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Discussion Starter · #1 ·
HELP!! I need ideas on how to STOP the insanity on my credit cards! I am just about maxed out on one of them & the other is a Macys charge card which I haven't used in a while BUT I was paying my bill online & noticed that the jeans that fit me the best were on sale! No, I don't wear jeans that are $200 or any thing, but Levis are still expensive & when you can get em on sale, well I bought 3 pair. I know I had no business doing that, but i was down to 2 pairs of jeans! I have tried shopping for jeans at Thrift stores, but these levis really are the best!
Any recommendations? I feel better just saying it to someone, as a 33 yr old I would still get scoleded from my mother.
 

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Hand your cards over to your mother - as you say she scolds you.
And turn off your internet service - as you would still have access to your accounts.

Do these things until bills are paid in full.

Wow...you have 1 more pair of jeans than I do.
I wear something else while I wash the only pair I have.
 

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Get scissors and cut them up. To discharge your credit card debt, pay twice the current minimum payment, and continue paying this same amount every month until it's paid off. You should close the account meaning you can't accrue any more charges while still pay off the remaining balance. I have learned this from experience. I should own my husband's credit score because I built for him.
 

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Do you carry them with you? If you do, stop. If you are paying your Macy's bill online and had almost gotten rid of it (the balance), cut it up. Pay down the bill and you have cleared up an item on your credit score.

Do you want to buy a home someday? Or a car? The best rates for borrowing go to people with high credit scores. The better your payment record, the higher your score.

You have to make the decision to do it for yourself. Are you using the things you're buying, or just buying because.....

Good Luck!
MMC
 

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Discussion Starter · #5 ·
Oh, I am using the things I have bought, mostly clothes & make up. Some of it form many years ago. I do carry them with me, but thought this morning about taking them out.Am going to do it when I get home from work.
Silverstreak said:
Do you carry them with you? If you do, stop. If you are paying your Macy's bill online and had almost gotten rid of it (the balance), cut it up. Pay down the bill and you have cleared up an item on your credit score.

Do you want to buy a home someday? Or a car? The best rates for borrowing go to people with high credit scores. The better your payment record, the higher your score.

You have to make the decision to do it for yourself. Are you using the things you're buying, or just buying because.....

Good Luck!
MMC
 

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Discussion Starter · #6 ·
I rarely ever buy anything on-line & my only internet access is at work BUT you are right!
galaxycraft said:
Hand your cards over to your mother - as you say she scolds you.
And turn off your internet service - as you would still have access to your accounts.

Do these things until bills are paid in full.

Wow...you have 1 more pair of jeans than I do.
I wear something else while I wash the only pair I have.
 

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Knew a young couple once who has issues restraining the use of credit cards. They froze theirs in a block of water in their freezer---really had to want/need to use them. :lol: 'Course this was before internet and shopping online.

Think the suggestion to leave them home and do NO online shopping is a good one. :thumbup:
 

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cut them up. Pay down the bills and get rid of them. YOu should never charge more on a card in a month than you can pay in full when the bill comes in.

DO NOT close the accounts. Just cut the cards up. Closing the accounts actually reduces your credit score! You are so much better off just cutting up the cards and never using the accounts.

If you can't pay cash, you don't need it.
 

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Discussion Starter · #9 ·
Ahh, you are soo right! I am going to go home & cut up the Macys one..
Barbara Ann said:
cut them up. Pay down the bills and get rid of them. YOu should never charge more on a card in a month than you can pay in full when the bill comes in.

DO NOT close the accounts. Just cut the cards up. Closing the accounts actually reduces your credit score! You are so much better off just cutting up the cards and never using the accounts.

If you can't pay cash, you don't need it.
 

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I consolidated my CC bills, not much, less than 2000.00 dollars, then put the CC in a plastic container with water and froze it, it is still in the freezer, then if I get the urge to use it, I have to come home, and thaw it out, by then the urge to splurge has passed. Yet in case of an emergency, I have it. I now have it payed down to under 1000.oo. Also, pay off the smallest amount CC first, as much as you can send, send what you can to the largest amount, after the small one is paid off, add that to the larger one, to pay off faster. Advise from a friend who is adept at finances.
 

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Discussion Starter · #12 ·
I have always heard to pay off the highest intrest rate. I was also thinking about re-financing through my car.
Barbara Ann said:
actually I would pay down the one with the highest interest rate first. you are giving your money away with interest!
 

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I learned to only buy if I have the cash a couple years ago. I learned the hard way. After losing my husband I had a lot of cc debt. And only me to pay them off. Well I put my mind to it and got them paid off and gave up a time share with horrible maintence fees.
I am much better off without the CC's and only pay with debit card which comes right out of my checking acct. I am actually saving money monthly now and am very proud of myself. If I could onlly stay away from yarn. :) :) :) good luck to you and just keep trying to get them paid off.
 

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Discussion Starter · #14 ·
Thanks Sue.. I only have me paying them off too.
Florida Sue said:
I learned to only buy if I have the cash a couple years ago. I learned the hard way. After losing my husband I had a lot of cc debt. And only me to pay them off. Well I put my mind to it and got them paid off and gave up a time share with horrible maintence fees.
I am much better off without the CC's and only pay with debit card which comes right out of my checking acct. I am actually saving money monthly now and am very proud of myself. If I could onlly stay away from yarn. :) :) :) good luck to you and just keep trying to get them paid off.
 

