How do I pay off my credit card? I work full time and just cant get ahead..?

Question

I need to pay off my credit card and I have tried not using them.. paying on time.. etc. etc. I dont want to take out a loan to pay them off bc Im trying to save up for a car. I work full time, and go to school. Should I get another job. It just feels like I can never get ahead.. Any help would be loved! Thanks.

Answer 1

Best Answer - Chosen by Voters

Dear "Jessica B":

Well the credit cards don't want you to get "ahead". They'd like you to keep paying the 18 to 30% interest for the next 30 years. Credit cards are the quicksand of the financial world. If you struggle, you've drowned. If you relax and go with the flow, you can swim out of it.

Just so I understand, you have one or more credit cards and you feel like you can never catch up. Well, I'm no Suzzie Orman or Dave Ramsey, but fell into the same trap when I was young a long time ago. So, I got out of it and you can too.

Here's a suggestion and some thoughts.

Suggestion: Find a credit union. Then drop by and chat. They are very nice people who have a different mission from a bank. They want members; not interest charges.

If you think that you can't escape, you can't. The credit card company minimum payments will get you free and clear in forty years.

You need to know EXACTLY what you are spending every penny on. Get a little book at Staples for a few bucks. They have a cheap brown stitched one with a column for figures. AND, record every expense. (You can also transcribe it to a check book program like Ace Money Lite http://www.mechcad.net/products/acemoney… (It's free!) to manage your budget.

Then for every expenditure, ask do I really really really need it? Then, try a do without it. The daily expenditures for coffee and paper add up.

Take a look at the sites in my sources for further thoughts.

You can do it. I have confidence in you. Hope this helps. I'm interested how it works out for you. Drop me a note sometime. My blog has other helpful "stuff".

fjohn

Ferdinand J. Reinke
Kendall Park, NJ 08824

Webform that creates an urgent email => http://2idi.com/contact/=reinkefj
Web page => http://www.reinke.cc/
My blog => http://www.reinkefaceslife.com/
LinkedIn url => http://www.linkedin.com/in/reinkefj

Source(s):

http://www.creditunion.coop/
http://www.suzeorman.com/
http://www.daveramsey.com/
http://www.ftc.gov/
http://reinkefaceslife.com/2007/05/16/ya…
http://reinkefaceslife.com/2007/06/19/ya…

Answer 2

If you can, try paying a little more than just the minimum payment each month. That would make the principal balance go down faster and not so much money will be going to interest each month.

Answer 3

The first thing you need to do is draw up a budget - a list of all your incomes and ouytgoings, so that you can find out where all your money is going.

Once you have done that, you will be in a good position to take control and make cuts where they won't hurt too much. In the meantime, stop using your credit card.

Answer 4

try to sign up for another credit card with zero balance transfers or whatever where they dont charge interest or finance charges for like a year. the lack of them addng money each month to your bill will help you. good luck... its hard to get ahead when you get so far behind.

Answer 5

if u have the time get a second job.. and try to save some money to help with your bills

Answer 6

We had the same problem. We opened a savings account and when we got paid so much money would transfer over every week. Like 40 dollars. My husband gets paid every week so that's like $160 a month put into saving. So we then put about 60% of that twords our credit cards that we no longer use. That way we are paying our debt back and still saving some money. I you still want a card for emergencies try putting it into a frezzer bag and filling it up with water and putting it into the freezer. You still have it if you really need it but its still a little bit harder to get to. So hopefully I helped you.

Answer 7

Try to send in 10-20 more dollars when paying your bill that way the finance charges will be eaten away and you will see the bill go down a lot faster. Also, try not to use it unless it is possible! Draw up a budget and stick to it! This is very important. When you get an extra chunk of change, send it to your cc company. You can always mail in extra with the bill or at another time. Lastly, you may need to get a part time job in addition to a full time for a few months, just to pay off bills. I am doing that right now and although I am tired and I know that I am sacrificing time, fun events and time with my family, it is only temporary.

I plan on buying a house in 2 years and I'd rather struggle now then to get into buying a house and be denied or get penalized with a higher interest rate because of bad credit or unpaid bills...

Be smart about your money and sacrifice for about 6 months to a year. Trust me, you will be glad you did...

GOOD LUCK!

Answer 8

Start with a written budget. It's the best way to control your money rather than your money controlling you. You'll be amazed at where your money goes and where you can save. Those savings can go toward your debt.

Pay minimums until you get 1000 dollars in an emergency fund. Emergencies happen. There's no sense getting control of your money and getting rid of these credit cards if you have to charge an emergency to a credit card. Then you're back to square one.

Then hit the card payments hard.

Getting a second job for a while will certainly bring up your income and help you pay them off faster.

Sell stuff too.

Do not take out a loan to pay off the cards. Do not consolidate the cards to pay off the loan. That doesn't pay the debt, it just moves it.
http://www.daveramsey.com/the_truth_abou…

Source(s):

http://www.daveramsey.com

Answer 9

I was in the same boat. I got a second job, paid off my cards and then since I was working 2 jobs, I kept spending!!! A year later, I quit my second job but I still owe to my credit cards. Luckily, it's not a lot. But it did help.

You are going to school too??? That's going to be a lot on your plate. You might get really stressed out, but if you can handle it ... even for a little while, you should do it.

Answer 10

First of all, STOP USING IT
then, pay off any bills you have on it.
then, if you KNOW you won't be able to get by that again,
CANCEL your credit card.

Source(s):

personal experience

Answer 11

Your best option is to look for offers for 0% balance transfers from other credit cards.. There are alot of them out there, but you have to read the fine print carefully. I know discover was or still is offering lifetime interest free balance transfers. That can save you alot of money in interest and increase the speed to pay them off.