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.
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.
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.
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.
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
Pages
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
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~~
Thank you! I do have an emergency fund.
Go to the what'sthecost.com or another credit card calculator.
Thank you for the advice!
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.
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
CAN it be done?
Teresa
http://www.affordingpickles.blogspot.com
Pages