New here - looking for help with cc debt

iVillage Member
Registered: 04-01-2003
New here - looking for help with cc debt
4
Thu, 06-26-2003 - 10:36am
Hi All!,

I decided to look for some support groups that might help with my cc debt. In the past year I've managed to run up some debt. Before that we were great. We had no debt, or maybe a couple of hundred on the cards. Now I have a card with over $3,000 on it. I don't use it. It was a card I got with 0% and just pay on it. I have 2 other cards, that I do use. One is over $2,000 and the other is just over $1,000. I know I shouldn't use them and just pay. My problem is the internet. I tend to buy. I have stopped any clothes purchases. Which racked up a bunch. I used the cards at Christmas. It's just easier to purchase on the net than go out to the stores.

My problem is, how can I pay down this cards quickly without getting a loan? I need to get a new car towards the end of this year. A minivan or even a SUV. I am starting a business in the fall and I need the room for the products. This business is not costing me money out of pocket so I won't be incurring any more debt. But I need to pay off the cards before I can have a car payment. I need to stop using these two other cards and stop the impulse buying. I can't stay off the net, since I need to advertise, but I am working on not surfing. I also have been deleting my emails that have anything to do with purchasing or sales.

Any suggestions or programs you know of would be wonderful. I want to get back to using my credit cards and being able to pay them off at the end of each month (if I use them). We used to just use them for emergencies or when we didn't have the cash or checkbook on us at the time, but would pay it off.

Sorry so long!

Melissa

Avatar for zaboz
iVillage Member
Registered: 03-26-2003
Thu, 06-26-2003 - 11:15am
I think you're on the right track just by recognizing that it's become

a problem for you. I think you can definitely get these paid off by the

end of the year if you set your mind to it.

Have you set up a budget so you know how much you can afford to put toward your

debt? That would probably be the first thing to think about. Then you'll know

that you have x dollars and you can send that amount to the credit card companies

before you are able to spend it.

You also might find a way to bring in a little extra

money. I've been selling a lot of books on Half.com and small things on Ebay.

Sell those clothes that you've bought (or better yet, return them).

You could also do something simple like save your change.

Every month go cash it in and send it right to the credit card.

Or plan a garage sale and make sure that all the money goes toward your debt.

Are there ways that you can cut down on your spending?

Can you cancel cable or cell phones? How about eating out?

Do you have any hobbies that you could cut back on temporarily?

I would also cut up the cards. That's the best way to be sure

that you don't use them. Or call the company and close the account.

I'm pretty sure you can still make your payments as usual but you

won't be able to use them. If you really need one to shop online (that's

what I do too because it's safer), check into a charge card, like American

Express, that you're required to pay off every month.

Then you won't be tempted to run it up.

You can do this!! It might take a little determination but it's worth it!!

iVillage Member
Registered: 03-31-2003
Thu, 06-26-2003 - 2:20pm
Also, there's a Compulsive Spenders message board here on ivillage that's helped me out tremendously.

Good luck!!

Lee Ann

Lee Ann

www.werenotafraid.com

iVillage Member
Registered: 03-26-2003
Thu, 06-26-2003 - 6:26pm
Hi, Melissa:

Cut up the cards!!!

This is the best way to go if you don't want to incur new debt. It's what we did, and it worked.

I don't recommend closing credit card accounts before they are paid off, because with some charge accounts, they can raise the interest rate on the remaining balance if you close the account.

But it definitely helps to get temptation out of the way; if you don't have charge cards (or know the numbers, expiration dates, etc.) then you can't charge on the Internet.

Good luck to you - you're on the right path, having recognized the problem and wanting to change!

iVillage Member
Registered: 04-22-2003
Thu, 06-26-2003 - 7:41pm
CUT UP The Cards!

Try getting one of those pre pay cc where you put 300$ on the card and when it runs out you have to renew it.

If you really need on for the internet.