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HELP! 50k in cc debt where do I start?!


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40 replies to this topic

#26 dansamy

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Posted 14 March 2016 - 03:08 PM

Seriously, try "Easy Debt Free" from the Android Google Play store. It's free, but I think they have a $0.99 version with a couple more features. It's really helpful.



#27 mommy55

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Posted 14 March 2016 - 03:50 PM

i downloaded it back when u first suggested dansamy thanks. i used that in conjunction w/ some others to hash out my payment plan



#28 Daddy

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Posted 27 March 2016 - 10:56 PM

$50,000 in debt on $60,000 in income should qualify you for Chapter 7 BK. We filed in 2011. It was completely worth it. We got to the point where we were so in over our heads. We should have filed years before that, but we continued to throw good money at bad debt, trying to do the "right" thing.

 

If you can scratch and claw your way through, that would be awesome. However, there is no shame in filing, if you absolutely need to.

 

Good luck!



#29 mommy55

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Posted 31 March 2016 - 03:46 PM

$50,000 in debt on $60,000 in income should qualify you for Chapter 7 BK. We filed in 2011. It was completely worth it. We got to the point where we were so in over our heads. We should have filed years before that, but we continued to throw good money at bad debt, trying to do the "right" thing.

 

If you can scratch and claw your way through, that would be awesome. However, there is no shame in filing, if you absolutely need to.

 

Good luck!

Thanks but I rather not. I see myself getting out of this. My fiance is going to help so most of my bills will be paid off by end of next year including the 5k personal loan i jus took out.  after those r paid then i can really concentrate on the two nfcu cards at 13k each. which now im paying 500 each on and has me paying off by end of 2018. once other bills paid i can double up on the nfcu & pay them off faster. also going to beg/ask my father for a loan of at least 5k to 10k(fingers crossed) 

I thought it would be difficult to stop spending but ive actually become obsessed w/ seeing my balances go down. so hasnt been a problem missing the previous luxuries. I travel a lot for my job and have racked up tons of mileage/travel points thru airlines & hotels. just in case we just have to have a trip flights & hotel would be taken care of lol. im looking forward to this new journey. i learned a lesson.

thanks every1 for the advice. 


Edited by mommy55, 31 March 2016 - 03:47 PM.


#30 beachdreamer1014

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Posted 07 April 2016 - 01:54 AM

It sounds like you need to go Dave Ramsey lite for 24 months. You have good cards with good limits, so I'm not saying cancel them and live on cash for the duration of your natural life. Put the cards away and live on cash temporarily. The semi-good news is that NFCU offers financial counseling. I found the info when I was looking for something else. Info here: https://www.navyfede...-counseling.php

 

 

 

  • Remedial Counseling
    If you are experiencing a financial crisis, we can help you regain control of your finances. We can assist you with a repayment plan and refer you to a Debt Management Program for any other debts. NOTE: This is not a bill-paying service. It is made available only to those whose income allows them to make reduced payments after their debt is reorganized, and is not a solution for those who are insolvent.

 

Until then:

 

 

1. Stop using the cards

2. Don't apply for anything else

3. Create a budget and stick to it

4. Pick up a side job if you can

5. Snowball payments

6. Spend wisely once you're out

 

Take stock of what happened here and make sure it doesn't happen again-only you know what that is and you need to be honest with yourself. I'm not chastising you or accusing you of anything. I'm 99% finished digging my way out of a financial mess and fully recognize that I could have made better financial decisions that would have left me in a better position when I was fired. 

 

I owned a Debt Settlement company for over 15 years. (still own it technically as we have 3 clients left :)   Based on your creditors, NFCU being your biggest.  Then debt settlement will NOT help you at all!

Debt Consolidation will only cripple your credit for years and won't really lower your payments.   My advice is mostly with others have been saying to you.

1.  Talk to NFCU and tell them you are highly considering Chapter 7 if they can't lower the interest to close to ZERO.   Make sure you close all lines of credit.

2.  Also, as hard as it is...Consider getting a part time job and use all of that money to pay off the highest interest rate NOTES first, while making all of the minimums.

Be careful of any other advice getting you into a program that charges any fees at all.   NFCU is one of the toughest creditors for outside agencies to work with.   I've had HUNDREDS of clients with them.  Yet they are fairly reasonable at working directly with the client.  (this goes with virtually ALL credit unions)

 

Also, only use the Chapter 7 as a threat.  Unless you truly have a severe hardship such that you are truly injured and can't work, then find a way to get out of this.   YOU CAN DO IT!!!



