Comments on: Your Bailout: Slash your Credit Card Debt

By: Bill

Bill — Tue, 09 Feb 2010 20:08:13 +0000

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

juanita — Mon, 30 Nov 2009 22:59:51 +0000

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

juanita — Mon, 30 Nov 2009 22:54:44 +0000

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

Henry — Sat, 21 Nov 2009 06:22:14 +0000

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.

1 like

By: Kim

Kim — Tue, 17 Nov 2009 12:17:42 +0000

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!

2 likes

By: Tamara Holmes

Tamara Holmes — Thu, 29 Oct 2009 09:30:46 +0000

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: Facebook User

Facebook User — Mon, 28 Sep 2009 22:31:06 +0000

There’s some good info in there about How to Settle credit card debt, thanks.

By: ed r

ed r — Wed, 12 Aug 2009 16:28:20 +0000

Did you negotiate on your own

By: DL

DL — Fri, 31 Jul 2009 18:52:41 +0000

For those that consider us all deadbeats please pause a moment and consider there are facts you may not know. Don’t judge. My husband and I owe about $50,000 in unsecured debt due to job loss, medical hardship and a slow down in his industry (he’s a self-employed contractor). A triple whammy! We’ve seen our nest egg disappear, our 401K was cashed in to survive and then finally had to rely on credit cards to try and float. Last home we built took over 2 years to sell and we barely got enough to pay off the bank – all the payments and interest paid were a loss. I’m not asking for sympathy – nothing ventured, nothing gained. The real problem is our cc companies have raised rates from below 10% to as high as 34.99%. I want to repay the principal and am willing to repay with reasonable interest but 34.99 is outrageous! I’m not asking anyone to forgive what I charged – just stop making it impossible for me to make any headway. My conscience won’t allow me to ask anyone to foot my bills. Our family and friends have no idea of the drowning debt we have incurred. A. They can’t help us out and B. it’s so shameful.

3 likes

By: joblost

joblost — Sat, 25 Jul 2009 18:07:59 +0000

milwakee -

I went to http://www.nfcc.og twice, and explained my situation. They did not discuss ‘all options,’ but referred me to a debt management agency. They would not suggest any other alternative as viable. Have you had a different experience with them?
For those of us with very little income and mounting debt, the author presents a real alternative to bankruptcy.