Swimming in credit card debt

[Cmike241]

Well i swore it wouldn't happen but it did.  I wound up with 61% credit card utilization and need a strategy to get out of debt.  I've been looking at Greenpath, also I've had part time weekend 2nd job at Lowes since February 2018, it has helped.  We've cut expenses but probably can do better.  Need help from the masters! Thank you in advance. Will be happy to post cc debt and expenses.

[althes]

Well post the balances, credit card limits, apr on each card.

 

[Konrad2012]

Cut everything you can.  Sell anything you can.  Min pay everything and throw anything remaining at the highest APR debt.  Repeat. 

[cv91915]

Get rid of cable/satellite/streaming services.  Downgrade your Internet service to the slowest money can buy.  Adjust your withholding so you don't get a tax refund.  Move your mobile phone service to a MVNO.  Increase your auto insurance deductible as high as you can justify.  Take your lunch to work, don't eat out.  No new tattoos or piercings.  Rent out a room.  Buy low, sell high. 

[RocketGoBoom]

My attitude towards debt has always been to figure out how to make more money instead of cut cut cut on the expense side.

 

It all depends on how you approach life I suppose. 

[centex]

11 hours ago, RocketGoBoom said:

My attitude towards debt has always been to figure out how to make more money instead of cut cut cut on the expense side.

 

It all depends on how you approach life I suppose. 

Since one generally can cut expenses quicker than they can increase income streams, one who is serious about getting out of debt is best off reducing spending. 

 

Anyone remotely contemplating continuing to spend at a rate unsupported by income streams is begging for trouble.  The best approach to life for RESPONSIBLE adults is to avoid debt.  One can spend without incurring debt.  Fortunately, OP recognizes that they have a problem and are seeking to get out of that problem in a responsible manner...

[Konrad2012]

13 hours ago, RocketGoBoom said:

My attitude towards debt has always been to figure out how to make more money instead of cut cut cut on the expense side.

 

It all depends on how you approach life I suppose. 

It's not an either/or situation.

 

But tonight, someone can choose Budweiser over an IPA.  Or eat and drink at home rather than eat out.  Or eliminate entertainment expenses.  Or raise the thermostat so the AC doesn't run as much. 

[Cmike241]

Thank you all for the help, I'll start following the above now!

[Cmike241]

Question: any problems with calling each credit card company and asking for a lower rate without raising any red flags?

 

Progress: thermostat set at 80, we'll see if wife and kid notice. 🤓😎

[Cmike241]

Btw, all accounts are current, no lates for 4 years. All 3 Fico 8 scores low 670's. 1- 4 yr old collection.

Edited August 10, 2018 by Cmike241

[breeze]

13 minutes ago, Cmike241 said:

Question: any problems with calling each credit card company and asking for a lower rate without raising any red flags?

 

Progress: thermostat set at 80, we'll see if wife and kid notice. 🤓😎

4 minutes ago, Cmike241 said:

Btw, all accounts are current, no lates for 4 years. All 3 Fico 8 scores low 670's. 1- 4 yr old collection.

I'd be careful with this. Maybe use the chat function to ask if your rate could be lowered a little. 

 

 

[Cmike241]

12 minutes ago, breeze said:

I'd be careful with this. Maybe use the chat function to ask if your rate could be lowered a little. 

👍

[Cmike241]

21 hours ago, RocketGoBoom said:

My attitude towards debt has always been to figure out how to make more money instead of cut cut cut on the expense side.

 

It all depends on how you approach life I suppose. 

Yup the 2nd  part time job has really helped.

[Cmike241]

On 8/8/2018 at 7:11 PM, cv91915 said:

Get rid of cable/satellite/streaming services.  Downgrade your Internet service to the slowest money can buy.  Adjust your withholding so you don't get a tax refund.  Move your mobile phone service to a MVNO.  Increase your auto insurance deductible as high as you can justify.  Take your lunch to work, don't eat out.  No new tattoos or piercings.  Rent out a room.  Buy low, sell high. 

Lol, good framework for us to get back to!  Since I'm going to be cancelling home phone and cable off the cable service, we'll have to keep netflix/ prime for stay at home entertainment,  trying to avoid family mutiny.  

 

I have the sprint bill down to 150/month 4 lines unlimited would MVNO be better? How to get started with MVNO?

Edited August 10, 2018 by Cmike241

[RaYdAwG005]

I don't know if or how much this would help, but we actually had the gas company suspend our gas for a few months in the summer.  We learned to take cold showers (even tho I hate cold showers, but temps were in the 90's so it worked), and used an electric hotplate and grilled outdoors.  Of course we'd have it turned back on in September, but not having to pay gas bill for a few months allowed us to catch up on other things.  This was something we tried twice in the past and it worked for us.  Now I know there's only 1 month left of Summer 🙁, but for future reference...

