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Level 6

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

With the balance and interest constantly stacking up, it's impossible to keep up. What can I do?
53 Replies
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Level 20

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

The first thing to do, is to cut up or burn that credit card. Then call the issuer and close the account. That will prevent any probability of you even being tempted to try and use it again.

Level 17

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

Calling the credit card companies is the first thing I would do, tell them your predicament and see what kind of options they can offer in the situation.

 

If you're just completely underwater, your cards are maxed and realistically don't have the means to get these balances paid down or paid off, even over time, you could consult a bankruptcy attorney and see if that could be an option for your situation.

Level 7

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

Have you heard of either the Snowball or Avalanche approach to paying off your debt?? You can either begin to pay off your card with the highest balance or with the highest interest rate. Either one will lead you on a path toward a debt free lifestyle! Check out one article I found helpful here: https://turbo.intuit.com/blog/debt/debt-repayment-strategy-81/ 

 

Also, has anyone else had experience with one of these approaches? Did it help improve your credit score like mine did? 

Level 6

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

I am having the same issue and looking for answers to make it all happen. So my payments are on time and I can skip the fees.
Level 6

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

I was drowning with my credit card payments. So I came accross someone who told me about the snowball approach to pay off my debt. I started putting all my extra cash towards my smallest credit card till it was paid off, then the next, and the next. My credit score has increased so much since then! It definitely worked for me.
Level 6

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

The debt snowball is probably the best approach. I am currently doing it and I have paid off around$13,000 in debt which includes two credit cards a small car loan and $4000 off another card. I would suggest Dave Ramsey’s book “Total Money Makeover”. He details the steps to take to do it. Get it. Read it. Do it. Also, the only way I think the avalanche method would be feasible is if you only had a few debts to pay that didn’t have large balances or interest rates.
Level 2

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

The debt snowball is a great tool. I would also call your credit card companies and ask them if they will freeze your account temporarily and lower your interest rate.
RaG
Level 2

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

Heard you my G

***Why listen to me? Im well qualify because I just paid off 2 credit cards myself and one more to go take what you need chose is your.***

Step one: List the number of credit cards with the interest on them.

Step two: Organizations the Lowest to the Highest Interest and there due date.

Step three: Pay the one with the lowest interest first (but you would say would it make more sense to pay the highest credit card though?) I thought so too but no, pay the smallest interest hard whatever the amount is due pay a bit more on top of that everything else just the minimum.

Step four: Once the first credit card is paid in full then repeat.

Step five: Don’t buy things that you have to sell a few years down the road, as your self do I really need this and if so for what reason.
RaG
Level 2

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

Oh FYI anyone saying cut or burn credit cards are un knowledgeable on what they talking about, use the cards wisely not because of someone else misunderstanding of using it think about it I just gave you an 🔑 once ago it on you to open the door 🚪 Financial Literacy