If your credit is good and you only have the two cards have you looked into transferring a balance to a 0% interest on the balance card? maybe you can play the “transfer the balance game” as one of my friends calls it. It enabled her to pay off her debt rather quickly but you have to have good credit to do this. She would transfer her balance to a zero interest card and then pay as much as she could..
above and beyond while she wasn’t accruing interest then when the 6 months or year was up she would transfer what was left to a new card and do the same. You have to have good credit and you MUST be self disciplined for this to work. When you transfer that balance to that zero interest card they required min. payments are next to nothing and its a BIG temptation to just pay that and not actually pay it down but go buy some clothes or go out to dinner or something else instead lol see what I mean!?
You have to be serious and pay like there is no tomorrow. If you do that you can pay it down rapidly and get it under control but most people just don’t have that control and the credit card companies and banks know this that is why they offer it.
Option 1: $17K debt is not too bad. You might want to ask and borrow from several family members or relatives and pay back with no interest every month. It worked for me. Otherwise, it will take forever to pay it off with interest!!!
Option 2: Get a part-time job (evenings or weekends only) as a server for quick cash.
Hi! I’m 23k in credit card debt and just transfered 4k to a zero % for 12 months….I don’t think I can pay it off in the 12 months but I just downsized my cable to the basics and am saving $50 a month there, I paid off another cc and that was $30mo, another which was $50 a month, and from the transfer I totaled that I have been paying $200 a month towards those 4 things…which I will just have to force myself to pay towards the one I just transfered. I think that is the hard part…seeing that I do have the $200….because with the large amount of debt I feel like I don’t have it…but if I look at what I have been paying…I actually do…it’s paralyzing…wish me luck!
Can you set the $200 up on auto-pay (through your bank’s bill pay system) for your payday? Because that way the $200 sends itself and you never saw it, you never miss it!!! Its worked for me.
I can relate! I got a very tiny tiny little bump in pay and decided to put half of the “raise” towards our mortgage payment and half of it to the credit card with the lowest balance, to start that “snowball” debt payoff plan. It’s amazing how that extra money can get sucked into the vortex of daily expenses, but I’m determined to stick with this plan!
I know we’ll never make progress until we pay more than minimum payments, and $50 extra in a payment will ultimately be more satisfying that a couple of dinners out. At least, that’s what I’m going to tell myself when I pay bills. Good luck! Be strong!
Put the credit cards in a metal soup can and fill with water and put in the freezer. That way, you have to “wait” for it to thaw before you can attempt to use them and you can’t put the metal can in the microwave! Thanks to Clarkhoward.com for that tip.
So, take a small note pad with you and write down everything you are spending, and you must write down everything. Evaluate your costs after 2 weeks and again in 2 more weeks. You can categorize and see where you are spending the most. If you are spending too much on take out, lunches or dining out, STOP. Take your lunch from home and eat at home. Shop with cash at the grocery store and prepare a written list of items you need for home cooking. Evaluate everything in your pantry and do not over buy! If you are spending more on transportation costs, look at area transportation benefits. It may not apply in your area, that’s fine, look at carpooling with a fellow neighbor who works nearby. You drive one week and they drive the next week.
The most important piece of advice is change your way of thinking. You may think everything is an emergency and it may not “really” be an emergency. Ask yourself, Do I really need it? Have that conversation with yourself. You may be surprised with the answer.