Easiest way to get out of credit card debt?

[vr4gasmtt]

Soo,

I kind of been in a emotional state of mind and been swiping my new credit card everywhere, along with maxing out my student credit card.

I cut up my student boa card, its maxed out anyways and I'm only spending my other card on gas.

I'm about 2500$ in debt which isn't much compared to a lot of people, but I don't have a job right now either so I'm still pretty new to credit cards, Whats going to happen if I just pay minimum payments? Will I be hit with an APR charge? What the hell is APR mean? I know annual percentage rate, but what does that actually mean?

My credit was great and now I'm starting to see it crumble.

[Xbroke_kidX]

Dont get in credit card debt.
Problem solved.

But really I would say just keep your credit card low. If you want to buy big things on your card wait till you have a good amount of cash to pay a good amount off asap. Your credit wont go up as fast probably but it wont turn into a big mess either. I have $800 in debt because I lost my job. Thankfully I got another one and it should be payed off real soon.

[ALTRNTV]

Be a street pharmacist.

[NINJASPY]

1. don't even have credit cards if you don't want any debt... even if it is for gas.
2. find balance transfer to another credit card with low or zero apr. for a set amount of months, like 0% ballance transfer, 0% apr for 12months, 3%minimum monthly payment, AND 0 annual fees. Then pay it off over the period of 12months, and try to move balance again if you can't pay back in time. But make sure you pay minimum or apr is going to go from 0% to 20+%
3. apr, annual percentage rate, so say you owe 2500, and its 20% apr, so in a years time its going to be 500 interest alone.
4. paying minimums don't do anything, sometimes debt still grows, sometimes its shrinks 10bucks even thought you paid minimum of 100etc(90 for interest)
5. always pay in time or apr will explode and go very high, I missed one payment once by 3-days and they raised my apr to 30.99%, Lucky I had all the money together and paid only 3days of interest.

Most people don't really know about credit, they think they miss one payment they have bad credit. Not true.... theres 5 categories really

1. no credit
2. bad credit
3. low credit
4. good credit
5. high credit
U have low credit, you miss payments and it goes into collection,= bad credit. If credit cards don't even let you open an account=no credit.

[Ceepo]

I have a credit car from sears/kmart(i bought all my tools with it little by little) i dont use it to buy them all at once, i buy one here and there and i pay it off at the end of the month(i am 21 with a 700+ credit score). I have had 3 car loans one i still have for my daily(owe about a few thousand still) and i have had 2 sign. loans(best way to build credit imo, also still paying one off),

I try to look at a credit car like this, if i cant have it payed off in 4 months or less im not going to charge it to my card, also cutting up your card and canceling it can have ill effects, just bust some ass and get that debt paid off and try not to use the card unless you HAVE TO!!!, im new to the whole credit terms and such, but i have been raised to pay cash for everything, that way you own it out right, not have to worry about if you lose your job how the freak are you gonna pay for your bills, but i also wanted to build my credit so i would get small loans out to buy things(cars, motor rebuild, vacation, ect...) just try not to let it get out of hand, and get it paid off...

[RB24_S14]

yup I have no credit. I hate being 18

[Mr. Goodkat]

You don't want to fall into bad credit! I would suggest trying to pay off your total balance in the least amount of time. Just paying the minimum is a trap and is where credit card company's make their money and empty your pockets. If you try to pay off a $1,000 debt on an 18 percent card by just paying the minimum each month, it would take more than 12 years to repay.

[Bubbles]

Start selling your body.


Your go to position can be the credit card bum swipe, for irony's sake.

[fliprayzin240sx]

Get a job and stop swiping your card. Why the fuck would you swipe it if you aint got shit to make payments with. You need it for gas money? You dont need to go anywhere unless you're job hunting...

[flip3d]

Get a job. Get a job. Get a job. When I was 18, I did the same thing. Once that intro apr goes away, you're done. I ended up getting my card written off and now I can't do anything that requires credit.

