100k cc debt!!! Ideas?

amother

Cantaloupe

Tue, Mar 19 2024, 11:21 am

amother Butterscotch wrote:

Yes most ccredit card companies are willing to settle. You can ask each of them for a settlment.
There is also some gemach in Ny I saw advertising (that my sister used) to consodilate cc debt and reduce the interst rate to almost zero or zero. (My sister used and was greatly helped)

Would you be able to get contact info for the gemach? Tysm. Paying huge amount amounts of interest due to messed up credit score by some unhealthy individuals in my life.

amother

Salmon

Tue, Mar 19 2024, 12:50 pm

I don't want to derail this thread, but can I ask a caveat question?
We have a smaller amount of cc debt, but the monthly minimum is killing us. After reading all these suggestions I asked my husband why we don't do some of these suggestions. He said they only allow these "tricks" for bigger debt. Is this true?
Just wanted to confirm that with you ladies because I've learned that sometimes my husband is so "SURE" about things that are actually not true.
Is there nothing to be done about 15,000 dollars of debt which we pay 550 for every month? Feels like we are just throwing money in the garbage.

amother

Camellia

Tue, Mar 19 2024, 1:02 pm

amother Salmon wrote:

You can definitely get a 0% interest card at a different bank and do a balance transfer so you aren’t paying interest for 12-18 months depending on the card you get. You’d have to have a good enough credit score to get approved for the 0% card.

I just transferred 7k of debt from one 0% card to another because the 0% period on the first card ran out.

You do still need to pay the monthly minimum on the card or the 0% interest will end. No way to get around paying off debt unless you want to stop paying and have your credit score wrecked while you wait for the bank to settle for a smaller payoff amount. Not worth it for such a small amount of rent!

amother

Denim

Tue, Mar 19 2024, 1:02 pm

amother Salmon wrote:

call the credit card company and ask for a payment plan. They will transfer you to a different team and they freeze your card and depending on
your situation they can give 0 percent so all the money you pay back goes to the balance and not to interest. If you have a CITI card they really work with you from past experience.

amother

Chocolate

Tue, Mar 19 2024, 8:25 pm

amother Seashell wrote:

I think the first question is whether you have the ability to pay it off even slowly? If you aren't making enough to cover rent, food, utilities, and other essentials, how can you possibly pay off 100k in cc debt?

Not to derail the topic from OP, but we also have lots of cc debt and the issue is that we simply aren't making enough to cover monthly expenses.

The only way forward is to make a real budget with my DH and cut out every single extra... But it's hard to face the truth of where we are so we keep pretending it's not an issue. I'm worried... And know many many people in similar situations as us.

Idk how were all going to manage tbh

amother

Chocolate

Tue, Mar 19 2024, 8:30 pm

amother Salmon wrote:

15k is easier to work with. Can you open an interest free card, do a balance transfer and have lower payments? I'd guess a lot of your monthly payment is going towards interest which no good.

amother

Bluebonnet

Tue, Mar 19 2024, 8:36 pm

amother Chocolate wrote:

Yes we are exactly the same.

amother

Mon, Mar 25 2024, 11:25 am

Wow seeing my old thread pop up in the month of celebration and joy is another reminder of how good gd has been to me.

were more than half way thru with our debt!!!

What was our secret formula? nothing. Prayer tears and a series of miraculous divine intervention.

lets hope to completely live debt free and responsibly

Good luck to you all

amother

Cantaloupe

Mon, Mar 25 2024, 12:38 pm

amother OP wrote:

Heartening ty 🙏❤️