Getting out of CC debt..
Registered User
Joined: Nov 2002
Posts: 4,709
Likes: 1
From: Berkeley
Originally Posted by S2020,Jun 13 2007, 09:07 PM
Dizing, you don't have $4K in the bank yet you have all those "toys" in your sig?
Former Moderator
Joined: Nov 2001
Posts: 59,195
Likes: 1
From: Ventura, California, USA
Don't go to a debt consolidation agency you'll ruin her credit. If she truly has good credit then get a low intrest balance transfer to another card and then pay that crap down. Do what ever is necessary to pay it off quickly. Credit card debt is the worst. I've NEVER carried a credit card balance. I did this by not spending more than I had.
Former Moderator
Joined: Nov 2001
Posts: 59,195
Likes: 1
From: Ventura, California, USA
Originally Posted by CKit,Jun 13 2007, 10:02 PM
Although... when we bought my wife's S4... car loans were ~5%. We were going to pay it off within a year but wanted to keep some reserve cash just in case. So we used one of those "convenience checks" with 0.99% interest for a year.
That's technically a credit card "balance," right? Paid off the car before the introductory rate expired and never needed a car loan, had the title in hand the entire time, and paid less interest than with a loan.
But
that in this case, she should have read the fine print before "forgetting" to pay her bill that month. Some credit card companies will revoke your "low" rate if you default on a different account like your electric bill, etc.
That's technically a credit card "balance," right? Paid off the car before the introductory rate expired and never needed a car loan, had the title in hand the entire time, and paid less interest than with a loan.
But
that in this case, she should have read the fine print before "forgetting" to pay her bill that month. Some credit card companies will revoke your "low" rate if you default on a different account like your electric bill, etc.
Registered User
Joined: Aug 2003
Posts: 572
Likes: 0
From: san francisco
someone mentioned it above..
DON'T go to a debt consolidation agency unless it's your last resort.
your credit score will drop like a mofo.
it's basically telling the credit agencies "i can't handle credit responsibility on my own".
just transfer the balance to an open account or even open a new card just to get away from the 25%apr walmart card.
one way i manage my credit debt (which i almost always pay off each month) is i pay all my minimums online the day it is available (start of the new billing cycle). i then make additional payments as my budget allows, so even if i somehow don't have much money by the end of the month, i won't get dinged for a missed/late payment.
obviously an even better approach would just be to budget better, but eh. as long as you're serious about paying off your cc debt, things will work out
i'm sure there are some financial consultants on this board that can help you
DON'T go to a debt consolidation agency unless it's your last resort.
your credit score will drop like a mofo.
it's basically telling the credit agencies "i can't handle credit responsibility on my own".
just transfer the balance to an open account or even open a new card just to get away from the 25%apr walmart card.
one way i manage my credit debt (which i almost always pay off each month) is i pay all my minimums online the day it is available (start of the new billing cycle). i then make additional payments as my budget allows, so even if i somehow don't have much money by the end of the month, i won't get dinged for a missed/late payment.
obviously an even better approach would just be to budget better, but eh. as long as you're serious about paying off your cc debt, things will work out
i'm sure there are some financial consultants on this board that can help you
Registered User
Joined: Aug 2003
Posts: 572
Likes: 0
From: san francisco
i was going to offer some advice on raising your credit score, but at this point i think just getting out of debt is 100x more important. just protect the score you/your gf has for now by
1) don't close your walmart card
2) call each credit card company and ask for lower rates/increased limit (or not if you don't think you can keep from using your increased credit limit)
3) get your credit report at http://www.annualcreditreport.com (you get 1 free from each credit bureau per year, so you can effectively get 3 free credit checks per year). review this report and make sure you don't have an excessive amount of cards, unknown accounts, or erroneous information.
it's a longshot, but try calling the walmart credit card account manager and asking to lower your rates.
1) don't close your walmart card
2) call each credit card company and ask for lower rates/increased limit (or not if you don't think you can keep from using your increased credit limit)
3) get your credit report at http://www.annualcreditreport.com (you get 1 free from each credit bureau per year, so you can effectively get 3 free credit checks per year). review this report and make sure you don't have an excessive amount of cards, unknown accounts, or erroneous information.
it's a longshot, but try calling the walmart credit card account manager and asking to lower your rates.
Registered User
Joined: Sep 2004
Posts: 6,429
Likes: 1
Originally Posted by zdave87,Jun 13 2007, 08:51 PM
Tell her to get a part-time job or work over-time to pay off this debt.
Yes-she ran up the debt-she should pay it off.
She created this debt-she needs to pay it off.
Yes-she ran up the debt-she should pay it off.
She created this debt-she needs to pay it off.
Teach her some responsibility before it turns into a much bigger problem down the line.
Thread Starter
Joined: Jun 2003
Posts: 2,140
Likes: 162
From: Johnstown, PA
Thanks for all the replies guys.
Ill see about transferring the card.. If not, Ill go to the credit union.
No, I dont have $4k in the bank because Yes, I have all these toys and modding them is expensive dammit!
I also dont have $4k on a CC though either..
Her getting another job is not really a feasible option. She works 5 days a week as a hair stylist. Her working another 2 would just make our townhouse look like sh!t inside and I wouldnt have a cooked meal.
Besides, Her working 8 days per month at minimum wage somewhere wouldnt even pay the minimum payment. 
Thanks again guys,
Dustin
Ill see about transferring the card.. If not, Ill go to the credit union.
No, I dont have $4k in the bank because Yes, I have all these toys and modding them is expensive dammit!
I also dont have $4k on a CC though either..
Her getting another job is not really a feasible option. She works 5 days a week as a hair stylist. Her working another 2 would just make our townhouse look like sh!t inside and I wouldnt have a cooked meal.
Besides, Her working 8 days per month at minimum wage somewhere wouldnt even pay the minimum payment. Thanks again guys,
Dustin