Verified answer

If a person has accumulated a large amount of credit card debt due to multiple credit cards, the need for a proper counseling for credit card debt consolidation can't be understated. Credit card debt consolidation counseling helps a person get vital insights into the facts that can help him get control over the credit card debt.

Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.

A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn't undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder.

When a person approaches a credit counseling agency, the first thing it will do is to take stock of the situation and get various facts about the credit card debt. The credit counseling agency collects data about the income, expenditure and spending habits. It will guide the credit card holder about budgeting benefits and try to inculcate good financial habits. Read more from: http://www.credit-card-gallery.com/article/353,Cre...

Call your creditors BEFORE any of your payments are late and see if you can just pay interest on the balances until you are back on your feet.

Also, it sounds like you might benefit from talking to a non-profit organization that does Consumer Credit Counseling. They can re-negotiate terms with your creditors and help you pull out of debt. Credit card debt is the worst. If you really need a loan of $8,800 (the amount of your credit card balances) you could get a better rate than on an AE & MC with just a commercial loan. Get a plan together and get that paid; kill two birds with one stone and have the terms renogotiated by a NON-PROFIT consumer credit counseling agency. You will have to give up your plastic, though. If you're using it to live beyond your means, you're better off without them, anyway.

You may also benefit from doing your banking with a credit union vs. a commercial bank. Check into which credit union you may be able to join and go talk to them about membership. It's a much better deal for the consumer than a commercial bank for checking, savings, loans, and if you must have a credit card, the credit unions usually offer them at lower rates.

Good luck!

I no longer have a renter? Don't you think the smartest move here is get a renter?

Do not take out anymore loans because that could cause you to go into bankruptcy and deeper in debt.

You want to come out of debt and so the best way here is get a renter and fast.

Concentrate on paying those cards off and if you must do it cut them up and stop charging your way to the poor house.

When you make just the minimum payment your going to p[ut your card in a revolving credit line and that means lower beacon scores and your high credit score goes to mush.

Do yourself a favor...get the things you need and do without the things your out of debt with those cards.

I have one credit card that's all I need. I keep it for vacations and when we go out to eat and I am low on cash.

I have a very high credit limit, but I have a zero balance too!

I learned my lesson along time ago when I nearly had to file bankruptcy. The only thing that saved me from that was to get a second job. Trust me, I paid for my mistake.

Your credit cards will default to the default interest rate. Thanks to the 2005 Bankruptcy Reform Act (actually another law passed at the same time) credit card companies can now charge up to 40% (maybe higher, I can no longer find what is considered usury, so anything goes I guess).

That would put you in some serious financial hurt, especially if you cannot make the minimum payments now.

And you really can't file bankruptcy on $8000 worth of debt. Call the companies and try to set up lower interest and payments that you can make.

If in your shoes I would take another job, or get another renter, or start selling stuff...anything to make sure you make those payments.

Good luck

Hard to tell you what to do, but since you are living above your means now, its time to cut some living expenses. You can save 45$ per month by cutting your internet. 50 to 70$ by cutting your cable TV. Turn your hot water heater off and only turn it on 30 minutes before you take a shower and turn it off right after and that will save you 30 to 50 per month. Only drink tap water and eat rice for the next month (30 dollars of rice will last you for the month, or buy top raman at 10 cents per bag and save yourself another 20 dollars for the month). That should save you 200 to 300 on your food bill for the month. So with that advice you just saved 325 to 465 on your monthly bills. Oh and maybe instead of using the heater in your condo, just keep yourself wrapped in blankets whenever you are home. Maybe you can save another 50 dollars on your electric bill by doing that. After that first month, you need to make a list of where all your expenses are going each month because you are living beyond your means obviously. If you dont pay your credit cards, its really bad on your credit and stays there for a long time.

Cut expenses. Also, try and negotiate with your creditors. You may be able to make a lower payment to them for a SHORT period of time. You may also be able to talk to your mortgage company and skip 1 or 2 payments. They just add them to end of your mortgage. They may not be willing to do it, but anything is worth a try.

Of course, look for a renter. But maybe you can increase your income during the holidays. Alot of places are looking for temporary help during the holidays. You may not make much per hour, but that money may help pay your bills.

Start by cutting up your credit cards and paying cash for every thing . this way you have a better idea of where your money is going. Next work out a budget and stick to it Pay of your credit card first They have a high interest rate. If you have trouble doing this seek financial advice from a professional

Sell your rental property and avoid foreclosure. If you really need a car, sell the one that you have and pay cash for a used car. Once you clear up the credit card debt, you can save up and buy a better car. The debt that you have is causing you a lot of stress. Cut your losses now before they get worse.

Maybe take out a loan to pay those cards off. The interest rate on a personal loan may be much cheaper than the rates on those cards. But you CANNOT use those cards anymore!! Good luck!!

I was trying to find a way out too so i asked around and was told about Free Money Grants..The government gives out millions each year but not many people know about it..I didnt believe it until i was approved for 5,000 that i dont have to pay back it was free. So type in free money grants and see what they can do for you!! Good Luck