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.
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.
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?
Hi! I agree with everyone else. You should keep your cards at home so you’re not tempted to swipe them while you’re out. I did that for the long time. My second recommendation is to only spend what you have. If you can’t grab your debit card and make a payment on something you used your credit card for right after a purchase, you should try to refrain from buying. Lastly, you can get a Credit Karma account and look at their credit card recommendations. They will tell you your approval odds and you can pick out a card best for you. I recently got an American Express and did a balance transfer which is a God send because it does not accrue interest for a year and some change, so that really helped me tackle my debt. I paid off my credit cards super fast after that! I know it’s hard, but try to keep a positive outlook and keep seeking help on forums like this and keeping up with what you owe and to whom. I live paycheck to paycheck now, but at least I know that I’m being responsible with my funds compared to before. I literally map out how I will spend my money a week before each paycheck. That helped me a lot too because I started to see where I was mindlessly spending and helped me nip those habits in the butt. Keep your head up! I promise it’ll get better if you really try!!