[Future240]

Your 21 and you don't know this stuff?:confused:

APR is the percentage rate their are going to hit you with. The higher the APR the more interest you will be charge. Paying the minimum will keep the bank off your ass, but it will damage your credit to have that big amount on there for so long. Only paying the minimum will ensure it sticks around for a while.

If you can take some stuff back do so. If you can get a job to get some cash do so. If worse comes to worse, borrow money from a person you don't have to pay back immediately (parent, aunt, etc.) pay off a lot of the loan and give yourself some leeway.

Most important thing of all is to learn from this mistake. Credit is a necessary
part of life, just make sure to make it work for you, not against.

Keep us updated on how it goes, and good luck to you.

[SimpleS14]

For future reference, never go beyond 50% of your credit limit and try not to go over 30% of your overall available credit. This will help improve your score even if you have a debt balance.

What you can do now is pay more than the minimum, even if it's minor amount. Try to pay off the lowest balance first, then focus on the next balance. Do not continue to use your credit card if you have a balance on it...even if it's for gas.

Switching to cash only also helps with practical spending.

There is more than one way to tackle this...you might want to look into getting some free consultation.

[Future240]

For future reference, never go beyond 50% of your credit limit and try not to go over 30% of your overall available credit. This will help improve your score even if you have a debt balance.

What you can do now is pay more than the minimum, even if it's minor amount. Try to pay off the lowest balance first, then focus on the next balance. Do not continue to use your credit card if you have a balance on it...even if it's for gas.

Switching to cash only also helps with practical spending.

There is more than one way to tackle this...you might want to look into getting some free consultation.

I think we just gave him some of that:keke:

To add to this post. When going into a store, don't take your card. Don't keep your card in your wallet. Put is somewhere out of the away. This may seem extreme but it will keep you from spending money. Once the debt gets down a bit, put it back in your wallet. It is all about learning control.

[sw20>>s14]

Soo,

I kind of been in a emotional state of mind and been swiping my new credit card everywhere, along with maxing out my student credit card.

I cut up my student boa card, its maxed out anyways and I'm only spending my other card on gas.

I'm about 2500$ in debt which isn't much compared to a lot of people, but I don't have a job right now either so I'm still pretty new to credit cards, Whats going to happen if I just pay minimum payments? Will I be hit with an APR charge? What the hell is APR mean? I know annual percentage rate, but what does that actually mean?

My credit was great and now I'm starting to see it crumble.

you have NO BUSINESS running around with a CC...please listen to everyone and eradicate the problem...my advice to you, once your debt is paid, PLEASE cut your CCs up and go with a debit card...cash and debit charges only...you are no where near ready to have a CC...

[Om1kron]

only way to get rid of credit card debt is to re-evaluate how you're living, write down all of your expenditures for the month. and find something you can give up, and put that money towards the card.

And try to maintain that lifestyle...

Most people get out of credit card debt to double up after they have a clean slate.

I got myself out of credit card debt, got up to a 670 credit rating, which isn't much, but coming from debt it's a lot. Only to lose my job, have a car repossessed, and a divorce thrown into the mix. Now I got HORRIBLE credit.

I don't eat out anymore (RARELY) and that so far has saved me a lot of money, I rarely drive my car anywhere so it saves me money on maintenance, gas, etc.

You're a student, use your student card on books for school, field trips. Not for the bar on friday or taco tuesdays.

[ThatGuy]

Easiest way out of Debt?

Die

Let someone else sort out the problems you got yourself in to.

[SimpleS14]

Easiest way out of Debt?

