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Eliminate credit card debt
Questions and Answers
Is it wrong to ask for a loan from my parents?
Q) For the past six months I've been working towards joining the British Army, i.e getting down the gym and working as much as I can to pay off debts I've aquired throughout my Uni days.
Due to the nature of the work I'll be doing in the Army, debts are considered as a potential character flaw, specifically the Armys concern is that debt could be used as an in for bribery.
Basically, I still owe around £5000 on credit cards and student overdrafts which I'm pretty sure will be flagged up when I go through DV (developed vetting) once I start my phase 1 training, and thus I'm sure I'll almost certainly be told to choose another job because of this.
My question is this; Is it wrong to ask my parents for a loan to get rid of these debts and therefore eliminate this potential failure to my vetting or not? I know it's not a huge amount of money, but for some reason it still seems a bit cheeky to consider asking. I would appreciate a neutral perspective on the situation. Thanks.
A) No it's not wrong. Just as long as you don't pay them back, it'll be cool.
How do I go about eliminating my credit card debt?
Q) I am 23 with a nine-month-old son, and I owe (on top of my student loans from college) approximately $30,000 in credit card debt. I am looking to do a debt management/consolidation program, but was wondering if I should just contact those credit card companies that say to call them if I have "financial difficulties" instead? Also, which debt consolidation programs would you refer, if any? Thank you!
A) I'd do a lot of research before you enter into a contract with a CCCS because while it might get the bills paid - it will not protect your credit score or rating any better than dealing with it yourself. You don't state what your income is and if buckling down and paying more each month on your cards would get it paid off. I had $40k of debt, $30k being CC debt and drowning in it having been through a messy, expensive divorce. When my attorney did the calculations, he figured it would have taken me 40 years to pay off the $30k of CC debt at the rate I was going.
So I wound up filing a Chapter 7 BK and it wiped out 100% of the CC debt legally in about 3-4 month's time (from the date of filing until discharge date).
The other $10k was a car loan, which I continued to pay on 'as agreed', did NOT reaffirm the loan, and they did not come and take my car. I paid it off back in April and now it has a clean title.
No ~~~BK is not for everyone, but it sounds like you have a lot of debt and a little one to take care and his future to think of. And while going through a BK will trash your credit/score, it's no more so than muddling through years of dealing with collection agencies, some CCCS that will likely "fail" you.. and creditors that will STILL report you even those you are in a payment plan. Or you can wipe out the debt legally through a chapter 7, start fresh and be able to SLEEP at night.
You can get a free consult with most any BK lawyer and he or she will go over all of your debts, your income and help you decide the best course of action.
I have BEEN THERE and done it and this is not an "ad" for anything,but a testimonial. While it wasn't something I really wanted to do .. BK was the best solution for me during a really tough time in my life. I am not sorry I did it.
Hope this helps. Ignore the jerks that can't even give sensible or helpful answers and just bash you. It's clear they've never walked in your shoes.
how do i eliminate credit card debt ?
A) Pay more than your minimum balance. As much as you possibly can!! If you have any 3% or 4% transfer deals that last for the LIFE OF THE TRANSFER - go for it. This is the best way to deal with large debt.
One thing I can say - from experience - Don't go crazy on spending to try to create a credit history for yourself. small purchases and paying them off is all it takes. If you are already in big debt - stop using your card and just use cash - if you can't afford what you want - then wait until you can afford it. But try to hold off and use that money towards paying the CC debt.
I opened up my first cards like 13 years ago and didn't know what I was doing. I used to buy all kinds of stuff on them just because I was trying to help myself to grow my credit. Well I found out the long and tedious way... that this is not a good idea. After 10 long years of buckling down and being on a strict budget we are finally out of debt. I never missed payments and always remained in good standing with my creditors. After paying off the $57,000 we are now DEBT FREE! Now I use the credit card the way it was really designed for.... to not have to have cash on me at the time but to know that I can pay it off in FULL when that bill comes.
Credit is not ment for living beyond your means - it is a tool to be used wisely. So many people out there now-a-days live way beyond their means - in that they put everything on credit and then pay the minimums. If you can't afford to buy it today with the cash in your account - then you just can't afford it! If you adopt this attitude you will keep yourself from alot of heartache and mountains of CC debt.
Good luck & be smart about using your CC :)
What is the best way to eliminate credit card debt without having to pay a...
A) If you currently have a lot of money charged on your credit card and want to stop paying large amounts of interest the easiest option is to transfer the balance to another credit card with a 0% introductary rate on balance transfers with no balance transfer fee. Discover card has such a card, just visit their website and you can apply online. They don't charge any fee to transfer the balance and they don't charge you any interest for 12 months! Pretty good deal to eliminate your debt by making monthly payments and not paying any interest. In 12 months you could transfer the balance to another credit card that also charges no interest or balance transfer fees.
what is the best why to eliminate credit card debt?
Q) without morgaging the house.
A) Take your highest interest rate card and pay 10% more on that card. For example, if the payment is $100, pay $110. Continue to make the minumum payment on the lower interest rate cards. Once you have paid off the highest interest rate card. Take that payment and add it to the payment you would make to the NEXT highest interest rate card. Continue to do that until your credit debt is paid.
what is the best way to eliminate credit card debt?
A) 1. Cut them up and stop using them.
2. List the balances, smallest to largest.
3. Pay off the smallest debt first, as fast as you can.
4. After paying the first one off, apply that payment to the second debt and pay it off as fast as you can.
5. Keep repeating this process until they are all paid off. It's called the debt snowball method.
what is the best way to eliminate credit card debt without filing bankruptcy?
A) CCCS is definetely the best way to go. They will review your debt situation and honestly tell you if you are too far gone for Credit Counseling or Debt Settlement and need to consider Chapter 7.
Watch out for the fly-by-night counseling services. Many of them charge exhorbitant maintenence fees to simply hold your money for you.
The best place to start is The National Foundation for Credit Counseling at http://www.nfcc.org. From there, you can find your local CCCS agency.
whats good companies are there to eliminate credit card debt?
A) Any good scissor company can solve your problem in the long term.
need help eliminating credit card debt?
A) Contact your credit card companies and make payment arrangements that you can comfortably pay.
is there such a thing as debt rsolution or debt invalidation with credit card debt?
Q) can you eliminate your credit card debt using such procedures
A) Debt resolution is when you contact the creditor and negotiate a partial balance payment. You can also request a lower interest fee if you think that will help you manage your payments. It will not eliminate your debt completely, only a portion of it.
Debt invalidation involves a series of letter writing and disputs with the credit burear and creditors. That does nothing at all to our debt, it only removes entries from your credit report. And even then it doesn't work all the time.
Should I consolidate my credit card debt?
Q) I have about 30K in credit card debt and I have good credit. My payments are about $800.00 a month and I want to eliminate my debt fast. Should I consolidate my credit card debt, or will that ruin my credit? I appreciate your help.
A) There are actually more lawful and moral ways to zero-out thousands of dollars in credit card debts. And if you only take the time to research and know your rights and how bankruptcy laws have changed, you will discover that there are valuable facts to eliminate credit card debt. Actually, the possibility of reducing or eliminating the high interest credit card debt is now more possible when a person takes action to get his or her finances back on track.
Apart from knowing your weapon in terminating credit card debt, it is very important that you develop a sense of control and perseverance first. Since credit card debt elimination process requires organization, clarity, and commitment to your own growth, it is a must that you are ready for the responsibility and to stand free and independent. In other words, stop spending and start researching.
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