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HomeOff Topics › credit card made me a depressed person , needs help please
03-08-2008 05:13 AM  10 years agoPost 1
digikas

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London, Ontario, Canada

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what should I do to get out of this hole I have 4 credit cards and and 5,000 dollars on them is there any way I can consildate them . ???? thank you

Scale life or no life !

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03-08-2008 05:24 AM  10 years agoPost 2
helo_chris

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goodlettsville, tn

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All debt consolidation does is make you feel like you have accomplished something. Its not really worth it unless you have a very high interest rate and can get a card that has an introductory 0% on balance transfers. Best thing to do is read Dave Ramseys book. use the debt snowball, make minimum payments on everything except your smallest balance and throw as much at that as you can scrape up. Once that one is paid off you roll all of that payment up to the next one, and so on. So you take the payment you were making on the smallest debt and add that to the now smallest debt.

Biggest thing with debt is to change the habits that got you there in the first place. At least you are realizing it early, listen to Daves radio show and you will feel alot better about your situation. Have heard people call in with $60K worth of credit card debt on $80K a year income. Company I used to work for went bankrupt because of that kind of dent load.

http://www.amazon.com/Financial-Pea...y/dp/0670032085

"There is a fine line between cutting edge and bleeding edge.."

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03-08-2008 05:50 AM  10 years agoPost 3
Inspector Fuzz

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NLA

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What he said..
Chris's advice is sound. I used that to get out of cc debt from college 15 years ago.
Make minimums but pay off the smallest one and apply payments to the next smallest in line. It's like losing weight. You didn't accrue it overnight and it will take a while to dump it.
You may need to take a small part time job on the weekends to get it gone faster. In 1993 I dumped $7,000 in debt from 2 cards in just under a year. I had a day job/business and I waited tables almost every night of the week in addition to that.
Like Chris said, you have to change your habits. Assuming you were not sick (medical bills) most of the stuff on those card is probably crap you didn't need. Vacation expenses, toy helicopters, clothes, CD's, etc.
JEFF

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03-08-2008 06:32 AM  10 years agoPost 4
mohawkvidtz

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malaysia

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Im no professional
I just want to suggest you to read Rich Dad Poor Dad by robert kiyosaki which I find very helpful. Maybe you will find solution after reading that book.

Hope you are out of debt

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03-08-2008 12:35 PM  10 years agoPost 5
kryptik

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South Carolina

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I would not consolodate them if I were you. If you have managed to get yourself into debt, then consolodating them will probably just free up disposable income, which will allow you to get yourself...more debt. First you need to take the excellent advice already offered, change your buying habits, and form a plan of attack to pay down your debt. If you don't change your habits first, as you pay the cards down, you'll just fill them back up. Turn off your cable TV, dump the cell phone, quit buying fast food...make hard changes in your life. Instead of watching TV, take a jog around the block. When I went broke about 10 years ago, I just went back to the basics. It took me quite a few years to convince myself it was okay to start spending money again. By that time my net worth was around $50k so it didn't matter much. Plus I was in the best shape of my life. Running releases endorphins, and I had so many paradigm shifts while on my runs...ideas that eventually led me to financial security...

If everyone is thinking alike, someone isn't ...

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03-08-2008 12:45 PM  10 years agoPost 6
dick smith

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perth

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cut them up n pump all your money into payin them off asap....... you lot are in a recession now i believe.............

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03-08-2008 01:09 PM  10 years agoPost 7
Mutt

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M ca usa

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Do as said before pay off the smallest one first then keep rolling over till paid but before you do anything take them cards cut them into a zillon pieces and toss them. I have credit cards but I never charge more then I can pay off at the end of the month when I do use them. Most of the time I just use my atm.

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03-08-2008 01:37 PM  10 years agoPost 8
Darren Lee

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Woodstock, GA

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Very good advice so far...go to the bookstore and buy My Total Money Makeover by Dave Ramsey. His radio show is great also.

http://www.daveramsey.com/tdrs/

I am in the process of paying off quite a bit of debt myself. It's simply a matter of staying on a budget and spending less than you make. Working an extra job or lots of OT helps move you along faster. I paid off $12,000 last year.

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03-08-2008 02:33 PM  10 years agoPost 9
Eury

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Dover NH

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I was in a similar situation about 5 years ago (except owed a lot more money), and went to Consumer Credit Counciling service. I'm glad I did, they talked to the creditors and got lower interest rates (before ranged from 12% up to 21%, the highest went down to 9%, the lowest to 4%), and once a month took a payment from me, and did exactly what was described above. Once the first and second accounts got paid off, it really accelerated how fast everything went down, and 3 years later, no more debt. The total I had to pay didn't go down, if anything it went up by a few bucks, but things definitely got paid off faster.

The big thing to do is change your lifestyle and not use credit after you do that. After not having a credit card to use for a year (they make you sign an agreement that you won't get or use credit cards while enrolled), I realized that there was no reason to use one. I was able to make all the purchases I needed out of my bank account with my debit card, and had no difficulties doing so. Credit is an addiction, and once I realized that I didn't need it, the habit was broken, and I don't ahve any desire to have it. Good luck.

