Credit Card Debt - Need help.?

I am 22 years old and I can see my self quickly going into debt with two credit cards I have.

1st. I owe $1450, and make payments on time.

2nd. I owe $3559, I am over and the interests rate and late fees have already bulked up an extra $300. I just became over and stopped making payments two months ago. My min payment for next month is $240!

I don%26#039;t know what to do. I think I want to transfer them both onto one credit card, but how do people do this? I would need a credit card with at least $5500 credit. When you already have bad credit how do you get a credit card with such a large credit on it?

How would I go about getting a loan? Where would I go. I have been searching and I%26#039;m just so lost. I just want to take care of this before it all gets out of hand.

Any help would be appreciated.

Credit Card Debt - Need help.?

First, credit counseling may help, but for such a small amount it might not be worth it. They usually charge a fee. For $5k, you might end up spending more with that than you would just paying the interest on the cards till they%26#039;re paid off.

First, cut up the cards and do not use them anymore. Don%26#039;t spend a dime. Cancel any and all automatic payments on them and transfer those to a debit card.

You need to call the card you%26#039;re late on and explain the situation and see what they will accept if you make a few payments here and there every couple of weeks to catch up. Then get to a point where the account is in good standing. In the mean time, pay the minimum on the other.

Once you%26#039;re in good standing with both cards, look at the interest rates. Take the card with the highest rate (unfortunately, probably the highest balance) and begin to pay twice the minimum payment plus 10%, if you can afford it. Otherwise, just twice the minimum. Pay the minimum on the other card. Calculate what this amount is for the VERY FIRST MONTH. Pay that amount on that card each and every time, even though the minimum payment goes down.

Once this card is paid off, take the amount you were paying on it, add it to the minimum payment of the other card and pay this same amount each and every month until it%26#039;s paid off.

If you get a tax return or monitary gifts, put 10-30% of that towards the card you%26#039;re mainly paying off.

By the way, if the interest rates end up being the same on both cards, start paying the lower balance card off first, because you%26#039;ll pay that one off first and it%26#039;ll help motivate you. Plus it won%26#039;t put you in the poor house to pay twice that minimum plus 10% on that one.

DO NOT apply for another card, DO NOT use these cards, and DO NOT engage in any unneccessary spending (clothes, shoes, handbags, nice things, extravagant gifts for friends, going out to drink, etc) until after you%26#039;ve paid them off. If you want out of debt and your credit fixed, you need to understand you%26#039;re living beyond your means and must live way below them for a time until you can get your head above water.

NEVER stop paying on a debt. As long as you send in something, they can%26#039;t sue you or reposess anything, or even really damage your credit too bad. Late payments damage your credit score.

Credit Card Debt - Need help.?

You can visit http://www.debteraserzone.com and find very useful tips and several articles on credit card related matters. Report It

Credit Card Debt - Need help.?

you need to fess up with your family and ask for their $ help

Credit Card Debt - Need help.?

1st - you need to cut up the cards - period. Credit cards are not available for you to have extra money to spend. The money is not yours to spend..... it%26#039;s AVAILABLE if you NEED to borrow it. Never ever use credit like it is extra cash in your pocket.....

%26#039;nuff said. Visit your bank immediately and see if you can consolidate your loans into as low an interest payment as possible. Then make the payments and DON%26#039;t miss even one. That%26#039;s what will build your credit rating.

If you can%26#039;t manage your lifestyle with what you earn, the only recourse is one of two things.... find another job that earns you more money, or cut back on all the stuff you are accumulating by using credit you don%26#039;t have.....

sorry to be so blunt, but part of the dilemma that young people face today is that they are NOT taught properly how to manage their money.... start to do some research on budgeting and you will be fine AND

DO not under any circumstances use your credit until you have paid off that loan!!

Credit Card Debt - Need help.?

Girl, might be some ways out. Maybe you are getting some credit card offers where you can transfer a balance? Or do you have enough balance on #1 to catch up #2.

E-mail me, might have some other ideas too much to do here.

Add-on: Sparks tells the truth!

Credit Card Debt - Need help.?

too young and irresponsible to have a credit card

Credit Card Debt - Need help.?

On the one you owe the most...add up the minimum payment, and finance charges and any other late fees and over limit fees and make that huge payment one time. Next stop using them. After that one time huge chunk of a payment. Try to make the minimum plus the finance charges as your payment. When a payment is made, the way it is applied is......it goes towards any fees and finance charges first....then it gets applied to your balance, so therefore by paying that huge chunk it will knock down your next minimum payments considerably and possibly the finance charges as well.

any other questions feel free to ask.

Credit Card Debt - Need help.?

go to

https://app.firstusa.com/ICBatch/?PID=CH...

and complete the app. make sure to fill out the %26quot;transfer balance%26quot; with both current accounts...Good luck!

Credit Card Debt - Need help.?

Call the credit card companies and explain your situation. Most will lower the interest rate so your payments are more affordable. This site might give you some helpful info.

Credit Card Debt - Need help.?

Credit cards are a killer. It%26#039;s very easy to be in control one minute and be so far over your head the next. Will another high interest loan be the answer? Maybe a bankruptcy? There are new bankruptcy options available for you.

Credit Card Debt - Need help.?

Before you try to apply for another card, you need to take a closer look at your reports , make sure that acc #2 haven%26#039;t reported you as 60 days late. This is very crucial, cause if they did, your chance to be approve with other creditors will be slim . Good luck .

Credit Card Debt - Need help.?

Credit Card Debt Management

Credit cards are a great source of availing credit to meet your requirements. But they can lead to a debt trap from which you will find it difficult to come out. Hence you need to keep a close watch on your credit card expenses minutely. Failure to do so might destroy your credit rating, leading to collection and even legal action..............

Credit Card Debt - Need help.?

With only two sources of credit, here is what I would do...

Stop using your credit cards. You are only compounding the problem now.

Go over your budget and find as much money you can to put toward your debt. No more Starbucks, pack your lunch, carpool....you will be amazed at how much money you will find.

Concentrate on paying off the low balance credit card. Once that is paid, use everything toward paying off the big card.

Contact the credit card company and explain your situation. I know, it%26#039;s a joke because they rarely will work with you, but you may find that one helpfull rep. Get your interest rate dropped (don%26#039;t expect more then 2-3%). Work out an arrangement to pay the past due bills gradually as long as you pay the current bill in full.

Good luck

Credit Card Debt - Need help.?

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