Question by aLwaysanxious: In debt, payments over my head! Help?
My credit is shot. I have 5 credit card bills to pay and I’m seriously behind on all of them. I also have other bills, like phone and insurance every month. I’m not sure how I can help myself, and I’m too scared to try any “Get out of debt help” because I think I’ll get screwed on the interest. I would get a loan from a bank but I have no cosigner and my only asset is my car, which isn’t worth much. What should I do to relieve some of the monetary strain?
Best answer:
Answer by pulijalahari
so be careful while spending on Credit cards..,
once you get rid of this credit in some way.., reduce your number of credit cards to 2..
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Go to a credit counseling service. They’ll make arrangements to pay off your credit cards and help get your financial house in order.
A tough answer, you may have to get a second job for awhile waitressing, or something like that. I am starting a second job this weekend working as a banquet server for a local country club. It’s going to be real tough to work 7 days a week but a least I’ll be able to get ahead.
Also check into things like:
1. Cutting back your cell phone bills. (change your plan)
2. Raise your deductible on your car insurance to save money on premiums.
3. Look for discount grocery outlets in your area to save money on food.
4. Shop thrift stores for clothing, at least just for awhile.
5. For home phone, get rid of long distance calling and purchase a prepaid phone card to use instead.
6. Limit going out to lunch during the work week to once a week, pack lunch the rest of the time.
With the money you’ll save you can begin to pay down your debt. Also, make sure you keep in touch with credit card companies and try to send them all something, anything each month. This will cut down on embarrassing phone calls and help keep your credit from going completely in the toilet.
Consolidate your credit card debt: There are various reasons why you should consolidate credit card debt. The most important reason is lower rates. If you manage to get a lower rate on a consolidation than what you are paying currently, it is better to consolidate. Whenever possible, you can consolidate credit card debt and save some money. Check the interest rates on every card and note them down. Now write down the new rate you can get. If it lesser than the average of the old rate, consolidating credit card debt will be beneficial for you. Don’t include cards with lower rate in consolidation. http://www.freewebs.com/getanswer/CreditCardDebtConsolidationTips.html
Five credit card bills? Wow! That can put a strain on anybody so don’t feel alone. I will be upfront and honest with you. You are not going to get these paid off overnight. The first thing you need to do is go and get your purse, get the cards out and………..CUT THEM UP. Now doesn’t that make you feel a little better knowing you can’t get into more debt?
Now that you don’t have anymore credit cards we can get down to paying them off and improving your credit. First off, don’t get a payday loan. Those loans are very hard to pay off and the interest is astronomical. Debt consolidation loans are almost as bad, because they can hurt your credit score.
Paying off these credit cards are only going to happen if you know when and how to pay them. It wasn’t until I found out how to do this did I become successful at paying my debts. You should take some time and research the internet for solutions to getting out of debt. If you don’t have the time then Michelle Travis could possible help you. Her site has a lot of good resources for credit and debt solutions. The information I found there acutally helped me start to see the light at the end of the tunnel. You should check it out.
Good Luck