Nick Crego

Citizen #0168

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03-08-2008 03:36 PM  10 years agoPost 10
Louisiana Helicam

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West Monroe, LA

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These guys are giving you good advice. I'm a big Dave Ramsey fan. Read "Total Money Makeover" and start changing the way you think about money.

Eury brings up a good point. Try calling the credit card companies and tell them that you're going to do a balance transfer to another card unless they give you a lower interest rate. I've heard of this working for others in the past. They'd rather some interest over no interest.

www.louisianahelicam.com

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03-08-2008 04:05 PM  10 years agoPost 11
Mr.Green

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Kaysville, Utah

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I just looked at your profile - you're a dentist and $5,000 in credit card debt is making you depressed ?? You should be able to pay that off in a month or two easy. Doesn't make mush sense.

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03-08-2008 04:05 PM  10 years agoPost 12
cdrking

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Seattle

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STOP BUYING HELICOPTERS!

To hover is divine, the alternative is rather PLANE.

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03-08-2008 04:07 PM  10 years agoPost 13
digikas

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London, Ontario, Canada

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I just looked at your profile - you're a dentist and $5,000 in credit card debt is making you depressed ?? You should be able to pay that off in a month or two easy. Doesn't make mush sense.[quote]
am dentist but I graduated and started the residency program (specialty) , I get like 1500 a month !

Scale life or no life !

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03-08-2008 04:34 PM  10 years agoPost 14
Mr.Green

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Kaysville, Utah

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If that's the case here's what I would do (flame suit on) -

Get a student loan to pay the credit cards off. As far as I understand student loans are interest free until you are done with school. Stop spending more than you can afford right now (you'll be able to have lots of toys when you are done with school). Take the money you were using to make your monthly payments on your credit cards and put it in a savings account. Now every penny you save can go directly to principal and your not paying the credit card interest rate - plus you will get interest from the bank on the savings account. When your done with school take the money from your savings account and pay the student loan off.

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03-08-2008 05:35 PM  10 years agoPost 15
digikas

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London, Ontario, Canada

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well, I think I will :-

1. scratch the back of credit cards so I cant use them any more !
2. get a part time job (may be library since its across the street from my school).
3. make a dedicated payment every month to the cards debt
4. change my habits (may be I have to sell my pantera 50 )
5. cancel my TV cable television.
6. try to pack my launch every day instead of eating out.

tell me guys if these are a good solutions for my problem ???

thankssss

Scale life or no life !

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03-08-2008 05:36 PM  10 years agoPost 16
helo_chris

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goodlettsville, tn

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Actually I would agree with that, but only if he has the discipline to do it and not accrue more debt. Lose the credit cards completely and that would be a good plan. You will have the money in the bank you are paying towards the cards in case of an emergency. Assuming you can get a student loan that is. If you do it and dont lose the cards chances are good you will end up with a student loan and more credit card debt. Like he said after you finish residency discretionary income will be abundant. Now is the time to exercise restraint and get through without getting yourself in tons of debt.

"There is a fine line between cutting edge and bleeding edge.."

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03-08-2008 06:49 PM  10 years agoPost 17
Lomcevek1

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Eagle River, Alaska

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Well keep in mind that you do nto need to shut off your life. Fly your helis cause that makes you happy. You might not need the new anodized alluminum whatever. fly on 15% instead of 30%.

As well as any other changes. Biggest thing for us was to organize so you can see where everything is going.

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03-08-2008 07:53 PM  10 years agoPost 18
easyrider1

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motorhome

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kryptik's story sounds just like mine.the one thing i did different than the others though is i paid minimums on all but the one with the highest percent interest,which i paid as much as i could each month till i got it paid off,then i started on the one with the next highest interest till all 5 cards were paid off. it took almost 2 years.that was about 9-10 years ago. whichever way you choose stick with it till they're all paid off,and don't use them again till they are! today 1 keep 1 card for emergencies because i travel alot, the only time i actually use it though is to purchase items on the internet. after awhile you realize how much you really can get by without them. life is soooo much easier and better not having to be concerned about credit card debt.

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03-08-2008 08:41 PM  10 years agoPost 19
digikas

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London, Ontario, Canada

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I just scratch the credit cards , and now the plan starts from today

may be I will keep my pantera 50 though

Scale life or no life !

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03-08-2008 08:56 PM  10 years agoPost 20
nojohnny101

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10 miles north of Cincy, OHIO

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hey
sorry I have nothing to contribute in the way of advice, but I just wanted to say that this thread has given me some great advice to plan for the future!

thank to poaating everyone....including you digikas!

oh yea and keep us up-to-date so we cab see all this advice is paying off!

Thanks
~Will-i-am~

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HomeOff Topics › credit card made me a depressed person , needs help please
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