#31 mommy55

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Posted 23 August 2016 - 02:59 PM

Not sure how I got to this point

I have two NFCU cc 15k each -total 30k debt 

store cc- total -8k

car loan 8k remaining

carecredit-3k

every paycheck goes to paying those cards and hardly can keep up with my house bills.

Do I try a loan consolidation or credit counseling place?? what can i do to even make a dent.?? I wish the CC companies would give me a 0% interest break for about 6 months. That would help me :-(

Please any advice would be appreciated

 

Update

ok almost 1 year later.

my NFCU cc down to 11k each total 22k debt

store cc-down to 3k total

car loan-5k remaining

no more carecredit -paid

personal loan 4k

 

My father gave me 5k so will use that.

and then heavily concentrate on knocking the NFCU cards down.

 

Paying weekly on everything helps a lot.

tax return time will help as well. should get about 3k back then.



#32 Kat58

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Posted 23 August 2016 - 03:33 PM

Great Work!  :good:



#33 BravoSierra

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Posted 24 August 2016 - 08:38 AM

Keep up the good work! That 5k should make a good dent on the high interest cc's. 



#34 dansamy

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Posted 15 September 2016 - 05:15 PM

That's great progress.



#35 tess41

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Posted 07 November 2016 - 11:44 AM

Good Progress!!!!



#36 tiggerlgh

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Posted 07 November 2016 - 01:16 PM

Congratulations! I love seeing stories like this. Keep it up!



#37 mommy55

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Posted 28 March 2017 - 01:31 AM

 

Not sure how I got to this point

I have two NFCU cc 15k each -total 30k debt 

store cc- total -8k

car loan 8k remaining

carecredit-3k

every paycheck goes to paying those cards and hardly can keep up with my house bills.

Do I try a loan consolidation or credit counseling place?? what can i do to even make a dent.?? I wish the CC companies would give me a 0% interest break for about 6 months. That would help me :-(

Please any advice would be appreciated

 

Update

ok almost 1 year later.

my NFCU cc down to 11k each total 22k debt

store cc-down to 3k total

car loan-5k remaining

no more carecredit -paid

personal loan 4k

 

My father gave me 5k so will use that.

and then heavily concentrate on knocking the NFCU cards down.

 

Paying weekly on everything helps a lot.

tax return time will help as well. should get about 3k back then.

 

 

 

hi, update. 1 year and half later

my NFCU cc one down to 8k other down to 11 total-19k debt

store cc-no more store cc

car loan-$1900 remaining

personal loan 0

took out another personal loan w/ much lower interest rate and paid off store cc/ & other pers loan. -7k

sooo started in panic here Sept 2015 with 50k debt--

1.6 year later March 2017 down to 28k debt from 50k. i see that light finally . once the car is paid i can add an extra 300 to paying down loan/nfcu.

if u dont have discipline not to spend ..be careful because that loan paid off all my store CC balances and i have lots of available credit now. but im not interested at all in using them. no desire thank goodness.

hopefully my score goes up more and i can try a 0% 15 mth balance transfer later and really knock it out.



#38 breeze

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Posted 03 April 2017 - 10:19 PM

Awesome!



#39 yonifreedom

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Posted 03 April 2017 - 11:01 PM

Congrats! Awesome!

#40 wheezie

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Posted 31 May 2017 - 03:53 PM

Wow, that's awesome progress!

#41 labswift

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Posted 02 June 2017 - 01:51 PM

 

Not sure how I got to this point

I have two NFCU cc 15k each -total 30k debt 

store cc- total -8k

car loan 8k remaining

carecredit-3k

every paycheck goes to paying those cards and hardly can keep up with my house bills.

Do I try a loan consolidation or credit counseling place?? what can i do to even make a dent.?? I wish the CC companies would give me a 0% interest break for about 6 months. That would help me :-(

Please any advice would be appreciated

 

Update

ok almost 1 year later.

my NFCU cc down to 11k each total 22k debt

store cc-down to 3k total

car loan-5k remaining

no more carecredit -paid

personal loan 4k

 

My father gave me 5k so will use that.

and then heavily concentrate on knocking the NFCU cards down.

 

Paying weekly on everything helps a lot.

tax return time will help as well. should get about 3k back then.

 

 

Hey, I'm in a very similar situation. I'm wondering who you got your personal loan with. I have a score of 660, but my revolving debt to credit ration is 70%. I'm doubting any services will provide a personal loan. And I'm not available to get NFCU or any of those accounts as I have no military background






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