I give up trying to ERASE DEBT and now will just MANAGE DEBT

[PWB15]

Seems like every time I try to strive to get to a $0 balance something in life always seems to happens whether its job loss, health expenses, or unexpected financial purchases when something breaks down

I will just manage the debt I have so that it's 30% to 40% of available credit on both cards. Plus I have a card that has no credit limit for extreme emergencies or unexpected situations related to entertainment. Plus it seems like the credit companies don't want you to hit the balance of $0.00 which is why they keep increasing my limit lol I noticed the closer whenever my balance got close to 0 the credit card company increased my credit limit. Also have a 740 credit score which shows I do a good job in managing debt. This will allow me to live a stress free life and stop worrying myself about trying to erase debt. So for now on I will focus on managing 30 to 35% credit card use and maintaining 70 to 75 % available credit








For now on I will focus on managing 30 to 35% credit card use and maintaining 70 to 75 % available credit

[iamgine]

Even Thanos can't erase debt.

[Cleverness]

Seems like every time I try to strive to get to a $0 balance something in life always seems to happens whether its job loss, health expenses, or unexpected financial purchases when something breaks down

I will just manage the debt I have so that it's 30% to 40% of available credit on both cards. Plus I have a card that has no credit limit for extreme emergencies or unexpected situations related to entertainment. Plus it seems like the credit companies don't want you to hit the balance of $0.00 which is why they keep increasing my limit lol I noticed the closer whenever my balance got close to 0 the credit card company increased my credit limit. Also have a 740 credit score which shows I do a good job in managing debt. This will allow me to live a stress free life and stop worrying myself about trying to erase debt. So for now on I will focus on managing 30 to 35% credit card use and maintaining 70 to 75 % available credit








For now on I will focus on managing 30 to 35% credit card use and maintaining 70 to 75 % available credit

Balance transfer to a 0% APR card

Pay that shit off and don't spend any money on stuff you don't need

How much we talkin bout anyway??

[Rolando]

Wow....you shouldn't be using those cards.

If you need to borrow money, go to your bank instead and ask them. Credit Cards are incredibly dangerous. Just use them to book flights, rent cars and hotel rooms. Otherwise don't do it. Kill those credit card debts as quickly as you can.

Or transfer to the lowest interest rate possible. Do it soon.

[MaxFly]

Seems like every time I try to strive to get to a $0 balance something in life always seems to happens whether its job loss, health expenses, or unexpected financial purchases when something breaks down

I will just manage the debt I have so that it's 30% to 40% of available credit on both cards. Plus I have a card that has no credit limit for extreme emergencies or unexpected situations related to entertainment. Plus it seems like the credit companies don't want you to hit the balance of $0.00 which is why they keep increasing my limit lol I noticed the closer whenever my balance got close to 0 the credit card company increased my credit limit. Also have a 740 credit score which shows I do a good job in managing debt. This will allow me to live a stress free life and stop worrying myself about trying to erase debt. So for now on I will focus on managing 30 to 35% credit card use and maintaining 70 to 75 % available credit

For now on I will focus on managing 30 to 35% credit card use and maintaining 70 to 75 % available credit

The best way to "manage personal debt" is to continually try to "erase personal debt." There's a psychological component here... but when you try to simply manage debt, you're more likely to spend more, even if it's only a marginal amount. If you're focused on erasing debt, you're more likely to sacrifice and skimp and save to get that balance down. Even if you fall short, you'll find yourself in a better place than if you are simply trying to manage the debt you have.

Remember, you pay to carry debt. It's also in your best interest to carry any debt at the lowest interest rate you can find. As other posters have noted, try a balance transfer to a card that has nothing on it. You usually pay 0% for about a year with a 3% up front cost. That is, if you're carrying $1000 on a card, a balance transfer will cost you 30 dollars, and at the start of your payment schedule, you'll owe $1030, but will pay 0% interest on that over the duration of the balance transfer promotional period. The catch is that you must pay off the full amount by the end of the promotional period, or you'll owe back interest on the full balance, and you have to obviously make your minimum monthly payments.

Another option is a bank loan or a loan from a credit union. You can get some very good rates for relatively low debt.

[bladefd]

Depends on how bad the debt is. Can you afford a financial adviser? Just a one-time visit to take a look through your debt/spending/incomes/etc. I don't know how much they cost, but it might be worth your while. Banks often employ financial advisers, but I never needed one myself so idk. They can help you setup a long-term plan to get back up from being under.

Damn, imagine how stress-free life would be if you were a millionaire and not concerned about these daily menial things like health or small financial purchases bringing you under. $50,000 debt or $100,000 debt would mean nothing to you.. Those very people still go broke so it all still comes down to being smart with how you spend your money.

[PWB15]

Balance transfer to a 0% APR card

Pay that shit off and don't spend any money on stuff you don't need

How much we talkin bout anyway??

