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Anthony Said:

Would it be better to take out a loan or keep the card?

We Answered:

With a low interest rate, I say keep the card, but stop using it. Instead, be disciplined and pay as much as you possibly can on the card every month.

There is a cool Credit Card payoff calculator here:…

If your interest rate is 14% (you said it's low), you can payoff your card in 2 years if you can afford to pay $720 per month.

Too steep?

$349 a month will pay it off in 5 years.

Either way, though, you can't continue using the card... you'll just extend out the payoff period.

Charlene Said:

What are my options to pay off a 30000+ debt?

We Answered:

Talk to your creditors. Be honest about your financial situation. I found myself in a similar situation after working for too long in a low paying job and having to put college tuition on my credit cards.
1. Talk to them about working with you to bring down these balances. Are they willing to lower your interest rate, even temporarily to let you start to catch up? The late fees and penalties will eat you alive so find a way to make the minimum every month.
2. Go over your budget. Cut everything you possibly can or reduce other things. Can you live with a cheaper cell phone plan or no cell phone? I was paying for a cell phone and a home phone for just myself. Bye bye home phone---$45/month extra for the credit card payment. Can you cut your cable/internet/electric bills at all?
3. Sell things you don't need. will buy cds and dvds. Half Price Books will buy books. Have a yard sale.
4. Clip coupons, shop sales, don't buy a single thing you absolutely don't NEED.

Once you have squeezed every dime from your budget: line up your three credit card bills. Pay the minimum plus $1 to the ones with the lowest interest rates. Pay every possible penny you can towards the third. Credit card interest is compounded daily. You can break your payment into multiple payments and pay weekly instead of one big payment on the due date. This will reduce your daily balance a little and save you some interest.
Make a spreadsheet showing each credit card statement and fill it out each month. Know how much your balances went down each month. Know how much you spent in interest. HATE that number. Whenever you are tempted to buy something, think of that interest payment.

I paid off 31K in about two years on a 40K salary. I didn't use a credit consolidation or any outside help. I just had a long talk with myself about my income vs expenses and made a budget I could stick to. Was it fun? No. I didn't buy new clothes for most of that time. I went to the grocery store each week with a list and coupons. I didn't go out to the movies or out to restaurants. I used the library. I walked where I could instead of driving. I forced myself to put $25/week into savings so that if a doctor bill or unexpected expense came up, I wouldn't have to use my credit card for anything. I took my cards out of my wallet and left them at home. You can't cut every last thing or you will never stick to the plan. I kept Netflix and basic cable. I cut satellite tv and movie channels. I stayed in my cheap apartment instead of moving to a bigger place. When my car died, I didn't buy a new one, I took an inexpensive lease so that I would be able to have a low monthly payment and continue to focus on paying off my debt. I started buying store brands of basics like dish soap and socks. Was it worth it? Yes.

They can freeze your checking accounts if they take you to court and get a judgment against you. In many states, they can also get an order to garnish your wages. Once things get to that point, you're stuck. If you can negotiate something with them in advance, you will come out better.

If you want to email me, I can help you put together a budget. Also, has great calculators for figuring out how long it will take to pay off a credit card/debt. It's a nice reality check.

Vernon Said:

where can I get a Debt Consolidation loan for my credit cards without owning a home?

We Answered:

Are you a member of a credit union or do you qualify to join one in your area? If so, check with them about debt consolidation loans. If you can't join a credit union, talk to your bank or investigate banks in your area that may have loans. There are programs out there that don't require a mortgage. Typically, they allow you to borrow up to a certain percentage of your salary. Once you have shopped around for loans, you may want to use this calculator below to compare them with what you're currently paying to your creditors.

Sergio Said:

Online debt calculator that takes into account future charges?

We Answered:

debt consolidation

getting out of debt is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is:…

Ruth Said:

I stopped paying on all my debt...I need to find a RELIABLE debt consolidation company...any suggestions?

We Answered:

You are far ahead of most people in handling this problem. Most don't have a clue how much they owe or how much they have to start paying off. I'm going to send you to other sites and articles because only you know what your situation is and there may be a best or better way specifically for you. A lot of places suggest you pay off your smallest bill first and call and talk to the companies and try to work out a plan. However, if you are already in collections, I don't know if calling will work. Don't let them depress you and don't listen to threats. They are against the law.

Start with the Better Business Bureau in your area. Be very careful about contacting debt consolidation companies. You should look for a non-profit, too. Go to and under check out a Business or Charity, click on type of business. Then put in debt consolidation. They will have a list of companies and a set of articles at the bottom to fill you in on what to watch out for.

Wikihow has a good article, Read down to #7. It tells you how to start deciding who to pay first and how to go about it. This is the sort of information I've read in other places. Cable news has programs by Clark Howard, Suze Orman, Dave Ramsay, etc. where they will be discussing this very issue. Orman has articles with her suggestions on her website, just keep clicking. You don't have to buy her books. Clark Howard has a free consumer advice team which you can find on his website. Clark Howard has links to YouTube videos and articles on how to get out and stay out of debt.

If you do a search on How to Get Out of Debt, you'll find all sorts of articles with suggestions, such as:

Your debt is manageable. In fact, the YouTube video on Clark Howard on how to get debt free cars for life, shows how fast you can save up (pay off your debts in your case) so you can buy a car outright. I needed that video to remind me to pay cash and buy used as we always have in the past because a new car is sooo tempting. There are free debt reduction calculators online.

Some really good advice from The Motley Fool:… Your Ad Here

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