How Do I sleep at night?

iVillage Member
Registered: 03-21-2009
How Do I sleep at night?
26
Thu, 04-09-2009 - 8:57am

Hi all. I came out with my story a week or so ago and I appreciate all your support and suggestions.

iVillage Member
Registered: 03-21-2009
Thu, 04-09-2009 - 12:06pm

I do have an efund.

iVillage Member
Registered: 03-21-2009
Thu, 04-09-2009 - 12:13pm

Thanks, beeps.

iVillage Member
Registered: 12-29-2008
Thu, 04-09-2009 - 12:15pm

Hi Maxie,


Hey...75K isn't $200k.

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iVillage Member
Registered: 03-25-2003
Thu, 04-09-2009 - 12:39pm

I'd say be very careful not to give them a reason to change your terms. That certainly doesn't mean they won't, but if you give them any reason at all they will run with it. the best way you can control what they can do to you is to pay off your CCs as quickly as possible. That won't happen overnight, of course, but the less you owe them, the less power they have over you.

If you've been paying on time and not using your cards, start calling and asking them to lower your rates. They might say yes. In the past few months we've gotten Citibank to lower our rate from 28.99% to 12.74% after a few calls. Discover has lowered it from 28.99% to 20.99%. That's still a high rate, but it lowered our minimum payment by $89, which freed up some money to snowball. DH is the primary cardholder on both so about once a month I have him call to see if they can't lower the rates any more.

They are trying to make money at whatever cost, but they also want to get paid back so they don't have as much money out there for people to potentially default on. In fact, Citibank has a program right now where if you pay more than $150 over your minimum payment they'll credit you 10% of the extra you pay after 4 months.

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iVillage Member
Registered: 03-21-2009
Thu, 04-09-2009 - 12:54pm

Right now, I have 8 cards out there totaling the $74K.

iVillage Member
Registered: 07-02-2008
Thu, 04-09-2009 - 1:27pm

Stick around Maxie and post often. I post when things are going good and when things are going bad. People here give you the pick me up we need sometimes.


You said you have 8 cards. Are you going to target a high balance high interest one first or a small balance one? Sometimes if you have a smaller one ($1K or something) it is a good pick me up to pay that off and feel accomplished on doing that.


You can't worry overmuch about the c/c companies changing terms. Right now that is beyond your control. What is in your control is making money and paying down debt and spending frugally. That is the best you can hope for.


iVillage Member
Registered: 03-21-2009
Thu, 04-09-2009 - 1:45pm
The first one I am targeting is an Amex at $13,300.
iVillage Member
Registered: 07-02-2008
Thu, 04-09-2009 - 1:56pm

Smart plan. I would say unless terms change on any of your other cards to pay the minimums on those and then put all you can on the Amex. You can and will make a difference on that balance if you are throwing all extra money/funds on that card.


Now, any way you can make any extra money? Even if its some small income? Anything you don't normally count on is extra. That's the way I look at it.


Or anything you might sell or part with? Think if any way you can make money as well as any way you can cut out your budget.


We are here to support you !

iVillage Member
Registered: 03-21-2009
Thu, 04-09-2009 - 2:06pm

Thank you!

iVillage Member
Registered: 05-14-2008
Thu, 04-09-2009 - 4:08pm

(((Big hugs to you)))). I know this is hard. You've gotten some great advice here. I would especially take to heart cutting back on the tv (and radio and other media) 24X7 debt coverage, especially at night. No wonder you can't sleep! I know this will take some time but you have a plan of attack and you will definitely get through this and come out stronger.

I do understand how tough it is still put the whole number out there but I think you will feel better for it. Maybe create a spreadsheet or use Quicken and sit down with your DH to go through everything and say this is where things stand.

Your DH sounds supportive and I think you are moving in the right direction.

Good luck to you...and back away from that tv. go to the library, get a good book and unwind with that.