$32K in credit card debt at 28% interest.....

[papichulo]

Thanks for the support Carlos and I was not trying to thread jack this thread, but wanted to point out that many people find themselves in debt to medical emergencies. I have been downsizing the cars and things. I know all will be well.

I failed to mention this happened a year and one half ago, maybe a little longer; however, I have been taking a beating. I took control of my issues and contacted my creditors to reduce my interest rates. For the record I will eat beanie weanies before I miss a payment.

Cheers

[BigFrank]

28% that is unreal. Seriously unreal.

[doctorcue]

Originally Posted by Tombstone

Two words 'Dave Ramsey'

Dave Ramsey has such a logical sense about getting out of debt. I'm using his principles now and should be clear by year end. Suggested read for any & every one.

so just out of curiosity, what did he buy with 32k?

[Blueface]

Originally Posted by j-easy

so just out of curiosity, what did he buy with 32k?

Not any one thing.
Just used the card to subsidize what he needed but more like, wanted.

[mosesbotbol]

He should close the accounts and negociate a lower interest rate. Even if his credit takes a hit, he could rebuild that later on.

[M1903A1]

Originally Posted by Blueface

Not any one thing.
Just used the card to subsidize what he needed but more like, wanted.

Famous last words....

[Scottw]

If anyone needs some help with this stuff, I am in the business. PM me an I will get back with you shortly with some help. I have done over 1000 restructurings where credit card and lease debt was involved. You will all pay the current BOTL rate which is all the advice you need for $0.00. (in other words, free).

[fxpose]

Originally Posted by ghostrider

Just another reason I haven't owned a credit card in at least 10 years now. If you can't pay it off in a month or two, you don't need it.

I pay my CC balance in full each and every month so I never pay interest. The banks hate me for that. I have only one CC (same visa account for over 20 years) and I use it only for on-line purchases and payments only. Everything else, I pay cash or check. For me, it'll be inconvenient not to have a CC.

[fxpose]

Originally Posted by mosesbotbol

He should close the accounts and negociate a lower interest rate. Even if his credit takes a hit, he could rebuild that later on.

You can't close the account if there is outstanding balance.
I once bailed my wife out of her $20,000/25% account. They closed the account only after I paid the entire principle in full which I did. Subsequently, I made her close all other charge accounts. All has been well since.

[NCRadioMan]

Originally Posted by fxpose

You can't close the account if there is outstanding balance.

Sure, you can. I've done it twice in the last 10 years.

[CigarDood]

Originally Posted by cricky101

Minor thread jack, but I just tried to use a Capital One Visa card I've had for 10 years to find out the account had been closed because of inactivity. I haven't used it in two years. I've got great credit and was never late on a payment and would be, I thought, a great low-risk customer

It stinks because it was my first card - I got it when I was 18 - and the closing of the account will affect my credit score and I'm in the process of looking for a house.

Might be a good idea to make a call if you've got a Capital One card you haven't used for a while.

I had capital one do the same thing to me.

[Scottw]

Originally Posted by fxpose

Who took care of the balances or did you declare bankruptcy?

You can close the account yourself or in most cases the creditor does it for you. It doesn't alleviate the outstanding balances though.

[fxpose]

Originally Posted by Scottw

You can close the account yourself or in most cases the creditor does it for you. It doesn't alleviate the outstanding balances though.

But technically you still owe money associated with that account.

[Scottw]

Originally Posted by fxpose

But technically you still owe money associated with that account.

Yes sir you would until the account is paid off in full, settled for lesser balance and paid, discharged through a Bankruptcy or erased in instances where the statute of limitations expires.

[Studebaker]

Originally Posted by fxpose

I pay my CC balance in full each and every month so I never pay interest. The banks hate me for that. I have only one CC (same visa account for over 20 years) and I use it only for on-line purchases and payments only. Everything else, I pay cash or check. For me, it'll be inconvenient not to have a CC.

+1

It takes an emergency for me to carry a balance on a card. I use my CCs as a convenience, not to subsidize a lifestyle I can't afford. I don't care what the banks think of it, but it does wonders for my credit rating. Fills my mailbox with junk mail from other card companies too.

[King James]

I'm still under my 18 month 0% interest and when that ends I think I go up to 6%. I also keep my limit low so that I don't even give myself the opportunity to fall into debt, especially this early in my life.