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I haven't paid interest on a credit card since the 1980s. If I don't have enough in the bank to pay off the credit card balance each month, I stop buying things, even if they are on sale.

You think you're saving money when you buy something "on sale," but if you add in all the interest you're paying on that purchase, you could be paying 4-5 times that sale price by the time it's paid off. You would be better off paying down the credit card balances, and putting aside a few dollars each pay day to save for something you want or need.

The lesson is - if you don't have the cash to buy the item, don't buy it. I do use my credit cards, but ony for points or Cash Back. I just used $150 Cash Back from one credit card to apply to the balance. I had a very large purchase - new bed, so I decided to use the reward & pay the difference. It's a nice feeling to use the credit card's money to pay itself.

Pay down the credit cards - either the one with the biggest balance or the one with the highest interest rate.

DO NOT REFINANCE THROUGH YOUR CAR!! Yes - I'm shouting at you. That is a foolish option. You are already paying a lot more than your car is worth if you have a car loan. To add your credit card balance on top of that doesn't make sense. Your car does not go up in value, so it's even possible that you owe more on it than it's currently worth.

To find out how much you'll actually pay for your car, take a good look at this link. Type in your loan amount, interest rate, term. Scroll down to the middle of the page, and click on "Show/Recalculate Amortization Table." That will show you - month by month - how much interest and principle you are paying on that car. You'll see that at the beginning you're paying almost nothing on the principle, and by the time it's paid off, you'll have paid a lot more than the price of the car.

http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx

Put the credit cards away - somewhere it's not convenient to get to. I have several credit cards with 0 balance that I don't use. They are in the safe deposit box at the bank. I have not closed the accounts because it would affect my credit rating.

Here's a website that will calculate how long it will take to pay off your credit cards. You don't have to sign up - just scroll down until you see "Credit Card Payoff Calculator" in the middle of the page. You'll be shocked!

http://www.debtconsolidationcare.com/calculator/pay.html

Good luck!
 

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Discussion Starter · #17 ·
Thanks flower power 1
flower_power said:
I haven't paid interest on a credit card since the 1980s. If I don't have enough in the bank to pay off the credit card balance each month, I stop buying things, even if they are on sale.

You think you're saving money when you buy something "on sale," but if you add in all the interest you're paying on that purchase, you could be paying 4-5 times that sale price by the time it's paid off. You would be better off paying down the credit card balances, and putting aside a few dollars each pay day to save for something you want or need.

The lesson is - if you don't have the cash to buy the item, don't buy it. I do use my credit cards, but ony for points or Cash Back. I just used $150 Cash Back from one credit card to apply to the balance. I had a very large purchase - new bed, so I decided to use the reward & pay the difference. It's a nice feeling to use the credit card's money to pay itself.

Pay down the credit cards - either the one with the biggest balance or the one with the highest interest rate.

DO NOT REFINANCE THROUGH YOUR CAR!! Yes - I'm shouting at you. That is a foolish option. You are already paying a lot more than your car is worth if you have a car loan. To add your credit card balance on top of that doesn't make sense. Your car does not go up in value, so it's even possible that you owe more on it than it's currently worth.

To find out how much you'll actually pay for your car, take a good look at this link. Type in your loan amount, interest rate, term. Scroll down to the middle of the page, and click on "Show/Recalculate Amortization Table." That will show you - month by month - how much interest and principle you are paying on that car. You'll see that at the beginning you're paying almost nothing on the principle, and by the time it's paid off, you'll have paid a lot more than the price of the car.

http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx

Put the credit cards away - somewhere it's not convenient to get to. I have several credit cards with 0 balance that I don't use. They are in the safe deposit box at the bank. I have not closed the accounts because it would affect my credit rating.

Here's a website that will calculate how long it will take to pay off your credit cards. You don't have to sign up - just scroll down until you see "Credit Card Payoff Calculator" in the middle of the page. You'll be shocked!

http://www.debtconsolidationcare.com/calculator/pay.html

Good luck!
 

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my hubby died leaving me w/tons of bills i didnt kno existed. when i mentioned i was tired of paying HIS bills, a finance friend of mine said i didnt have to ... he said *just write on the envelope deceased & mail it back to sender*
i did & never heard a word from any one again & that was over 15 yrs ago!!

Florida Sue said:
I learned to only buy if I have the cash a couple years ago. I learned the hard way. After losing my husband I had a lot of cc debt. And only me to pay them off. Well I put my mind to it and got them paid off and gave up a time share with horrible maintence fees.
I am much better off without the CC's and only pay with debit card which comes right out of my checking acct. I am actually saving money monthly now and am very proud of myself. If I could onlly stay away from yarn. :) :) :) good luck to you and just keep trying to get them paid off.
 

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Credit Cards are great..But you have to control your spending.

Leave the cards at home when you go shopping, if you're spending on line,lock them up and if you are tempted..stop think " Can I do without this?" Pay more (even if it's only a few dollars) on your cards,which will affect your interest on the card. Always pay more than your payment is..
For instance, if your payment is $150..pay $152 etc.

BTW, I'm a mom and had the same problem with a son. He is now debt-free and only buys what he needs unless he has FREE cash to pay for it. I'm sure your Mom is not being mean,and she loves you and is thinking about your future. ;)
 
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