- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Winter Olympics
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Credit Card Advice
Posted on 12/9/08 at 12:20 pm
Posted on 12/9/08 at 12:20 pm
I have about $10,000 in credit card debt and make about $40,000/year. I can only afford to pay the minimum right now which is about $400 a month. Are there any other options out there?
This post was edited on 12/9/08 at 12:22 pm
11
Posted on 12/9/08 at 12:21 pm to BeastmodeTiger
Advice
Posted on 12/9/08 at 12:21 pm to BeastmodeTiger
Get another job
Posted on 12/9/08 at 12:22 pm to Cash
great advice so far keep it coming
Posted on 12/9/08 at 12:25 pm to BeastmodeTiger
Cut up the card.
Don't eat out/bring sandwiches to work for lunch/cut other costs.
Call the CC company to try to negotiate a lower rate.
Don't eat out/bring sandwiches to work for lunch/cut other costs.
Call the CC company to try to negotiate a lower rate.
Posted on 12/9/08 at 12:26 pm to BeastmodeTiger
Do have any savings you could tap? Assets you could sell? Home equity to tap?
You say you make $40k which is not chicken feed. I'm guessing that's, what, $2200/month take home? Were is the other $1800 going?
You say you make $40k which is not chicken feed. I'm guessing that's, what, $2200/month take home? Were is the other $1800 going?
Posted on 12/9/08 at 12:29 pm to Parliament
I haven't put anything on the card in awhile...and don't plan to. I have some student loans and car a car note which is almost done as well. has anyone tried negotiating a lower rate with a credit card company?
Posted on 12/9/08 at 12:29 pm to BeastmodeTiger
quote:
I can only afford to pay the minimum right now which is about $400 a month.
Why? Do you have other debts? If so, what?
Posted on 12/9/08 at 12:30 pm to BeastmodeTiger
- get rid of cable vision.
- bring lunch to work instead of going out
- run heater (or A/C in summer) less
- scale back your cell phone package and usage, get rid of landline.
- bring lunch to work instead of going out
- run heater (or A/C in summer) less
- scale back your cell phone package and usage, get rid of landline.
Posted on 12/9/08 at 12:30 pm to dawgorama
quote:
I have some student loans and car a car note which is almost done as well. has anyone tried negotiating a lower rate with a credit card company?
When is the car note done?
Posted on 12/9/08 at 12:32 pm to BeastmodeTiger
quote:
a car note which is almost done
How long until it's paid off? You could put your carnote toward the CC once it's paid off, or sell your car, buy a beater for $1500 to drive, and pay it off that way.
This post was edited on 12/9/08 at 12:33 pm
Posted on 12/9/08 at 12:33 pm to dawgorama
if all you can afford is the minimum then, put everything (or most of it, at least) that you get back from taxes on credit card debt yearly. oh, and stop using the cards. cut them up and throw them.
Posted on 12/9/08 at 12:33 pm to BeastmodeTiger
Drink at home instead of in bars.
Posted on 12/9/08 at 12:36 pm to BeastmodeTiger
cut all spending. No eating out. No drinking at bars. No gifts. No travel.
Two ways to knock out debt, both have merits
- Dave Ramsey way - knock out the smallest first. Then move on
- Rational way - work on the highest interest rate first.
Either works fine. If you have a hard time focusing go the dave ramsey way, if you can do math go the rational way.
I will say getting a second job is a great idea, just to eat at the balances a little bit.
Two ways to knock out debt, both have merits
- Dave Ramsey way - knock out the smallest first. Then move on
- Rational way - work on the highest interest rate first.
Either works fine. If you have a hard time focusing go the dave ramsey way, if you can do math go the rational way.
I will say getting a second job is a great idea, just to eat at the balances a little bit.
Posted on 12/9/08 at 12:38 pm to MileHigh
thanks
Posted on 12/9/08 at 12:44 pm to MileHigh
quote:
I will say getting a second job is a great idea, just to eat at the balances a little bit.
He didn't seem to like it when I suggested that.
Posted on 12/9/08 at 12:50 pm to BeastmodeTiger
quote:Your best option is to cut other costs and get that debt to zero.
I can only afford to pay the minimum right now which is about $400 a month. Are there any other options out there?
How much you spend on things like cellphone, home phone, cable tv, internet, subscriptions...etc?
Do you eat out much?
If you can't cut your spending at all, and I hopefully doubt that you can't, then you need to consider increasing your income...new job, second job. Yeah, that might be tough in this economy, but it is worth exploring.
Posted on 12/9/08 at 12:53 pm to Cash
quote:
He didn't seem to like it when I suggested that.
well, that really is the best option to pay down debt. There are only so many factors in the equation.
Posted on 12/9/08 at 12:54 pm to MileHigh
quote:
There are only so many factors in the equation.
just 2
Posted on 12/9/08 at 12:58 pm to Cash
quote:
just 2
I think we are agreeing here. Probably more than 2 (fixed/variable expenses), and other income.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News