Question about Credit Card Debt

[newdusk]

I don't want to get too specific but I am kind of in panic mode right now over how much I owe in credit cards.

I have a couple that have deferred finance charges. I have been keeping up with my payments and I usually pay over the minimum the biggest issue right now is that I am jobless. I am confident to find work but I am wondering how bad the finance charges could get.

I also want to make sure my math is correct.. If the APR is lets say 18& and say you owe 1000 in a month then what you owe is 180/365 multiplied by the days in your billing cycle.

Honestly I have pretty much hit the panic button because on all my cards combined I am up +10,000 but I don't think I need to take any drastic measures other then a drastic change in lifestyle.

[dark_lord]

not to sound like a jerk, but this is why u shouldnt spend money u dont have.  its one thing to have a little credit card debt, but having over 10k and now being jobless.....well, maybe you will learn from this experience and make wiser choices in the future

[newdusk]

not to sound like a jerk, but this is why u shouldnt spend money u dont have.  its one thing to have a little credit card debt, but having over 10k and now being jobless.....well, maybe you will learn from this experience and make wiser choices in the future

I saw that coming. A big part of my debt was because I moved to the west coast for work. I am an animator so I do a lot of freelance so being "jobless" has a different definition for me. Still I could have practiced a little better judgment and frugality and I will be the first to admit that.

[Chris]

Well, the jobless thing definitely complicates everything, but I would highly suggest consolidating.  You will probably be able to get a lower interest rate, and it makes it a whole lot easier to deal with.  I am not sure, but I also think it is better for your credit than having multiple credit cards at or near their limit. 

[dark_lord]

not to sound like a jerk, but this is why u shouldnt spend money u dont have.  its one thing to have a little credit card debt, but having over 10k and now being jobless.....well, maybe you will learn from this experience and make wiser choices in the future

I saw that coming. A big part of my debt was because I moved to the west coast for work. I am an animator so I do a lot of freelance so being "jobless" has a different definition for me. Still I could have practiced a little better judgment and frugality and I will be the first to admit that.

i dont know ur age, but im guessing ur younger, like in your 20's.  i think it is a normal thing to happen with someone that age, right out of college.  i know i racked up debt in my early to mid 20's, which im still working on.  my debt is in control and fairly low, but i wish i had someone give me financial advise when i was younger.

[ChampKind]

not to sound like a jerk, but this is why u shouldnt spend money u dont have.  its one thing to have a little credit card debt, but having over 10k and now being jobless.....well, maybe you will learn from this experience and make wiser choices in the future

Come on, DL, that's not helpful.  Obviously the guy knows he's in trouble, that's why he's coming out for help.  Why make him feel worse?

Look into consolidation and counseling services.  They'll ruin your credit rating, but not as much as declaring bankruptcy.  And it seems like your rating is going to get hit no matter what.  Reach out to professionals for help if you're overwhelmed, because treading water won't help at this point.

Sorry I can't be more helpful.  Good luck.

[Redz]

not to sound like a jerk, but this is why u shouldnt spend money u dont have.  its one thing to have a little credit card debt, but having over 10k and now being jobless.....well, maybe you will learn from this experience and make wiser choices in the future

Easy to say unless you've been there DL.  I can't speak for the OP's case but I was there, and it wasn't because I was unemployed or spending copious amounts of money on stupid stuff.  It doesn't happen overnight, but it does happen easily if you can't keep up with the monthly payments. 

My advice would be to nip it in the bud before the collectors come after you.  Go to a bank and see about consolidating your debt, or contact a collector yourself. You need to get off the revolving rates etc...You'll never catch up that way.  Your credit rating's already trashed so I wouldn't be concerned with what this will do to it.

The credit card companies want to get paid, but they can't get water out of a rock.  They will work with you, but you need to cut the head off the snake and get rid of the credit cards.

Anyhow, I feel for you.  I've been there, and it was scary. 

[dark_lord]

not to sound like a jerk, but this is why u shouldnt spend money u dont have.  its one thing to have a little credit card debt, but having over 10k and now being jobless.....well, maybe you will learn from this experience and make wiser choices in the future

Come on, DL, that's not helpful.  Obviously the guy knows he's in trouble, that's why he's coming out for help.  Why make him feel worse?

Look into consolidation and counseling services.  They'll ruin your credit rating, but not as much as declaring bankruptcy.  And it seems like your rating is going to get hit no matter what.  Reach out to professionals for help if you're overwhelmed, because treading water won't help at this point.

Sorry I can't be more helpful.  Good luck.

because it is the truth.  thats why i prefaced it with, "not to sound like a jerk". 

[dark_lord]

not to sound like a jerk, but this is why u shouldnt spend money u dont have.  its one thing to have a little credit card debt, but having over 10k and now being jobless.....well, maybe you will learn from this experience and make wiser choices in the future

Easy to say unless you've been there DL. 

i dont know ur age, but im guessing ur younger, like in your 20's.  i think it is a normal thing to happen with someone that age, right out of college.  i know i racked up debt in my early to mid 20's, which im still working on.  my debt is in control and fairly low, but i wish i had someone give me financial advise when i was younger.

[dark_lord]

Well, the jobless thing definitely complicates everything, but I would highly suggest consolidating.  You will probably be able to get a lower interest rate, and it makes it a whole lot easier to deal with.  I am not sure, but I also think it is better for your credit than having multiple credit cards at or near their limit. 

this is the best option.  but first priority for him is to get a job.  without steady income, he may default on the loan and make things even worse.

[steve]

Do your research on these credit consolidating services.  I used Ameridebt years ago and they screwed everybody, there was actually a class action law suit and over the past few months I've gotten random checks because we won the suit. 

[bdm860]

Do your research on these credit consolidating services.  I used Ameridebt years ago and they screwed everybody, there was actually a class action law suit and over the past few months I've gotten random checks because we won the suit. 

So did you end up turning credit card debt into a profit? 

[cdif911]

if you need to wait tables, wait tables

if you need to shovel manure, shovel manure

make some money, I know it may not be glamarous or in your field, but find work, pay off your debt and learn the lesson...

[Edgar]

A practice short term answer.

Try to get some money to survive an adequate period of time
2 month
dont let yourself be without a dime in the pocket because that will make u over use the card
Make a budget , get the money to cover it for two month
Try to look for a job or some incomes HEAVILY

make a plan for paying for the card that doesnt leave u without paying your life responsabilities
and

use only cash

[cdif911]

use only cash

this is why we ask edgar

this method works too: