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New Member

HELP! I'm struggling to keep up with my credit card payments

@CatStevens that is a really good and fast way to pay stuff off. I’ve been using it and paid off two cards so far, now I’m paying $200/month on one card, once it’s paid off, then $250/month on the other card. It sounds impossible to do, to pay $200/month on a $650/biweekly income, but it’s possible when it starts to snowball up. 

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New Member

HELP! I'm struggling to keep up with my credit card payments

That is the worst advice you can give someone. 1st of all you are never going to build credit history if you close your accounts. Your credit score weighs heavily on credit history so In that case do whatever you need to help you pay it off w/o using it again; psa: cut it up.

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New Member

HELP! I'm struggling to keep up with my credit card payments

Another atrocious advice. Bankrupcy? There goes this person's chances to borrow a penny in like 15 yrs. 

Calling your credit card companies is the correct thing to do but here in the US as long as you make a promise to make a monthly payment (even if its a dollar a month), credit companies cannot damage your credit. My advice is to make a monthly budget and divide that amount amongst all of your cards. 

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New Member

HELP! I'm struggling to keep up with my credit card payments

Your suggestion to others regarding paying down debt is commendable.  However, the term you used is not making sense.  Why should a debtor focus on INTEREST when the most important factor here is the BALANCE.  People aren't focusing on interest when it's the balance that is more important.  The credit card out of many that has the lowest interest should be targeted and paid down as quickly as possible.  Once that's done, the next credit card with the lowest balance should be targeted to pay down quickly.  As for the other high balance credit cards, they must be paid too in a timely fashion but only have a little more than the minimum payment submitted (e.g. $20 to $30 more if possible).  Remember, once a payment is received for the month, a portion of that payment goes to the interest once the credit card statement is generated for the month.  

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New Member

HELP! I'm struggling to keep up with my credit card payments

Your suggestion to others regarding paying down debt is commendable.  However, the term you used is not making sense.  Why should a debtor focus on INTEREST when the most important factor here is the BALANCE.  People aren't focusing on interest when it's the balance that is more important.  The credit card out of many that has the lowest interest should be targeted and paid down as quickly as possible.  Once that's done, the next credit card with the lowest balance should be targeted to pay down quickly.  As for the other high balance credit cards, they must be paid too in a timely fashion but only have a little more than the minimum payment submitted (e.g. $20 to $30 more if possible).  Remember, once a payment is received for the month, a portion of that payment goes to the interest once the credit card statement is generated for the month.  

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Level 2

HELP! I'm struggling to keep up with my credit card payments

The interest is how credit card companies and student loans(and personal loans) generate revenue for the credit lender. The higher the interest, the less the money goes towards the principle of the loan or the balance of the credit card. Paying towards ALL loans, while divvying up the payment amounts by interest, saves money over the long term. It shouldn’t be a single-minded focus on balance if you end up paying 10-15 percent more on the loan/balance than you would if you structure your debt repayment.

Understand how interest is calculated on your balance/loans is critical, as there are varying types of interest on loans. When I responded to the student loan question, I should have added this article from NerdWallet for reference:

https://www.nerdwallet.com/article/loans/student-loans/student-loan-interest-capitalization

Arithmetic and Finance are not synonymous; it’s more complex than simply “pay down the biggest number”.  

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Level 1

HELP! I'm struggling to keep up with my credit card payments

I definitely feel your pain. As others have recommended I would first cut up those credit cards and lock those accounts. If you’re really drowning in debt I would NOT recommend that you file for bankruptcy. That will completely trash your credit and it will be hard to recover from it. What I do recommend is trying to make some extra money to be able to make those payments or even if you’re living above your needs to actually sell some things (Including your house). Buy a smaller house, start buying cheaper groceries, and even sell your car for a cheaper one if the payments are affecting your able to make payments. Lastly, I would recommend that you listen to or read the book The Total Money Makeover by David Ramsey. It will definitely help you improve your life with debt.

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New Member

HELP! I'm struggling to keep up with my credit card payments

Idk let me know if you figure it out. Better yet how does one get money back from people that have borrowed it and won’t pay it back.  These companies need to stop behaving like organized crime. It’s sick

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New Member

HELP! I'm struggling to keep up with my credit card payments

A better job. Or another job 

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New Member

HELP! I'm struggling to keep up with my credit card payments

Closing credit cards is detrimental to your credit score.  

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New Member

HELP! I'm struggling to keep up with my credit card payments

To the other guy who replied to you; NEVER close a paid off credit card! That is the absolute worst advice you could give to somebody! First, stop using the card, next, like the other respondent said pay it off but next DO NOT close the account! You want to have as much available credit as you can! Even if you don’t use it much or ever! That is credit score building 101! Everybody knows that!