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Discussion Starter #1
Well first off, this debt was made because I was stupid and left my job for another job that didn't pay anything. When I quit to train for another company I had no other means of income. That left me using my credit card for necessities(spelling) and school supplies. I know, I know...and I'm learning from it. Then I had some speeding tickets to pay off..didn't have the cash...threw it on the card...and had to buy brand new tires....no cash...threw it on the card. All together the debt is near $3,500. The cards are cut...so I can stop using it for "emergencies" and I'm making payments on them...but I know the intrest is really high....and thats the main thing I'm concerned about. Are there any companies or loan companies that can combine the debt from the two cards so I'm not paying two high interest fees? Any advice would help. No negative crap either, I learned my lesson already :( . Thanks.
 

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If you own your home you might consider paying it off with a home equity loan which are lower interest rates. But probably a better plan is to get a part time job for a few hours a week, and pay it off.
 

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Find a new credit card with a zero interest period and transfer the debt to the new card. Keep paying it down and when the zero interest period is over, move the debt to another zero interest period card, etc.

I put an addition on my house using this method and it works well if you stay on it.
 

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ReadytoStrike said:
Find a new credit card with a zero interest period and transfer the debt to the new card. Keep paying it down and when the zero interest period is over, move the debt to another zero interest period card, etc.

I put an addition on my house using this method and it works well if you stay on it.
There are two ways I would suggest with one of them being stated above.

The second would be to get a debt consolidation loan which would be simple interest at probably a much lower rate depending on your credit score.

Good luck. At least you caught it at $3500....a lot of people don't realize what's going on until it's too late.
 

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I did the transfer thing and it worked out well for me. Mine was up at about $3500 about 2 years ago, and without cutting it up, continuing using it for purchases, it was paid off last month.
 

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kongmen said:
beat me to it kong.
buy the book total money makeover and by all means do not take out another loan to pay the debt. like mentioned here, get a part time job and pay that sucker off.
 

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swarren1 said:
If you own your home you might consider paying it off with a home equity loan which are lower interest rates. But probably a better plan is to get a part time job for a few hours a week, and pay it off.
I'm with Swarren on this one. You'd be better off with a loan. The interest is tax deductible if you get a home equity loan. The part-time job is even better.

If not, be careful with the CC transfers. Doing that actually hurts your credit - a lot! If you transfer twice, and don't use the cards, you can drop almost 150 FICO points. That is what financial types use to figure out if you get or don't get credit, and if you get it at a reasonable interest rate or if you pay loser rates. Just be very wary of that plan. It's not like it used to be 10-12 years ago. Believe me.
 

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I was going to mention Dave Ramsey also. He has some good advice, really common sense, but it is painful for most people to do. He is vehemently anti-credit card, and with good reason. Check out his web site, and get his original book (Financial Peace) from the library. It will give you some empowerment to fixing your "mistake" and make sure you are set for it to never happen again!
 

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Atleast you caught it early. It's amazing how quickly it can spiral out of control. I racked up over 15k of cc debt. I kept thinking I'd be getting this raise soon and keep making more and more money and pay it off then. The truth is you just keep spending more. Finally, I learned how to budget and changed my lifestyle. I've paid off almost 10k now. It takes a while but a you learn a valuable lesson when it's over. Quote of the day "If you don't have the money for it now, you probably never will"
 

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do you have access to a credit union through work? my ex racked up an assload of debt and i found out about it.. then steered her twards her company credit union... she had about 30k in debt, one loan was at 14% interest and the other at 19%... i think they combined the loans and got her interest down to something more managable. she was only paying down her interest monthly, not the principal.
 

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Discussion Starter #12
My best bet is probably going thru a credit union and getting a loan to pay the cards off. Theres only two of them...but hell man...I don't want to still be trying to pay them off 2 years from now. I want to debt free by the end of the year. Thanks for the advice. By the way...all the mods on my truck are paid in CASH. Never...ever...ever...try to pay with a credit card for mods...its just ain't worth it.
 

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BRACEYOSELF777 said:
My best bet is probably going thru a credit union and getting a loan to pay the cards off. Theres only two of them...but hell man...I don't want to still be trying to pay them off 2 years from now. I want to debt free by the end of the year. Thanks for the advice. By the way...all the mods on my truck are paid in CASH. Never...ever...ever...try to pay with a credit card for mods...its just ain't worth it.
Have you thougth about getting another credit card that offers the low rate checks? I know some might not like the idea but they are good for such a small debt. I used one to pay for the pool. The check interest rate was around 2 or 3%. The pool place wanted me to finance it through them for like 14 or 15% interest. Home equity is a good idea also, just watch out for banks wanting to charge you a lot to close on the loan.
 

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BRACEYOSELF777 said:
My best bet is probably going thru a credit union and getting a loan to pay the cards off. Theres only two of them...but hell man...I don't want to still be trying to pay them off 2 years from now. I want to debt free by the end of the year. Thanks for the advice. By the way...all the mods on my truck are paid in CASH. Never...ever...ever...try to pay with a credit card for mods...its just ain't worth it.
Are you crazy?!?!?! ALL my mods are bought on the good old CC! Then again, I have mine tied to my mortgage. Whenever I hit $2500 on the CC, I get $100 off the principal. Sometimes I hit 2 a month. Once or twice this past year, I've hit 3 times! Nice thing is, at the end of each month, I pay it off and never carry a balance. Use them to your advantage. But don't overuse them. My rule is, if you don't have the cash for it, don't put it on the card.
 

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Discussion Starter #15
Well, I don't want to really pay my cards with another card. That to me is just a red flag. So basically if I can get a low interest loan make one payment instead of two and pay off the cards completely...that would settle my debt problems. The interest rates on the cards are just too high...thats why I want to pay them off a.s.a.p. As far as home equity goes....I'm not a home owner so that option can't be selected.
 

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Best wishes BRACEYOSELF777, you are showing a lot more wisdom and maturity than many of us ever have. Don't ask me why I know that! Lessons lessons....:) I appreciate your openess too, it helps the rest of us to do the same when we need to. Thanks.
 

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goathead said:
beat me to it kong.
buy the book total money makeover and by all means do not take out another loan to pay the debt. like mentioned here, get a part time job and pay that sucker off.

Ohhh, now I get it. At first I thought "try this" meant start a web site and charge people $89.95 for common sense advise and then use the proceeds to pay off the credit card.
 

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bestatchess said:
Ohhh, now I get it. At first I thought "try this" meant start a web site and charge people $89.95 for common sense advise and then use the proceeds to pay off the credit card.
common sense? obviously not. if it were common sense, then we wouldnt be giving him advice for his, unfortunately common, credit card debt.
 
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