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

Forum|Forum|7 years ago
July 27, 2018
28 replies
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With the balance and interest constantly stacking up, it's impossible to keep up. What can I do?

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Rostyson

It is not credit card debt that I am struggling with; it's my student loans that are giving me grief. Anyone have any ideas of how to get rid of it. 😜

Rostyson

It is not credit card debt that I am struggling with; it's my student loans that are giving me grief. Anyone have any ideas of how to get rid of it.

Sarahkgo

Okay, here’s an outline:

1. If you haven’t already checked the National Student Loan Data System (nslds.ed.gov), do that to get a complete global view of your loans, if you’ve taken out multiple loans. You can also get a free credit report from different services and see all three credit reports; this will also show you how many loans you have outstanding. If you’ve taken multiple loans, they will all likely have different interest rates and minimum payments.
2.a. If your loan(s) are federal, you can apply for a Direct Consolidation Loan to bring multiple payments and interest rates down to one. StudentLoans.gov is where you go to apply for that. This might come with certain time restrictions on repayment, but remember: student loan interest is TAX DEDUCTIBLE.
2.b. You can consolidate ALL loan types privately as well, although that may remove certain benefits of federal loan programs, like loan forgiveness for public service, and income-based payment options.
3. If you have one loan with a private lender, and your ability to pay the loan back has changed, then you can refinance the loan for a different repayment plan. This might also result in a better interest rate. In any event, the interest is tax deductible; hopefully you’ve been deducting!!
4. If you haven’t been deducting your student loan interest, go back and amend your federal and state tax returns as far back as you can go. Some states have refund limits, like VA where you can only be refunded for amended tax returns within 5 years of filing date.
5. As a last-ditch effort, hire a licensed fiduciary or accountant and get professional help. Although it sounds like I’m saying “spend money you don’t have!”, what I’m really saying is hurt a bit more right now to make the future less painful. Yes, it can run $100-$300 for a session, but it is seriously worth it to have someone with years of experience helping rich people stay rich look at your debt portfolio and restructure it for, do the negotiating for you.

I hope this is somewhat helpful.

AaronAndrew

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.

Grizzyboy

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

Chesterburlz

A better job. Or another job

Busybaker1119

<removed> is awesome with paying down debt.

Gosendr

I had this problem yrs ago. I went to my Credit Union and got a loan to pay off my credit cards. Interest rates were so much lower @ 6.9%. It was a 3 yr loan and would be paid off and the payment was lower than my credit payments were. Also don’t cancel your credit cards, it will hurt your credit score especially if you’ve had them for awhile. Just pack them away. You can also put a freeze on them, until you really need to use them. After getting everything paid off, just use for emergencies and try and pay them off right away. Good Luck.

Amanda1986

I have come across a very interesting quote that has helped me make every purchase after learning it. It is "if you notice you're in a hole, stop digging." Don't use your credit cards any further until you've paid off your credit cards. If you don't have the actual cash to buy what you are purchasing, don't buy it. Wait until you have the cash. Use lay-a-way options in stores. Eat at home. Keep a budget. Keep your receipts. Download the apps "Fetch" and "Ibotta". Record every receipt within both of those apps. You'll get points that eventually add up to gift cards to the stores you shop at the most.

Good luck! I was in 9,000 credit card debt last year. Now I'm able to pay my balance off each month.