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Thread: Credit & debt reduction

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    NukesQueen's Avatar
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    #1

    Credit & debt reduction

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    good evening!!

    im wondering if i could get a little help with my credit situation. long story short, i was working up until the summer of 2010 and then i stopped working so i could focus on finishing up school. i was getting finaid and able to pay my credit cards. then last march everything went downhill. i graduated and was looking for a job and then i have been sick (i have 3 autoimmune diseases) and car troubles. anywho, i am currently behind and am hoping to start a new job next week.

    i plan on getting married next summer and am wondering if you could offer any advice on how to get my credit back together. i want my only major debt when i get married to be 1 credit card (instead of 3 and 2 of which have closed) and my student loan. i plan on working here in ny part time and once my fiance is stationed i'll be moving with him & looking for a full time job. i have no payments other than my phone (60) and my credit cards. i am unsure of pmt amount because have not been able to pay in quite some time...but as far as the closed ones..one i am trying to get a settlement on for 750 and the other is roughly 600. the one i would like to keep active i pay 50 on.

    i dont really shop for clothes/shoes unless i need to and when i do i usually buy secondhand clothes. i am going to be starting cooking at home once i get my car. so the main things i spend money on is gas, groceries, and hair product (which i need)

    any help is greatly appreciated!
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    #2
    first hugs- I was in a similar situation and I completely understand how you feel.

    the first thing you want to do is close all but your major credit card.

    the next thing you want to do is call that cc company and explain what is going on and ask for a 0 % interest on the card for one yr. then make min monthly payments on time every month.
    for the smaller cards- take the smallest card and pay the most you can on that card
    then min on the others-
    your goal it to start paying off the small cards one at a time while chipping away at the others.
    once you get one card paid off apply that payment to the next lowest card ect.

    it is going to take 1-2 yrs to pay everything off (depending on the amount of CC debt)

    I was under employed for 6 months anf then unemployed for 15 months- I managed to rack up 27,000 dollars in CC debt- it has been just over a yr and I now have 2200 left, and I am going to do one final balance transfer from 22% to 0% for 12 months to pay it off and then I will close the 22% Visa card.

    HTH's GL!
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    #3
    Quote Originally Posted by gunsgirl View Post
    first hugs- I was in a similar situation and I completely understand how you feel.

    the first thing you want to do is close all but your major credit card.

    the next thing you want to do is call that cc company and explain what is going on and ask for a 0 % interest on the card for one yr. then make min monthly payments on time every month.
    for the smaller cards- take the smallest card and pay the most you can on that card
    then min on the others-
    your goal it to start paying off the small cards one at a time while chipping away at the others.
    once you get one card paid off apply that payment to the next lowest card ect.

    it is going to take 1-2 yrs to pay everything off (depending on the amount of CC debt)

    I was under employed for 6 months anf then unemployed for 15 months- I managed to rack up 27,000 dollars in CC debt- it has been just over a yr and I now have 2200 left, and I am going to do one final balance transfer from 22% to 0% for 12 months to pay it off and then I will close the 22% Visa card.

    HTH's GL!
    I agree. Pay as much as you can on the lowest balance one and then use that money once its paid off to pay the next one. I don't follow Dave Ramsey to the T (I am not willing to cut my life style as much as he wants people to), but his debt payoff system is pretty good. We've been using the snowball method and should pay off our last credit card when we get to Alaska (we needed to save some cash for the move, but we're not expecting to need it). After that we'll be paying off our cars and timeshares.
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    #4
    Thank you that really helps! I'm going to be calling my job today to hopefully set up a day when I can come and start. I'm hoping to just nip everything in the bud...those credit card recruiters got me when I was a naive freshman and I've been dealing with that ever since
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    #5
    Another option would be to consolidate all of your credit cards into 1 new one. A lot of banks offer this, and offer great little deals for the first year.

    It is a lot easier to pay $100 on one card, rather than a random amount on a few different ones. That, and you are only dealing with one credit card company vs. a few different ones.
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    #6
    Do you know if navy federal offers something like that? I'm going to be opening an acct with them because my primary bank was a CA bank which they don't have in NY
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    #7
    Quote Originally Posted by NukesQueen View Post
    Do you know if navy federal offers something like that? I'm going to be opening an acct with them because my primary bank was a CA bank which they don't have in NY
    yes, they are currently offering 0 % interest on balance transfers, when you open the account talk to them about it.

    they are the ones I just tranferred my balance too
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    #8
    okay cool hopefully I can get up there on Monday my application is currently "under review" well my application to open a bank account
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    #9
    Quote Originally Posted by AaronSliny View Post
    I am making a final payment tomorrow to a collection agency, Arrow Financial to be exact. I have read some not so great things about them, but only after I had payed quite a few payments into a settlement agreement they offered me. I want to make sure they close this account out and if possible I would like it to be deleted. I would think they will go for the deletion request since they obviously know I am going to pay it off due to my fulfilling of every other payment. Should I use the Validation Settlement Offer with Deletion Requirement letter? Also, should I get it notorized? I realize this is about a debt, but the deletion would effect my credit, so Im posting it in this forum. Any help will be greatly appreciated
    This post is over 5 years old. You should make a new one if you have a question.

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