Tilted Forum Project Discussion Community - View Single Post - Credit card debt is unbeatable...here's the story behind it

Nunquam_Idem · 07-19-2005, 02:12 PM

I used to think I had credit cards under control, but I've lost that control.

Our total credit limits (not debt, just the limits of all of them put together) is over $45K that I am aware of.

We had been living within our means, then we bought a house and a bunch of appliances and remodeling later, now we're neck deep in debt. I thought it would be worth it to have the house nice and livable up front rather than later when I actually had the money for it, now that I can't make all the payments, I'm regretting the debt.

I think we found a decent way out through a debt consolidation company. They apparently contact the creditors and get them to lower the rates and put us on a plan to pay them off. For instance, they can get places like Chase and Discover to lower their percentages from 21% down to 10%. I called last night and could only get Discover to go down to 17% for me, so they do seem to have something special.

AmEx is charging 6% on a big balance ($9K) and they get whacked down to an effective 0% until paid off.

It will take a couple years, but we'll pull out of it. Just have to tighten up...

07-19-2005, 02:12 PM	#14 (permalink)
Nunquam_Idem Tilted Location: On the 'Mostly Harmless' planet Earth	I used to think I had credit cards under control, but I've lost that control. Our total credit limits (not debt, just the limits of all of them put together) is over $45K that I am aware of. We had been living within our means, then we bought a house and a bunch of appliances and remodeling later, now we're neck deep in debt. I thought it would be worth it to have the house nice and livable up front rather than later when I actually had the money for it, now that I can't make all the payments, I'm regretting the debt. I think we found a decent way out through a debt consolidation company. They apparently contact the creditors and get them to lower the rates and put us on a plan to pay them off. For instance, they can get places like Chase and Discover to lower their percentages from 21% down to 10%. I called last night and could only get Discover to go down to 17% for me, so they do seem to have something special. AmEx is charging 6% on a big balance ($9K) and they get whacked down to an effective 0% until paid off. It will take a couple years, but we'll pull out of it. Just have to tighten up... __________________ Oh no, not again.