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Old 01-03-2009, 10:08 PM   #21
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Default Re: $32K in credit card debt at 28% interest.....

Thanks for the support Carlos and I was not trying to thread jack this thread, but wanted to point out that many people find themselves in debt to medical emergencies. I have been downsizing the cars and things. I know all will be well.

I failed to mention this happened a year and one half ago, maybe a little longer; however, I have been taking a beating. I took control of my issues and contacted my creditors to reduce my interest rates. For the record I will eat beanie weanies before I miss a payment.

Cheers
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Old 01-03-2009, 10:23 PM   #22
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Default Re: $32K in credit card debt at 28% interest.....

28% that is unreal. Seriously unreal.
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Old 01-04-2009, 03:00 AM   #23
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Default Re: $32K in credit card debt at 28% interest.....

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Originally Posted by Tombstone View Post
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.
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Old 01-04-2009, 03:02 AM   #24
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Default Re: $32K in credit card debt at 28% interest.....

so just out of curiosity, what did he buy with 32k?
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Old 01-04-2009, 09:37 AM   #25
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Default Re: $32K in credit card debt at 28% interest.....

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Originally Posted by j-easy View Post
so just out of curiosity, what did he buy with 32k?
Not any one thing.
Just used the card to subsidize what he needed but more like, wanted.
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Old 01-04-2009, 09:39 AM   #26
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Default Re: $32K in credit card debt at 28% interest.....

He should close the accounts and negociate a lower interest rate. Even if his credit takes a hit, he could rebuild that later on.
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Old 01-04-2009, 11:28 AM   #27
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Default Re: $32K in credit card debt at 28% interest.....

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Originally Posted by Blueface View Post
Not any one thing.
Just used the card to subsidize what he needed but more like, wanted.
Famous last words....
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Old 01-04-2009, 01:40 PM   #28
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Default Re: $32K in credit card debt at 28% interest.....

If anyone needs some help with this stuff, I am in the business. PM me an I will get back with you shortly with some help. I have done over 1000 restructurings where credit card and lease debt was involved. You will all pay the current BOTL rate which is all the advice you need for $0.00. (in other words, free).
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Old 01-04-2009, 01:49 PM   #29
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Default Re: $32K in credit card debt at 28% interest.....

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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.
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Old 01-04-2009, 01:55 PM   #30
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Default Re: $32K in credit card debt at 28% interest.....

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Originally Posted by mosesbotbol View Post
He should close the accounts and negociate a lower interest rate. Even if his credit takes a hit, he could rebuild that later on.
You can't close the account if there is outstanding balance.
I once bailed my wife out of her $20,000/25% account. They closed the account only after I paid the entire principle in full which I did. Subsequently, I made her close all other charge accounts. All has been well since.
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Old 01-04-2009, 03:00 PM   #31
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Default Re: $32K in credit card debt at 28% interest.....

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You can't close the account if there is outstanding balance.
Sure, you can. I've done it twice in the last 10 years.
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Old 01-04-2009, 03:37 PM   #32
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Default Re: $32K in credit card debt at 28% interest.....

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Originally Posted by cricky101 View Post
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.
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Old 01-04-2009, 03:37 PM   #33
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Default Re: $32K in credit card debt at 28% interest.....

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Originally Posted by fxpose View Post
Who took care of the balances or did you declare bankruptcy?
You can close the account yourself or in most cases the creditor does it for you. It doesn't alleviate the outstanding balances though.
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Old 01-04-2009, 03:40 PM   #34
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Default Re: $32K in credit card debt at 28% interest.....

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You can close the account yourself or in most cases the creditor does it for you. It doesn't alleviate the outstanding balances though.
But technically you still owe money associated with that account.
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Old 01-04-2009, 03:45 PM   #35
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Default Re: $32K in credit card debt at 28% interest.....

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But technically you still owe money associated with that account.
Yes sir you would until the account is paid off in full, settled for lesser balance and paid, discharged through a Bankruptcy or erased in instances where the statute of limitations expires.
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Old 01-04-2009, 03:51 PM   #36
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Default Re: $32K in credit card debt at 28% interest.....

Quote:
Originally Posted by fxpose View Post
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.
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Old 01-04-2009, 03:51 PM   #37
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Default Re: $32K in credit card debt at 28% interest.....

I'm still under my 18 month 0% interest and when that ends I think I go up to 6%. I also keep my limit low so that I don't even give myself the opportunity to fall into debt, especially this early in my life.
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