New Here - Too Far Gone?

iVillage Member
Registered: 03-21-2009
New Here - Too Far Gone?
27
Sat, 03-21-2009 - 4:40pm

Hi.

Pages

iVillage Member
Registered: 01-25-2009
Sat, 03-21-2009 - 5:54pm

Hello and welcome!

It is difficult to answer the question without knowing where you live, ($85,000 a year in rural Virginia is not the same as $85,000 a year in New York City), other obligations (mortgage, student loans, car loans, children, etc.) how realistic and how long would it take to pay off your credit card debt.

$5 above minimum payment for 10 cards amounts to $50 a month (on top of the minimum payment), and the truth is, yes, it is going to take a while to pay off $75,000. Another point that many other posters stress on, and I am sure you have read it, is have an emergency fund. That way when something comes up, you could dip into that instead of using credit cards.

Also, if none of the cards are maxed out, would it be possible to transfer some of the higher balance ones to the lower balance ones? Just a thought.




Edited 3/21/2009 5:55 pm ET by marie_1229
iVillage Member
Registered: 02-13-2009
Sat, 03-21-2009 - 6:21pm

Welcome to this forum!

You WILL find the support you need here, there are a lot of seasoned ladies and gents here to lend some advice as well as support.

I am fairly new and have been working on my families debt load since last year. It will be a long haul for us so I am strapping on my seat belt and not looking forward to the bumpy ride but trying to stay positive.

It looks as though you are on your way with dealing with your debt so that is a good thing. YOU CAN DO IT!

As the other poster said, getting an Emergency Fund is a good way to start out as well as getting on a written Budget.

Again welcome, and ask as many questions as you need.

~~Maggie~~

iVillage Member
Registered: 03-21-2009
Sat, 03-21-2009 - 7:43pm

Thank you! I do have an emergency fund.

iVillage Member
Registered: 07-15-2008
Sat, 03-21-2009 - 8:03pm

Go to the what'sthecost.com or another credit card calculator.

iVillage Member
Registered: 03-21-2009
Sat, 03-21-2009 - 8:12pm

Thank you for the advice!

iVillage Member
Registered: 08-02-1998
Sat, 03-21-2009 - 11:01pm
You sound like you have a plan to get your debt paid off, and that is 1/2 the battle. You said that you thought maybe your debt is too high to be able to pay off, well I think you have a good chance of getting it paid off, the debt we have is a bit higher, $113,000 I haven't updated my ticker in a couple of weeks though as I haven't been able to snowflake on it. Basically right now all that is getting paid on it is the interest.




iVillage Member
Registered: 11-17-2007
Sun, 03-22-2009 - 9:50am

hi Welcome.


It is the little things that add up to big things. Most likely that is how you got into debt by spending small amounts of money and just letting it ride. Getting out of debt is the same way it is the little things we do that gets us out of debt. Of course we all have different stories. No you are not to far gone.

iVillage Member
Registered: 03-21-2009
Sun, 03-22-2009 - 4:34pm
I think the thing that scares me the most and keeps me up at night is the fact that CC companies can change my plan anytime they want.
iVillage Member
Registered: 11-17-2007
Sun, 03-22-2009 - 6:30pm

if you got your debt by transferring with special checks then they will not raise them. If your debt comes from purchases then yes they will most likely raise the rate. Two of my cards have raised the rates on me but I have a locked in transfer rate and according to the companies that is considered a contract rate and they can not raise

iVillage Member
Registered: 09-07-2003
Mon, 03-23-2009 - 11:03am

CAN it be done?

Teresa
http://www.affordingpickles.blogspot.com

Pages