year ago and it’s going well, but I am scraping by. One major reason I am scraping by is because the interest rates on the ,000 in debt went from 0% (when times were great) to now between 15% and 25%. My student loans total 5,000 and are eligible for a long-term, fairly low interest-rate payment plan. Only 1 group is currently in repayment and the remaining groups will be in repayment starting 12/15/09. HOWEVER, I also have ,000 in a Roth IRA (down from only ,000.00 at its peak). I am told I can take a distribution up to the total amount of principal without paying a tax on it and without a penalty. The principal amount is ,000.00. My questions are 1) should I withdrawal enough funds to pay off my credit card debt from the Roth IRA? and 2) if I get into trouble paying off the student loan next spring, shoud I dip into the Roth IRA for that too? My thinking is that I’m paying OUT way more in interest on the debt I’m carrying than I’m MAKING on the money in my Roth IRA, I’m young and have plenty of time to rebuilt it prior to retirement, and the lack of debt will improve my credit score and thus my ability to obtain mroe favorable car loan terms, student loan consolidation terms, mortgage, etc. Please HELP me decide what to do here. Thanks

Best answer:

Answer by David M
You have this all wrong. You are stealing from retirement to pay current lifestyle. You are cashing in assets at a low. With all the debt you have you’re talking about taking on more with a car loan. You should be basic transportation that you can pay cash for. You say you are young and have plenty of time to save for your retirement. Which means you don’t understand the basic concept of compound interest. A dollar saved at 30 will accumulate into a much larger amount than a dollar saved at 40 or 50. It sounds like you would like to live for today and let tomorrow take care of itself. We have a nation of people who believe and are living that way. Very dangerous. You need to learn to live within your means, spend less than you earn. And add to your savings, don’t take away from them.

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Question by Stephie: My credit card companies refuse to raise my limit or lower my interest rates…loan options?
I have three credit cards with low limits (0-0 each) and the balances are pretty much at the max. I haven’t been late with any of them in over a year, and I make more than my minimum payments, but with the monthly fees and annual fees and interest, I can’t seem to get the balance down. I haven’t used the cards for any purchases in 6-9 months at all.

I called each CC company today to see about lowering the interest or raising the balance and they all refused. I’m now looking for other loan options to consolidate these. I filed a BK7 in 2007 and opened these cards to help improve my credit, and now my credit scores are 534, 591, 648. All I want to do is pay off these cards so I can put the money into my savings, but these companies are making it difficult, and between my own bills and my savings I can’t afford more than what I pay.

Anyone have any experience or ideas? I did a “bad credit credit card consolidation” google search and just got Pay Day loans – NO way. I can take out extra money from my student loan, but I don’t start until September, and I’m trying NOT to be repaying so much money per month when I’m going to school, too. I live in Las Vegas, NV, if that gives anyone any local company considerations.

These are my cards and rates as of now.

Capital One: 0 limit, 1 balance, 17% interest, no annual/monthly fee, /month payment
Orchard Bank: 0 limit, 1 balance, 20% interest, no annual/monthly fee, /month payment
First Premier: 0 limit, 0 balance, 20% interest, month/ annual free, /month payment
First Premier: 0 limit, 8 balance, 20% interest, month/ annual free, /month payment

I have a very tight budget already, and REALLY don’t want to dip into my savings. I just need to figure out how to get out of this debt (albiet small, but it’s still driving me NUTS) so I can start saving more money.
I’ve now realized that this was a REALLY bad question to post – I never thought I would get so many Nigerian scams from it…ugh!

Best answer:

Answer by Common Sense
Sorry, but there’s no way to “get out of it”.

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