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  #1  
Old 02-21-2011, 09:55 PM
0043cor 0043cor is offline
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Default I have $30,000 in credit card debt..

spread over 4 different cards with high interests. Can hardly continue making the minimum payments between them all. My credit score is 720. What options, if any are out there that can help me consolidate and get the interest down. I got declined a few times for a 0% apr intro card to transfer some of the amount to. Any sugestions on a place that will approve a loan for this amount for me? My bank declined. Any suggestion please!!!
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  #2  
Old 04-04-2011, 03:56 PM
Reliable2all Reliable2all is offline
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Default Re: I have $30,000 in credit card debt..

Stop using your credit cards. Cut them into pieces and cancel the accounts. If you don't, the hole will only get deeper.
Sit down with a pencil and paper and figure out how much you have coming in versus how much you have going out. If income is more that out-go, you have a chance to get things right yourself. If income is less than out-go, you need to seek help from a qualified financial planner or debt consultant...NOW.
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Old 04-06-2011, 11:54 AM
khosta khosta is offline
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Default Re: I have $30,000 in credit card debt..

Quote:
Originally Posted by Reliable2all View Post
Stop using your credit cards. Cut them into pieces and cancel the accounts. If you don't, the hole will only get deeper.
I agree!!! Just like another post... hide those cards or cut them up!!! Quit using them!! Cut them up and pay whatever you can whenever you can! Slowly but surely you will see the debt coming down.
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Old 04-08-2011, 08:31 AM
Debtprophet Debtprophet is offline
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Default Re: I have $30,000 in credit card debt..

No, I don't think cutting your cards down will solve your problem. It will only add more to your charges. You should rather talk to the card issuer about setting up a repayment plan for you. Alternatively, you may consult with a debt consolidation/settlement company. Whichever way you choose to repay your debt, you'll again be obligated to pay consistently towards it.
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Old 04-11-2011, 06:19 AM
Jalpari Jalpari is offline
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Default Re: I have $30,000 in credit card debt..

Its very expensive deal,i am using only 2 credit cards and most of time uses only one second one for emergency.
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Old 04-14-2011, 10:01 AM
Debtprophet Debtprophet is offline
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Default Re: I have $30,000 in credit card debt..

It really becomes expensive if you're not using it in a responsible way. It is better we make a lesser use of the one that offers a higher APR.
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Old 04-20-2011, 05:22 PM
FinancialGuy FinancialGuy is offline
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Default Re: I have $30,000 in credit card debt..

I would speak to a non-profit credit counseling agency and try to get enrolled in a debt management plan.

I work for a credit counselors office, have been around since 1990, and are non-profit. One of our credit counselors would be more than happy to speak with you!

Give us a buzz!

Last edited by DavidBibby; 04-20-2011 at 10:18 PM.
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Old 04-20-2011, 06:03 PM
littleroc littleroc is offline
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Default Re: I have $30,000 in credit card debt..

Quote:
Originally Posted by FinancialGuy View Post
I would speak to a non-profit credit counseling agency and try to get enrolled in a debt management plan.

I work for a credit counselors office, have been around since 1990, and are non-profit. One of our credit counselors would be more than happy to speak with you!

Give us a buzz!
I'm debt free myself, but I'm interested to know what your company charges in fees??

Last edited by DavidBibby; 04-20-2011 at 10:19 PM.
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  #9  
Old 05-13-2011, 02:31 AM
Debtprophet Debtprophet is offline
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Default Re: I have $30,000 in credit card debt..

Opting for a debt management co. is again about getting obligated to a payment process. One has to get a clearer idea of his financial strength in order to go for such plans. The counseling session is generally free with these organizations, but then you'll need to show them through your current financial obligations in order to avail the right plan for your situation.
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  #10  
Old 05-23-2011, 08:42 PM
ctcushing ctcushing is offline
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Default Re: I have $30,000 in credit card debt..

It's not surprising that the bank declined a new card. They see that you are in trouble and don't see any value in the risk of giving you a low interest loan.

The fact that your credit score is 720 is a good sign and although your utilization is probably high with your credit limits, you must have been good with keeping up with payments until this point.

I know that it's stressful (I've been in the same situation with $30,000 in debt). You can keep trying to consolidate but it's doubtful that will work unless something else changes. Is there anything you can do to hurridly knockout some of the balances?

Do you own a car that has value? Can you do work (freelance) on the side to bring in more money (the best option). Do you have other investments (401k, IRA etc)?

Bottom line, the banks have you where they wanted to get you when you signed on the dotted line for those cards. Why would they help? You're a money making machine for them now. In effect, you work for them as a sort of modern day indentured servant.

To get out from under them in a reasonable amount of time (with your credit in tact) is going to require a lot of discipline and hard work. It can be done (I did it, but not without sacrifice). Currently, you have sold your future to the credit card overlords. Everything in your life is affected (your personal relationships, your ability to save for retirement, the list goes on).

I highly recommend Dave Ramsey as a source of light and inspiration. His program works (I wish I had it 10 years ago when I was in the same situation). Cut up the cards and don't despair. There is light at the end of the debt tunnel.
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  #11  
Old 05-26-2011, 02:36 AM
treezie treezie is offline
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Default Re: I have $30,000 in credit card debt..

Without collateral you would be hardpressed to find a bank that will give you a personal loan with that type of debt. I guess my only advice is to take out equity in your house...I know a lot of people advise against that but hey paying 5-7% interest is a lot better than paying 14%...even if it's borrowed against your house. The fact that you have a good payment history is indicative that you can probably pay off the home equity loan.
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  #12  
Old 05-27-2011, 04:40 PM
littleroc littleroc is offline
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Default Re: I have $30,000 in credit card debt..

Quote:
Originally Posted by treezie View Post
Without collateral you would be hardpressed to find a bank that will give you a personal loan with that type of debt. I guess my only advice is to take out equity in your house...I know a lot of people advise against that but hey paying 5-7% interest is a lot better than paying 14%...even if it's borrowed against your house. The fact that you have a good payment history is indicative that you can probably pay off the home equity loan.
You forgot to calculate for risk, loss of job or injury or pay went down, never borrow against ones house.
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  #13  
Old 05-27-2011, 07:28 PM
debtfreespending debtfreespending is offline
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Default Re: I have $30,000 in credit card debt..

Please p.m. me! We knocked out $15K in about 18 months! It is not hard, and I can let you know how we did it!
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