No. of Recommendations: 2
Kerouac,

First off, take a deep breath. You sound like you are going crazy from this. It can be handled, you just need to make a plan.

You have a decent looking snowball plan. The snowball is where you pay everything on one card to get rid of it, then move all the money to the next card get rid of it, and so on. There is an Excell spreadsheet over to the right, you put in your numbers and figure out the best way to attack the debt. I think you don't need to declare bankruptcy based on your numbers.

The second job will help. This is a good time of the year to get a second job, stores need help with the holidays. Can you sell anything? Sometimes you can raise some money and apply it towards the debt. It helps. At this point, every penny helps.

Some bits of advice. Do not be late on payments on any of these cards. They all read your report and if you are late on one card they all raise the rates. Call and ask for lower rates. YOu have to be persistent, ask to talk to a supervisor. As you get rid of your balances, this will be easier. A consolidation loan might be helpful, but you have to take care not to run up the balances on the cards again.

Again, I think you are in a tight spot, but you have the resources to get rid of this without declaring bankruptcy. It will not be easy, but you should be able to do this.

fredinseoul
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