$4775

[highwhey]

[Cleverness]

I echo MaxFly and bladefd's posts. If you can't pay off the full amount by the end of the 0% apr, then try a credit union. And bladefd's got a good point about spending. You gotta be smart with how you spend your money. If you feel comfortable with it, list your monthly expenses. Or do it for yourself and find where you can cut costs.

[Rolando]

$4775

I also had about 5000 on a credit card a while ago. This is what happened to me. For a long time, I was just making the minimum suggested payment. Some years went by and the balance was only slightly diminished....AFTER YEARS of just kind of not really attacking it. It just turned into one of my monthly payments...like rent....after a while you just think of it like its a permanent thing.

Don't find yourself in that situation if that's what you mean by "managing" your debt. Unless you attack it, it just pretty stays with you and you end up paying much much more back than you borrowed.

[coin24]

pay them off and get rid of them..
I have one for travelling (hire car and hotel deposits etc only)

You don't need them, especially if you can't trust yourself not to buy stupid shit. Especially just material garbage

[Hawker]

I'd always use a credit card for everyday purchases. Of course I paid it off every month too.

Got a few free domestic flights on Virgin because of it...a couple were first class.

Of course the system is set up for people like me to being able to pay them off on time but when you can, take advantage. Credit cards are stupid but doesn't mean you can't take advantage of stupid.

[Bosnian Sajo]

I use my credit card as if it's my debit card in order to get the rewards and cashback as much as possible...the important thing to do though is treat it like a debit card and don't spend more than you have. Every month I pay my full balance, and thank god have never paid interest on a debit card in my life because of that.


I know life just happens sometimes and there is no planning, sometimes you need cash asap and it is what it is...but at the end of the day where that emergency money comes from is your responsibility, if you spend beyond your means then ofc you will eventually be in debt. Save, spend wisely, and don't be careless. It's as simple as tracking your spending on a weekly basis, it's much more simplified for us these days with the use of online accounts. You can track everything without taking notes and keeping receipts (although I still find myself taking notes). BTW spending beyond your means = living pay check to pay check. That's the tip of the mountain, it gets a lot worse than that for some people but that I still consider living beyond your means to be living pay check to pay check. Saveeeeeeeeee.


When you can fully control where your money is spent, you have full control on your debt and you wont have issues like stated in the OP. In no way am I criticizing you, I'm just trying to make sure you understand it starts and ends with you. Also, you're under 5k in debt. Consider yourself lucky, some people are in a muuuuuuuuuch deeper hole....they need a crane to lift them out lol, you just need a 6ft ladder.


All the best.

[bladefd]

I use my credit card as if it's my debit card in order to get the rewards and cashback as much as possible...the important thing to do though is treat it like a debit card and don't spend more than you have. Every month I pay my full balance, and thank god have never paid interest on a debit card in my life because of that.


I know life just happens sometimes and there is no planning, sometimes you need cash asap and it is what it is...but at the end of the day where that emergency money comes from is your responsibility, if you spend beyond your means then ofc you will eventually be in debt. Save, spend wisely, and don't be careless. It's as simple as tracking your spending on a weekly basis, it's much more simplified for us these days with the use of online accounts. You can track everything without taking notes and keeping receipts (although I still find myself taking notes). BTW spending beyond your means = living pay check to pay check. That's the tip of the mountain, it gets a lot worse than that for some people but that I still consider living beyond your means to be living pay check to pay check. Saveeeeeeeeee.


When you can fully control where your money is spent, you have full control on your debt and you wont have issues like stated in the OP. In no way am I criticizing you, I'm just trying to make sure you understand it starts and ends with you. Also, you're under 5k in debt. Consider yourself lucky, some people are in a muuuuuuuuuch deeper hole....they need a crane to lift them out lol, you just need a 6ft ladder.


All the best.

That's pretty much what my dad taught me. Don't spend beyond your means and pay off credit card each month. Debt adds up so fast if you are careless. $500 debt becomes $3000 then it becomes $5000 then $8000. It's like gambling - you keep pushing it off and it adds up real fast. Then you are up the creek without a paddle trying to fight your way up the river. They don't teach any of that in school. Some of it is common sense, but you still need it instilled in your head.

[imdaman99]

I have 0 debt myself, but recently my father had a mental breakdown. So I was left with trying to pay his CC bills, all that are digital or over the phone. I don't understand how this guy accumulated all those and he's retired. Oh yeah, he bought a car financed I'm trying to sell his car off because he isn't allowed to drive, I parked in a garage 2 miles away so we can protect him from himself. And he keeps telling me he's gonna take a loss if we sell it for the lien on it... I'm like duh, $600 goes into this car every month and no one's even using it. Better to get rid of it asap, it's a 3 year old car that isn't worth what is still owed for it

Anyways, yeah being careless and irresponsible is not a good quality. Find a way to pay it off as soon as you can because these banks are scumbags and those interest rates. They had no problem handing out credit cards to a retired man only getting his SS checks. Does not excuse my father, but the guy has been emasculated pretty much since he got forced to retire.