Home Debt management • It is very difficult to start with so many cards falling due

It is very difficult to start with so many cards falling due

It is very difficult to start with so many cards falling due and have little cash which could not even pay for my family’s basic needs. this is my first month that i will not be able to pay the minimum amount due of my cards , i am waiting for a miracle from heaven, i will not borrow from another card to pay another card. I will be expecting calls from them. So i commit everything to the LORD.

I started my own payment plan when I was in debt and the best part of that was I felt like I was totally in control of it- not someone else. I closed all my accounts except one – I don’t know what that did to my credit score… but at that time I really didn’t car becasue I made a commitment to STOP using credit cards altogether and start living a cash based lifestyle. If I didn’t have extra cash for something -it was not going to be bought until I did. It taught me a lot about actually saving money for something.

I paid off my small balances first as fast as I could while only paying minimums on the larger balances. This gave me a sense of accomplishment within the first 6-8 months or so. I had eight different accounts. I kept one open account – and it wasn’t the one with the lowest interest rate, it was one with the most available credit left on it – and I locked it away with the magnetic strip cut through, so the only way to access using the number was in a life or death emergency. I never had that dire of an emergency. I also wanted to keep one open account on my credit history. Today I have two open credit lines in my name – and I’ve only used them a couple times.

I’ve learned the value of major discipline of not giving into my whims of spending and only using a credit line if I have the cash to cover paying it off right away. When I had my debt paid off about at the halfway point, I then started researching lower interest accounts to transfer to or looking at new offers I was getting in the mail. That was about two-three years later. I’ve been totally credit debt free for about 6 years now. It’s a happier, free-er way to live.

I wish you well – get support when you need it and realize – you really don’t need to use credit cards to live, survive or have fun.

I agree. It may not be the smartest (i.e. paying the smallest debt first vs. high interest debt first) but it sure does give that boost of pride, self-confidence and that you are taking control of your debt. For me, it’s much more fun paying them off then it was going shopping with them. LOL! 🙂

I am in the same boat. I’ve never been late with a cc payment and this is first month cannot pay a thing. I’ll keep you in my prayers. I went through a credit counselor for about a year at 600.00 a mo and balance came down about 20.00 per month towards end. Does anyone recomment a debt settlement company? Has anyone heard of consumer recovery network?