Comments on: Your Bailout: Slash your Credit Card Debt http://www.mint.com/blog/goals/your-bailout-slash-your-credit-card-debt/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Sun, 12 Feb 2012 05:07:51 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Nina http://www.mint.com/blog/goals/your-bailout-slash-your-credit-card-debt/comment-page-1/#comment-47353 Nina Sun, 04 Apr 2010 05:51:05 +0000 http://www.mint.com/blog/?p=3982#comment-47353 when you settled your debt. What did it do for your credit? Do you still have credit and credt cards you can use? I also work for the company that has my caredit card debt, I have never been late but to unedpeded house repairs, I have maxed my card to 10k I think i might be fired if I asked for a settlements. thanks for your commnt and advise. when you settled your debt. What did it do for your credit? Do you still have credit and credt cards you can use? I also work for the company that has my caredit card debt, I have never been late but to unedpeded house repairs, I have maxed my card to 10k I think i might be fired if I asked for a settlements.
thanks for your commnt and advise. ]]> By: barbara http://www.mint.com/blog/goals/your-bailout-slash-your-credit-card-debt/comment-page-1/#comment-46748 barbara Wed, 24 Mar 2010 21:36:53 +0000 http://www.mint.com/blog/?p=3982#comment-46748 my story is an old one. Perfect credit. use one card and pay off monthly. no debt other than house payment. daughter wants to start a business. wants to do it right, go through the county for permits, plans and so on. she also has great credit. able to get personal line of credit and business credit card as well as personal credit cards. I know nothing about starting a business but daughter takes the classes and so on. lots of experience in the field she is going into. WELL, everyone wants a piece of the pie... county, planners, leasing/space rental people and so on. pretty soon she has exhausted her credit lines and comes to me for help. I get two personal lines plus a credit card, sign for the purchase of a truck to haul the merchandise.. things finally get rolling, almost making the bills when the daughter becomes ill with we don't know what. this goes on for almost a year before there is finally a diagnosis. It is bad, eventually will cause her death. she is unable to leave the house and has a friend that is running the biz. THe biz has suffered greatly and so has my savings. I am 67 yrs old with an income of my own of $3300.00/mo. bills for the biz without purchase of ongoing merchandise is about $2500.00. the attorney tells me that if i file bk that i will lose my money market of almost 70k, what's left of the business and trash my credit. so, I was talking with one of these consolidation companies today, they say they can reduce the debt by at least 50% and string out the payments for 4 yrs @about 900./mo, that it won't ruin my credit bla,bla,bla. this will not include the truck payment which is $750/mo. and the company will charge me 9k to do this work of wonder. So, I ask anyone out there, should I just go ahead and trash my credit, do it myself and negotiate with these banks or let some company do it? My husband is going to kill me when he finds out so please respond quickly! thanks my story is an old one. Perfect credit. use one card and pay off monthly. no debt other than house payment. daughter wants to start a business. wants to do it right, go through the county for permits, plans and so on. she also has great credit. able to get personal line of credit and business credit card as well as personal credit cards. I know nothing about starting a business but daughter takes the classes and so on. lots of experience in the field she is going into. WELL, everyone wants a piece of the pie… county, planners, leasing/space rental people and so on. pretty soon she has exhausted her credit lines and comes to me for help. I get two personal lines plus a credit card, sign for the purchase of a truck to haul the merchandise.. things finally get rolling, almost making the bills when the daughter becomes ill with we don’t know what. this goes on for almost a year before there is finally a diagnosis. It is bad, eventually will cause her death. she is unable to leave the house and has a friend that is running the biz. THe biz has suffered greatly and so has my savings. I am 67 yrs old with an income of my own of $3300.00/mo. bills for the biz without purchase of ongoing merchandise is about $2500.00. the attorney tells me that if i file bk that i will lose my money market of almost 70k, what’s left of the business and trash my credit. so, I was talking with one of these consolidation companies today, they say they can reduce the debt by at least 50% and string out the payments for 4 yrs @about 900./mo, that it won’t ruin my credit bla,bla,bla. this will not include the truck payment which is $750/mo. and the company will charge me 9k to do this work of wonder. So, I ask anyone out there, should I just go ahead and trash my credit, do it myself and negotiate with these banks or let some company do it? My husband is going to kill me when he finds out so please respond quickly! thanks ]]> By: Bill http://www.mint.com/blog/goals/your-bailout-slash-your-credit-card-debt/comment-page-1/#comment-45511 Bill Tue, 09 Feb 2010 20:08:13 +0000 http://www.mint.com/blog/?p=3982#comment-45511 Too many Americans today are struggling to make minimum payments on their credit cards. It is a growing problem with the state of our economy. I encourage you to join my forum so we can talk about it as a community. There are answers… Too many Americans today are struggling to make minimum payments on their credit cards. It is a growing problem with the state of our economy. I encourage you to join my forum so we can talk about it as a community. There are answers… ]]> By: juanita http://www.mint.com/blog/goals/your-bailout-slash-your-credit-card-debt/comment-page-1/#comment-42571 juanita Mon, 30 Nov 2009 22:59:51 +0000 http://www.mint.com/blog/?p=3982#comment-42571 opt out of that interest rate increase! this will keep you from using your card, but you dont need it anymore! they increased you because your credit score is bad, not because you missed payments, but because you are in too much debt. pay $30 for a credit report so you know where you stand. currently im paying a third of my paycheck ($1000) a month. my minimum is about $550, it used to be more than $850 2 years ago. At that point, i said, no more and i went on a money diet. I built a home business to earn a few more bucks a year to keep me from going into more debt. I used mint to organize my budget, i got everything under control and now my payoff goal is in 3 years. compare this to 7 years of bad credit record and possibly bankruptcy. 7 years is a long time. opt out of that interest rate increase! this will keep you from using your card, but you dont need it anymore! they increased you because your credit score is bad, not because you missed payments, but because you are in too much debt. pay $30 for a credit report so you know where you stand.

currently im paying a third of my paycheck ($1000) a month. my minimum is about $550, it used to be more than $850 2 years ago. At that point, i said, no more and i went on a money diet. I built a home business to earn a few more bucks a year to keep me from going into more debt. I used mint to organize my budget, i got everything under control and now my payoff goal is in 3 years. compare this to 7 years of bad credit record and possibly bankruptcy. 7 years is a long time.

]]> By: juanita http://www.mint.com/blog/goals/your-bailout-slash-your-credit-card-debt/comment-page-1/#comment-42569 juanita Mon, 30 Nov 2009 22:54:44 +0000 http://www.mint.com/blog/?p=3982#comment-42569 this advice is not the whole story -- if your credit report has been clean so far and you are struggling to pay your bills, DO NOT STOP PAYING THEM, keep struggling, get a second job, turn off your cable, go on a diet, get out of debt and when you are done (even if its in 7 years), your credit score will increase and this will snowball your interest rates down and before you know it, you are out of debt and saving money for a new house! this advice is not the whole story — if your credit report has been clean so far and you are struggling to pay your bills, DO NOT STOP PAYING THEM, keep struggling, get a second job, turn off your cable, go on a diet, get out of debt and when you are done (even if its in 7 years), your credit score will increase and this will snowball your interest rates down and before you know it, you are out of debt and saving money for a new house! ]]> By: Henry http://www.mint.com/blog/goals/your-bailout-slash-your-credit-card-debt/comment-page-1/#comment-42313 Henry Sat, 21 Nov 2009 06:22:14 +0000 http://www.mint.com/blog/?p=3982#comment-42313 Just wanna say thank you for the information you have shared. Just continue writing this kind of post. I will be your loyal reader. Thanks again. Just wanna say thank you for the information you have shared. Just continue writing this kind of post. I will be your loyal reader. Thanks again. ]]> By: Kim http://www.mint.com/blog/goals/your-bailout-slash-your-credit-card-debt/comment-page-1/#comment-42142 Kim Tue, 17 Nov 2009 12:17:42 +0000 http://www.mint.com/blog/?p=3982#comment-42142 I'm one of the deadbeats commented on here. I'm a smart 41 year old who has always had EXCELLENT credit. I have up to 5 offers for credit a day. Its been so easy to get credit. I have been stupid with my lifestyle and stupid with my finances. I haven't missed a payment. I have been paying faithfully but I have too much unsecured debt and now the credit companies that offered me credit at a great rate have raised my intrest rate to over 23%. I'm not even in default. I called the company to ask for a lower rate. In the past I have never had a problem with this. But now!!! I can't get it lowered. Remember I haven't missed a payment and have had every intention of paying my debt. But with the intrest rate so high the payments are more then I can pay. What can I do about this. I'm considering stopping my payments to settle. I made a huge mistake and my family is drowning in over $1000.00 a month credit card debt. I have always been very responsible with my finances but with my income cut due to the economy what else can I do. I have always frowned on people that don't pay their debt. I see them as deadbeats! People who try to beat the system. How can I be one of them. But at this point...I don't see how not to be one! I’m one of the deadbeats commented on here. I’m a smart 41 year old who has always had EXCELLENT credit. I have up to 5 offers for credit a day. Its been so easy to get credit. I have been stupid with my lifestyle and stupid with my finances. I haven’t missed a payment. I have been paying faithfully but I have too much unsecured debt and now the credit companies that offered me credit at a great rate have raised my intrest rate to over 23%. I’m not even in default. I called the company to ask for a lower rate. In the past I have never had a problem with this. But now!!! I can’t get it lowered. Remember I haven’t missed a payment and have had every intention of paying my debt. But with the intrest rate so high the payments are more then I can pay. What can I do about this. I’m considering stopping my payments to settle. I made a huge mistake and my family is drowning in over $1000.00 a month credit card debt. I have always been very responsible with my finances but with my income cut due to the economy what else can I do. I have always frowned on people that don’t pay their debt. I see them as deadbeats! People who try to beat the system. How can I be one of them. But at this point…I don’t see how not to be one! ]]> By: Tamara Holmes http://www.mint.com/blog/goals/your-bailout-slash-your-credit-card-debt/comment-page-1/#comment-41318 Tamara Holmes Thu, 29 Oct 2009 09:30:46 +0000 http://www.mint.com/blog/?p=3982#comment-41318 there are many people who are not aware of the existence of personal grants. It is indeed a great opportunity for you. You shouldn't miss any grant that you are eligible for and you should fully utilize it to reduce your burden of debt. You will definitely be able to improve your financial situation. there are many people who are not aware of the existence of personal grants. It is indeed a great opportunity for you. You shouldn’t miss any grant that you are eligible for and you should fully utilize it to reduce your burden of debt. You will definitely be able to improve your financial situation. ]]> By: Manage CCdebt http://www.mint.com/blog/goals/your-bailout-slash-your-credit-card-debt/comment-page-1/#comment-38112 Manage CCdebt Mon, 28 Sep 2009 22:31:06 +0000 http://www.mint.com/blog/?p=3982#comment-38112 There's some good info in there about How to Settle credit card debt, thanks. There’s some good info in there about How to Settle credit card debt, thanks. ]]> By: ed r http://www.mint.com/blog/goals/your-bailout-slash-your-credit-card-debt/comment-page-1/#comment-34698 ed r Wed, 12 Aug 2009 16:28:20 +0000 http://www.mint.com/blog/?p=3982#comment-34698 Did you negotiate on your own Did you negotiate on your own ]]>