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

[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.

[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.

[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.

[Blueface]

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.

Interesting.
I just went to BrandsMart a couple of weeks ago and purchased a fridge, using their "Same as cash" that I love so much, as my money is put aside, earning interest while I pay them none.
When I went to pay with their credit card, I found out it had been closed for inactivity of 1 year, not even 2 as in your case.
I had to open a new one but it was well worth it for the 12 month same as cash promo.

[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.

[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.

[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.