Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Credit cards

My husband and i have a few credit cards the have been maxed out and we havent been able to pay becaus we have been going through some money problems. Can they rely affect our credit, or what can we do , is there any way to freeze them until we can pay? Anyone have some advise?

Answer Question
 
Anonymous

Asked by Anonymous at 11:07 AM on Sep. 14, 2012 in Money & Work

Answers (9)
  • Call them and try to work out a plan with them. Pay off the one with the highest interest rate first. You or your dh may need to get a 2nd job in order to get them paid off.
    missanc

    Answer by missanc at 11:09 AM on Sep. 14, 2012

  • Go to Consumer Credit Counseling, they are non-profit place that will help negotiate with the CC companies on your behalf, if you don't do anything, they will sue you and get more money, garnishments, and possible liens. DO NOT call one of the companies you see on the internet, but call them today, and don't open CC accounts anymore.
    kimigogo

    Answer by kimigogo at 11:12 AM on Sep. 14, 2012

  • Not unless you declare bankruptcy which like the unpaid bills that you racked up seriously affects your credit rating.
    What can you do? Stop using the credit cards. Bottom line.
    Get a job or another job and pay them off.

    Why on earth would you think that you should be able not to pay your bills and still have a good credit rating? Why do you think people should be tricked into lending out more money that you will not repay?
    Dardenella

    Answer by Dardenella at 11:12 AM on Sep. 14, 2012

  • They will affect your credit. Call a legitimate non-profit credit counseling agency, they can help you work with your creditors to make a payment plan and to rebuild your credit. Make sure it's a free, government counseling agency, so that it's legitimate.

    Good luck.
    ohwrite

    Answer by ohwrite at 11:13 AM on Sep. 14, 2012

  • Credit cards have the biggest impact, day to day on your credit score. I think there is help where you pay a percentage of the debt. Do a search for "help with credit card debt" Good luck.
    booklover545

    Answer by booklover545 at 11:14 AM on Sep. 14, 2012

  • If you haven't been paying, your credit has already been affected - it happens if you are more than 30days late on any cc payment

    You spent the money for things for you, so you really do owe the money back - cc are just loans. Looks like it's time to get a second job and start whittling them down

    Step 1: cut up credit cards
    Step 2: pay all minimums due on all cards
    Step 3: budget $60-100 or more dollars BEYOND what you already paid and pay this extra on ONE card until paid off
    Step 3: list cards from lowest amount due to highest. Pay the extra on the lowest until paid off the roll the minimum and extra to the next card on the list.

    Example
    CC1 = $1000 min=$35
    CC2 = $2000 min=$45
    CC3 = $5000 min=$120
    CC4 = $5500 min=$125

    PAY ALL MINIMUMS as shown NOW(don't adjust as amount goes down) + $100 on cc1
    when cc1 is paid off add the $35+100 to payment on cc2 for payments of $180
    cc2 paid
    daylily888

    Answer by daylily888 at 11:33 AM on Sep. 14, 2012

  • basically you are snowballing your payments as you go along. This is the best method I found for paying down debt on multiple cards the fastest.
    Just make sure you detach yourself from these monies specified for cc payments. You can treat yourself once this money truly is extra = when ALL your cc are PAID IN FULL. Then do not ever use cc again.

    Oh, one more note: if you continue to miss payments, you APR will keep going up ..... which means it gets tougher to pay off because they are charging you more in interest.
    daylily888

    Answer by daylily888 at 11:36 AM on Sep. 14, 2012

  • The more cards you have the worse your credit rating. Not paying anything will affect your credit rating. Cut them up an get rid of them. Pay them off and live within your means.
    robinkane

    Answer by robinkane at 11:55 AM on Sep. 14, 2012

  • Don't cancel the cards - that's about the worst thing you could do for your credit rating. Don't use them of course, but don't cancel them either. The more cards you have WITH balances on them, the worse your credit rating. But your credit rating is based on the amount of available credit you have - so if you have tons of cards, then you have more credit available - higher credit score. If you only have one card, but have a high balance on it, then you will have a worse credit rating.
    That's what I've picked up from listening to several financial advisors.
    missanc

    Answer by missanc at 2:14 PM on Sep. 14, 2012

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.