So I've gotten myself in some CC debt and could use some help

[joem1cha3l]

Long story short, I got myself into some serious CC debt. I owe about $38k on one card and $7k on another. Annual income is just over $100k. Any suggestions on how I could approach this debt. I feel like after making my regular bill payments, my minimum CC payment and stuff, I just dont see an end to this. Is there a way to negotiate these debts without completely ruining my credit for 7 years?

[dvd]

Start by using this calculator. Look at the results. It may not be as bad as you think. 

https://financialmentor.com/calculator/debt-reduction-calculator

If you can not manage the payments then I would recommend a debt consolidation loan from a credit union, marques, Amex. If that isn't doable you can sign up for a Debt Management Plan with a non profit credit counseling service. 

Edited July 2, 2018 by dvd
typo

[cv91915]

Or park some of that debt on a 0% credit card if you can get one.  Not sure if your signature is current, but it might help to list cards and balances/limits for suggestions on how to move balances around to best position yourself for BTs to new/existing cards. 

If that $38k is on the card with the $40,250 limit you're > 90% and that's going to limit your options.  Even moving some of that to Discovery might help.

Also, don't go by how you feel about your situation, go by math.  

[centex]

Your statement will have a box that tells you what you need to pay on a monthly basis, presuming you curtail all other spending on that card, to have the balance zeroed out in three years. 

With a $100K annual income, $45K of card-related debt should be doable in three years.  The key is to stop spending on the cards.  Alternately, if you feel the absolute need to continue spending, then put the utilities and insurance payments on a card and plow ALL available funds into payments on the cards, focusing on the one that has the most interest accumulating (presumably the card with the higher balance).  

You will want to be wary of contacting the lender or you will find yourself with a card that is shut down and that absolutely screws your score since utilization will be through the roof with big balances and no available credit.   

[shifter]

to answer your question, no, there's no easy way out.

you've been here before, so it's worth taking a look at how you ended up here again.

you have two options:

1) default on the cards and suffer the consequences of bad credit, potential lawsuits, etc.

2) buckle down, look at your finances, make some tough decisions and dig yourself out. and learn a few things in the process that will help prevent you from ending up back here again in a few years.

[Konrad2012]

On 7/2/2018 at 9:45 AM, centex said:

Your statement will have a box that tells you what you need to pay on a monthly basis, presuming you curtail all other spending on that card, to have the balance zeroed out in three years. 

With a $100K annual income, $45K of card-related debt should be doable in three years.  The key is to stop spending.  

FTFY