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

[Blueface]

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.

They really come in handy and actually invaluable at times.
The thing to do is to manage it and not let it take over.
If you can charge what you can pay in a month or two, awesome!
If you need to charge something that you can't pay right away, look for places with "same as cash" deals, where if you pay it within the period allowed, you pay no interest.
If you can't find any "same as cash" deals and have to use a high interest card, focus on paying that off right away. It is the worst kind of debt anyone can possibly have.
I feel fortunate that my card charges me 6% and heck if they get to see much interest money out of me.
Right now, they are getting 6% on a 0 balance.

Originally Posted by Blueface

They really come in handy and actually invaluable at times.
The thing to do is to manage it and not let it take over.
If you can charge what you can pay in a month or two, awesome!
If you need to charge something that you can't pay right away, look for places with "same as cash" deals, where if you pay it within the period allowed, you pay no interest.
If you can't find any "same as cash" deals and have to use a high interest card, focus on paying that off right away. It is the worst kind of debt anyone can possibly have.
I feel fortunate that my card charges me 6% and heck if they get to see much interest money out of me.

Yup yup

I linked mine to do auto pay outta my checking, so it's a debit card that gets reward and ups my credit rating

[markem]

A good credit counselor (or even a quick phone call) should get this reduce to zero percent. It's happened to several people I know who got trapped by the whole consumption lifestyle thing and very easy credit of the recent past.

[Blueface]

Originally Posted by vstrommark

A good credit counselor (or even a quick phone call) should get this reduce to zero percent. It's happened to several people I know who got trapped by the whole consumption lifestyle thing and very easy credit of the recent past.

Mark,
I told him I was going to find some services that help out with this.
Does anyone know of any reliable ones?

I know of places that advertise a reduction in the debt, of drastic amounts but I am sure that sets one's credit back quite a bit.
I suppose to be able to reduce the interest significantly would be of tremendous help to pay the principal off rather than $10K a year in interest and never being able to get out of it.

Originally Posted by vstrommark

A good credit counselor (or even a quick phone call) should get this reduce to zero percent. It's happened to several people I know who got trapped by the whole consumption lifestyle thing and very easy credit of the recent past.

If you can find a "good" credit counseling company it will pay off for you in the future because your debt will be repaid faster than you could pay it off at 28% and then you can work on your credit rating. Should you continue to pay at a rate of 28% it will take you double or tripe the time to pay it all off plus you run the risk of getting into financial problems with interest that high where you can't even afford to make the minimum payment.

Two words 'Dave Ramsey'

[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.