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Daniel asked in Business & FinanceCredit · 1 month ago

I am 24 around 8000 Dollars in Credit card debt what route should I take?

i bring in 1,400 A month I had a good credit score but  it went down bad last year should I call a consolidate credit compan or file for bankruptcy 

7 Answers

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  • 1 month ago
    Favorite Answer

    You wouldn't qualify to file bankruptcy with that small a debt and it would be stupid to do so if you could.  It really is not a significant amount of money.  Budget.  After paying your rent, utilities & food, your next priority payment should be your cc debt.  Pay whatever you can every month - let them know that's what you figured you can afford and they can expect to receive it every month.  Pay it until it is paid off.  Meanwhile, do not charge anymore on that card or any other.  Get a temporary second job if you can.  If consolidating costs you more money, then it isn't worth it.  If you can find a cc company that will allow you to switch your debt to them, and charge you zero interest for a while, and also gives you a lower interest rate, then by all means switch.

  • 1 month ago

    It's more expensive and not worth your effort or finances to file bankruptcy for that amount. Why did your score go down?  Missing payments? Late payments?  Those are things that are very easy to FIX. You pay on time. You pay more than the minimum every month. That amount of debt can be reduced in a short while that way. And for crying out loud--stop USING the card. Stop charging things. Pay off the debt. Your score will climb back up once you establish a better payment history. 

  • ?
    Lv 7
    1 month ago

    You should budget to make the payments and pay off the debt.

  • Anonymous
    1 month ago

    Bankruptcy isn't really an option.  Negotiate with your creditors, then get a second job to pay them.  See a credit counselor to find out the best way to negotiate.

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  • Eva
    Lv 7
    1 month ago

    That's not enough debt to file for bankruptcy.   Try to negotiate a lower interest rate with the credit card company(s).  You aren't going to get a loan at a lower interest rate with so little income.  Your other alternative is to find a legitimate non-profit credit counseling center in your area and have them help you.  https://credit.org/cccs/

  • Anonymous
    1 month ago

    You get a 2nd job and pay it off. And stop buying things you can't afford.

  • 1 month ago

    Neither,

    You need to increase your income, not weasel out of bills you owe.

    If you are not working at least 60 hours a week, that is what you need to do.

    Also, you need to look for a better paying job.  Costco is paying $16 an hour.

    Walmart & Target pay $15.  A factory job may pay more depending on where you are located.

    If you are working less hours, due to school or some other obligation, you need to take a semester off and work full time or change your commitments.

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