No. of Recommendations: 1
I needed some advice on what I should do to get out of debt ASAP. I am currently around $26,000 in credit card debt. I have 5 credit cards and my APR is 24% on each one of them. My balances are as follows CC 1 $7300, CC2, $7200, CC3 $5600, CC4 $3000 and CC5 $2700. I have been able to make minimium payments for several years but have missed a payment or two on each of them which has skyrocketed my minimium payment and APR. I my monthly minimium payments for all of them averages around $800 per month. i make $1100 net every two weeks from work. My total monthly expenses include rent, cell phone, gas, grocery's, electricity, which average to about 1000 per month. I have 14k in my 401k and I own my car which is worth 2-3k max. My minimium monthly payments on my credit cards have gotten out of control and i want to combine all my cc debt in order have a manageable payment each month along with being able to bring down the balances. I don't know if i would qualify for a personal loan b/c i have not checked with my bank, I have an idea my credit isn't so good because i'm maxed out on all of my cc's. i am considering credit conseling but i heard that it ruins your credit. Any advice on tackling this debt and being able to avoid ruining my credit?
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement