How to deal with maxed out credit card??

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6 posts
soflo
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How to deal with maxed out credit card??

Postby soflo » Fri Dec 16, 2016 4:18 pm

Good evening. Im here today looking for advice on how to get my Barclays visa credit card balance down. I currently have it maxed out at about $3,500, with $35 available credit. I just had almost $150 available credit but my interest is now outrageous, this past month its about $70 in interest. My payments are $100 a month now.....

How in the world am I suppose to pay that down if every month is $70 some in interest? Thats just wasted money going down the drain :(

Im currently working two jobs, one full time and the other is just a small part time job, but both are barely keeping my head above water after paying my mortgage and other bills.

My current credit score is at about 600.... WHAT should I do?!?!? :(


mountaindewvoltage
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Re: How to deal with maxed out credit card??

Postby mountaindewvoltage » Fri Dec 16, 2016 4:43 pm

soflo wrote:Good evening. Im here today looking for advice on how to get my Barclays visa credit card balance down. I currently have it maxed out at about $3,500, with $35 available credit. I just had almost $150 available credit but my interest is now outrageous, this past month its about $70 in interest. My payments are $100 a month now.....

How in the world am I suppose to pay that down if every month is $70 some in interest? Thats just wasted money going down the drain :(

Im currently working two jobs, one full time and the other is just a small part time job, but both are barely keeping my head above water after paying my mortgage and other bills.

My current credit score is at about 600.... WHAT should I do?!?!? :(


Take out a personal loan for the $3,500.

Barclays has extracted thousands from me in interest and didn't work with me to my liking when it came to a temporary financial difficulty a little more than two years ago, so I'm deciding to never give them a penny of revenue again. They're a subprime lender to say the least anyways and you could find a better card company to do business with.

ingramjuan
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Re: How to deal with maxed out credit card??

Postby ingramjuan » Sat Dec 17, 2016 12:47 am

soflo wrote:Good evening. Im here today looking for advice on how to get my Barclays visa credit card balance down. I currently have it maxed out at about $3,500, with $35 available credit. I just had almost $150 available credit but my interest is now outrageous, this past month its about $70 in interest. My payments are $100 a month now..... WHAT should I do?!?!? :(


First and foremost, keep paying the minimum! Second, see if they can raise your CL, if that doesn't work see if you can take out a loan to pay the full balance off at a lower rate. Lastly, stop spending on non-essentials
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augiedog
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Re: How to deal with maxed out credit card??

Postby augiedog » Tue Dec 20, 2016 9:44 pm

Try to get your interest rate lowered. It might be possible to lower your existing balance. Try looking for a 12 month or longer balance transfer with a 2% fee, that will save you money and give you time to pay off your balance. Don't use it for charges though.
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oldsoldier
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Re: How to deal with maxed out credit card??

Postby oldsoldier » Fri Dec 23, 2016 1:35 pm

soflo wrote:Good evening. Im here today looking for advice on how to get my Barclays visa credit card balance down. I currently have it maxed out at about $3,500, with $35 available credit. I just had almost $150 available credit but my interest is now outrageous, this past month its about $70 in interest. My payments are $100 a month now.....

How in the world am I suppose to pay that down if every month is $70 some in interest? Thats just wasted money going down the drain :(

Im currently working two jobs, one full time and the other is just a small part time job, but both are barely keeping my head above water after paying my mortgage and other bills.

My current credit score is at about 600.... WHAT should I do?!?!? :(


There are all kinds of answers we can come up with due to the fact that a lot of us have been in your situation or much worst.
Me much worst.

So I don't see you in a bad situation here as long as you are working and starting a budget. If you do you can get out of this pretty quickly.

I don't have all your information as to give you a personal evaluation. I would say pay as much as you can on the card as you can afford.

Then when it is low enough you can request a personal loan or apply for a 0 interest card and do a balance Transfer.
Don't give up as I said before you're not in that bad of shape.
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yfan
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Re: How to deal with maxed out credit card??

Postby yfan » Mon Dec 26, 2016 9:43 am

The first thing, after making sure you're paying your minimum, is determining what caused you to max out your card in the first place, and avoid that practice in the future.

Second, as others said, start and keep a budget. Figure out what expenses you can cut. Do you eat out? Start cooking at home. Starbucks? Get a travel mug and bring your coffee from home. Consider explaining your situation and not buying gifts for a year for special occasions or holidays. See if you can switch to a cheaper plan for your phone.

Every little thing adds up.



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