I have 2 cards with a extent totaling 0 as well as we indeed usually have used them when we have no alternative option. we was told DO NOT terminate them, though we can’t appear to get out from underneath them as prolonged as they accru interest. we try to compensate some-more than a smallest though we can’t regularly do that. Any suggestions?? Credit Counseling places appear to usually wish to assistance when thousands of dollars have been during stake.
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just to clear a myth, canceling your card, does not eliminate interest. As long as it has a balance, you still accrue interest.
With that said.
Whichever one has the highest balance, make your minimum payments on.
Whichever one has the lowest balance pay extra <if the minimum is 15 try to pay 50> Once the smaller one is paid off, quit using it, cut it up if you have to <make sure you keep a bill around so you have access to the account number if you need it> And then apply the payment you were making on the smaller one towards the big one. So if you paid 50$ on the small one, and 25 on the big one, pay 75$ towards the big one until its paid off. Also, pay extra when possible. Once they are both paid off, chose one of the two, and use that as your regular credit card.
Save save save! That is the only answer. Cut back on spending wherever you can, and put it towards getting these paid off. $800 is honestly not that much, when you consider some are $25,000 in credit card debt. In those circumstances bankruptcy is the only option, but that would be ridiculous for you. Save and pay, bite the bullet and it will be over before you know it.
Continue to pay as much as you can and destroy your cards. Buy only when you have the cash.
You are doing the right thing.
Step 1: Stop using them (cut them up if you have to)
Step 2: Pay as much on them as you can each month until they are paid off.
As for using them when "you have no other option". There is always another option, as unpleasant as it might be. Figure out how to do without whatever it is you are going to use them on. Yep, there are such things as real emergencies, but these are generally immediate life threatening things rather than things like "they are going to cut my phone off".
Yep, it sucks being financially challenged. I spent most of my young adulthood in that state of affairs.
Any debt is too much debt…pay cash only!! If you have to use your card then you can’t afford the item you are buying. I have heard wonderful things about the Dave Ramsey program. Check out http://www.daveramsey.com.
dont use it anymore
pay your bills on time
There is a great place to go with this. I was in a very similar situation.
This is getting help from real people without the use of banks or credit card companies. Good Luck!
http://www.prosper.com/join/lzc5wh
I found interesting information about your answer Here:
debt consolidation loans:
http://all-debt-consolidation-loan.blogspot.com/2007/07/debt-consolidation.html
credit cards:
http://all-debt-consolidation-loan.blogspot.com/2007/07/chase-credit-cards.html
Good Luck!