Die

Let someone else sort out the problems you got yourself in to.


lol that's cold as ice

[BustedS13]

easiest way for a 21 year old with no income? ask your parents for a bailout

but when you become an adult, eating at home and driving a used car that you paid for in cash will save you quite a bit.

a short list of things you don't need to survive, but are nice to have WHEN YOU CAN AFFORD THEM:
-a PS3 and an xbox 360 next to each other
-unlimited calling
-data plan
-a phone that wasn't free
-unlimited texting
-name brand milk
-cereal in a box instead of a big bag
-premium cable
-30 meg home internet
-expanded cable
-Netflix
-cable television
-chinese food
-pizza
-any food that you can eat without preparing
-soda

*it's worth mentioning that if you really want unlimited calling/texting/data... well, I dropped my unlocked G1 in my fish tank a couple weeks ago, and now i've canceled my ATT contract and switched to Boost Mobile.
no, really. i've got an old Blackberry that works on it, and is $30/mo for unlimited texting and free nights and weekends for calling. once the Opus One rolls out, i'll be switching to their unlimited everything plan, which is $50/mo. cheap!

http://www.boygeniusreport.com/2009/12/21/motorola-opus-one-specifications/ :d

[j20accord00]

alot of people with the negative comments lol.

I got myself caught up in some debt. a little bit more then you, around 4,500. still not insane but enough that I didnt know what to do. I was younger then you and I talked to my parents about it. They helped me out BUT I paid them back. the interest was killing me. The payment I could afford but at the rate i was going I would be paying probably another 1,000- 1,500 on top of my 4,500.

My advice to you is talk to someone about it (parents, brother/sister that is older) and see if they can help you out. your not the first with debt and certainly not the last. but before it gets to be too much and you ruin your credit at 21 you should get some help.

[sw20>>s14]

Q: whats cooler than being cool?

A: THAT GUY!

[bornslippy73]

You can start by getting off this forum because you'll spend your money or charge your card on parts if you stay on this forum long enough.

Paying the minimum is not going to make a significant dent on paying off any outstanding credit card balance.

Keep your wallet "light weight"...One Visa, one Mastercard, and one American Express. Surprisingly there are still places that only take either Visa or Mastercard. American Express is great especially if you are a Costco member and if there is also a Costco Gas Station.

Create an online account for these credit cards so you can stay on top of your finances. Pay more than the minimum balance. I usually pay more than twice the due amount. If you have a bank account you should have a debit/checking card so this would count as either you Visa or Mastercard.

The more you stay on top of your credit card balances the less likely you would compulsively buy.

[BustedS13]

i don't think a 21 year old with no job needs three credit cards.

kid needs a Capital One and a debit card, max.

[silpena]

you can allways get a personnal loan to consolidate all your debt into one pile so your not making many payments on different cards. I hate making payments on different dates. Im into around 2.3k in debt. I had 3.2 debt starting june but slowly paying it off. Cutting alot of b.s. and not going out really helps. Also get a JOB, thats how got into debt in the first place. Within next month i can choose to pay off 1.6k in debt but i plan to keep my cards 50% below credit limit. Paying your debt quickly and closing them is a no no so ive heard. Makes you look broke and irresponsible. A big red flag.

If your gonna get a loan, apply for a small one. If you get rejected. try again 6 months later. If you keep asking for a loan at different banks. It'll lower your score and show up as a red flag and desperate for money. IDk how but i went from a 510 to a 698 in 4 months. Guess im something right....

p.s. i hate capital one. worst creditor eveeerrr!! ive been screwed by them soo much. a 40.0 payment turned into a 160 dollar payment. Idiots keep running a payment over and over when i call to ask if my payment went through or why i have a certain fee.

[usdm180sx]

Pay at least the minimum ON TIME. Pay it off ASAP. Don't use anymore. Done. I use a Walmart Money card now haha

[ZilviaKid]

fake your death. its the only way out now.

[I LUV MY S13]

apr is the interest you have every year, for example if you have a card with 12%, it will add 1% of your total balance every month....
for example: if your balance is 1200, they will add $12 to your balance, so if your minimum payment is $35, then your actually paying $23 of what you have used up..so do your best to pay more than min, that way you can get out quicker

in a world like ours today you need credit..buy house, car, loans, even jobs...so dont get rid of it, just be wise about it

[SimpleS14]

Track your spending for free using Mint

Free Personal Finance Software, Budget Software, Online Money Management and Budget Planner | Mint.com (http://www.mint.com)

This will help you grasp a better understanding of your expense, where to cut back and how to set up a budget (if used properly).