[Cmike241]

6 hours ago, RaYdAwG005 said:

I don't know if or how much this would help, but we actually had the gas company suspend our gas for a few months in the summer.  We learned to take cold showers (even tho I hate cold showers, but temps were in the 90's so it worked), and used an electric hotplate and grilled outdoors.  Of course we'd have it turned back on in September, but not having to pay gas bill for a few months allowed us to catch up on other things.  This was something we tried twice in the past and it worked for us.  Now I know there's only 1 month left of Summer 🙁, but for future reference...

Appreciate it but we don't have gas, well at least the kind we can cook with lol, sorry couldn't resist.  Keeping the thermostat at 79/80 in summer and 67/68 in winter will keep electric bill low for us.  

Edited August 10, 2018 by Cmike241

[nyquil556]

Appreciate it but we don't have gas, well at least the kind we can cook with lol, sorry couldn't resist.  Keeping the thermostat at 79/80 in summer and 67/68 in winter will keep electric bill low for us.  

Dispute the collection and after removal request a lower interest rate. Your score should go to the high 600's

Sent from my SM-N950U using Tapatalk

[luckydriver]

11 hours ago, RaYdAwG005 said:

I don't know if or how much this would help, but we actually had the gas company suspend our gas for a few months in the summer.  We learned to take cold showers (even tho I hate cold showers, but temps were in the 90's so it worked), and used an electric hotplate and grilled outdoors.  Of course we'd have it turned back on in September, but not having to pay gas bill for a few months allowed us to catch up on other things.  This was something we tried twice in the past and it worked for us.  Now I know there's only 1 month left of Summer 🙁, but for future reference...

 the gas thing makes no sense. in summer my bill is 20 bucks or so.

 

now in winter when its 200 or 300 a month i can definitely see turning it off for savings but how much was your bill in summer that you really saved that much?

 

also how did you handle laundry and dishes and stuff you need hot water to clean. i'm assuming you werent disciplined enough to just kill the hot water heater and do this yourself becuase turning off gas for summer sounds extreme to me

Edited August 10, 2018 by luckydriver

[luckydriver]

5 hours ago, Cmike241 said:

Appreciate it but we don't have gas, well at least the kind we can cook with lol, sorry couldn't resist.  Keeping the thermostat at 79/80 in summer and 67/68 in winter will keep electric bill low for us.  

 

can you shop for electric or whatever fuel source you have? i locked in some pretty good savings this way

[Cmike241]

2 hours ago, luckydriver said:

 

can you shop for electric or whatever fuel source you have? i locked in some pretty good savings this way

We are with the cheapest electric provider in area.  If we keep the thermostats set right our average monthly electric cost would be about $200. 

[Cmike241]

Progress report: cancelled home phone and cable, now only have internet on slowest, still good for movies, etc.  

Monthly cost before change 210.00 (phone,cable internet)

Monthly cost now 49.99 (just internet)

😊

Edited August 10, 2018 by Cmike241

[bradk14]

59 minutes ago, Cmike241 said:

Progress report: cancelled home phone and cable, now only have internet on slowest, still good for movies, etc.  

Monthly cost before change 210.00 (phone,cable internet)

Monthly cost now 49.99 (just internet)

😊

eek. that's why at one point I decided to kill cable (except for internet) and try using streaming services like DirecTV Now, Playstation Vue, Sling, etc. My case is unique, but it turned out I was using so many services to get what I wanted, I ended up convincing the cable company to treat me as a new customer, so it went down to $100/mo for a year.

[centex]

3 hours ago, Cmike241 said:

We are with the cheapest electric provider in area.  If we keep the thermostats set right our average monthly electric cost would be about $200. 

Do you have a programmable thermostat?  If not, get one...they can do wonders for the bill.  Seriously!  Especially the ones with multiple day programs that include different options for weekday and weekend....

[Cmike241]

8 minutes ago, centex said:

Do you have a programmable thermostat?  If not, get one...they can do wonders for the bill.  Seriously!  Especially the ones with multiple day programs that include different options for weekday and weekend....

Will do! Thanks!!

[RaYdAwG005]

12 hours ago, luckydriver said:

 the gas thing makes no sense. in summer my bill is 20 bucks or so.

 

now in winter when its 200 or 300 a month i can definitely see turning it off for savings but how much was your bill in summer that you really saved that much?

 

also how did you handle laundry and dishes and stuff you need hot water to clean. i'm assuming you werent disciplined enough to just kill the hot water heater and do this yourself becuase turning off gas for summer sounds extreme to me

Cold water washes clothes.  We're a family of 6, so between cooking, washing clothes, and showers, yes even in the summer time can become costly, not as costly as in the winter time, but still...We've managed to save a few bucks during that time.