[sleep]

no job and your maxing out credit cards? wtf is wrong with you.

GET A JOB

[marcencar]

here's how credit cards work:

if you do NOT pay off the entire balance every month, you get charged interest on the average daily balance owed.

this means that if you don't pay off in full, you get charged interest on all of the new charges you make that month, plus the remaining balance from last month.

So to lower your principle you need to be able to afford paying alot more than your minimum.

Look at it this way, if your waiting for the bill to show up and only pay the stated amount your paying the interest. But if your able to pay some of the amount before the bill comes then your chipping away at the principle and decreasing your debt.

[vr4gasmtt]

well first off I had my student card for awhile now and have been maxing it out and paying it off early and on time (when i had a job) I was laid off and my gf left me, shitty excuse and reason but I've been wasting my money for realz. I cut up my student card and my other card im keepin it in emergencies.

I usually use cash for purchases or debit if I have to use card, but after being laid off for almost a year now.. really sucks.

I stop using the card today, ive been spending so much money on gas and food, ive been looking for another job, and just damn.. lol well im pretty sure other people will read this thread and itll help them steer clear of what I'm going through.

I was guarenteed a job in April/May so thats the reasoning in the card debt, just never really paid minimum payments before because I usually pay in full as to the reason why I'm trippin out.

[90hatchie]

get a part time job at like burger king or something till u have ur garenteed job
gotta do what it takes to keep money flowing even if its less then what you made before its more then nothing

[SlideWell]

treat you credit card like cash. if you dont have the money to pay for it, dont buy it. i filed bankruptcy at 23 years old after buying parts i couldnt afford for my 2nd s14 and other shit in life. ive been told, the best way to build credit is taking out a line of credit. anyway, i dunno, credit cards can be good and bad. look at all the asians and how well they manage theirs lol. iirc, i pay cash for everything now, pretty much have to.

[flip3d]

well first off I had my student card for awhile now and have been maxing it out and paying it off early and on time (when i had a job) I was laid off and my gf left me, shitty excuse and reason but I've been wasting my money for realz. I cut up my student card and my other card im keepin it in emergencies.

I usually use cash for purchases or debit if I have to use card, but after being laid off for almost a year now.. really sucks.

I stop using the card today, ive been spending so much money on gas and food, ive been looking for another job, and just damn.. lol well im pretty sure other people will read this thread and itll help them steer clear of what I'm going through.

I was guarenteed a job in April/May so thats the reasoning in the card debt, just never really paid minimum payments before because I usually pay in full as to the reason why I'm trippin out.

Were you at your job for more than 6 months? If so, file for unemployment, d00d.

[MisawaJason]

Quit Subscribing to midget porn websites. Worked for me

[dawagarage]

forgive me if this was already stated but:
if you do end up paying off your card & then still want
to keep the card for emergency purposes & to help your credit,
know that having a paid off card wont hurt your credit, BUT it
also wont HELP IT either. to have your card contribute to
building your credit, go ahead and make a small purchase w/ it
every now & then. in the navy its mandatory for us to take
financial management classes, & thats what all the teachers say~

[hOngsterr]

freeze your credit card in a huge ice block lol.

[Bubbles]

treat your credit card like cash. if you don't have the money to pay for it, don't buy it.


If you truly did this, there would be no point in having a credit card anyway.


Cash money records!!!!!!!!!!!!!!!!

[sentiumprogram]

Here's the answer to your question.

The easiest way to get out of debt is to pay your bills.

If you dont have a means to pay off your debt within 1 month, dont buy it.

Since you dont have a job. Get one.

[theicecreamdan]

Here's the answer to your question.

The easiest way to get out of debt is to pay your bills.



It took 2 pages for somebody to say this. Its not rocket science.