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4 Bumps

Is anyone else in a financial mess or is this uncommon?

Between my husband and I we probably owe about a hundred thousand dollars in credit cards. We have at least 20 credit cards with high balances on them, my husband mainly pays the minimum on all of them. We have pretty much maxed out all of them and now I don't know what I'm going to do, especially with Christmas coming up and 2 of my children birthdays.

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Anonymous

Asked by Anonymous at 3:42 PM on Oct. 25, 2010 in Money & Work

Answers (15)
  • Call a nonprofit credit counselor ASAP. And stop using your cards.
    ballewal

    Answer by ballewal at 3:43 PM on Oct. 25, 2010

  • Stop using your credit cards and I would pick one and start paying anything extra until you can get your balances down. I maxed out all of my cards in my early 20's and I paid the minimum with extra going to specific cards until I could get a handle on it. I also canceled the cards as I got them paid off. I wish you luck.
    coala

    Answer by coala at 3:45 PM on Oct. 25, 2010

  • Holy crap, I would say that is a bit uncommon. Of course we don't know your income, so that could be a factor. But you all need to get a handle on these cards and figure out how to start paying them off one at a time. Start with the card with the highest interest rate and go from here. Definitely get yourself a credit counselor to help you figure it out. Good luck:)

    shanlaree

    Answer by shanlaree at 3:46 PM on Oct. 25, 2010

  • I would think 100K in debt if fairly uncommon, but not unheard of since I watch "Til Debt Do Us Part" My husband and I don't have credit cards, so we have no debt other than our mortgage. You need to increase your income or cut your expenses. Figure out how much the interest on your cards is going to be if you keep paying the monthly minimum - that should be some incentive to pay them off as quickly as possible.
    For Christmas - you can sign up with the Salvation Army for their Angel Tree program or talk to other groups. For your kids birthday, if they are young then dollar store items should suffice, if they are older they should be able to understand that $$ is tight and have a family birthday with cake.
    missanc

    Answer by missanc at 3:47 PM on Oct. 25, 2010

  • I think that is an OUTRAGEOUS amount of credit card debt, and you should definitely seek some sort of credit counseling asap to help relieve a bit of your problems. Stop using them all together! Cut up all the cards and forget about them!
    xxlilmomma09

    Answer by xxlilmomma09 at 3:51 PM on Oct. 25, 2010

  • PLEASE GET RID OF THOSE CARDS!! That level of debt is not unheard of especially among people in a upper-middle class lifestye. Contact a debt counselor. They may be able to consolidate your payments. Also for Christmas and birthdays this year, focus on enjoyment more than money. Pick activities that you can do without spending any money, or very little. This year for my 7-year old's birthday we're going to have cake and watch How to Train Your Dragon (Gmas getting that for his birthday).
    ToraMay

    Answer by ToraMay at 3:52 PM on Oct. 25, 2010

  • I have alot of debt and not using my cc anymore. but 100k HOLY MOLY! good luck!
    nonni2

    Answer by nonni2 at 3:52 PM on Oct. 25, 2010

  • My husband and I don't have credit cards but after two years of living with my mother in law we are in serious debt everywhere. I would start trying to pay one off at a time. Good luck and I hope everything works out!
    prettypaper

    Answer by prettypaper at 3:53 PM on Oct. 25, 2010

  • I've never had a lot of credit card debt. We had cards (one each, me and hubby), but we paid them off. We fell into the trap again and dit it all over. We paid them off and vow to not do it again. Our only debt now is our house and car. I would stop using the cards and start working to pay them off. I believe Dave Ramsey suggests starting with your smallest balances and working your way up. Check him out or call a credit counselor.
    Desi_Momof4

    Answer by Desi_Momof4 at 4:02 PM on Oct. 25, 2010

  • I have credit cards and the debt that goes with them.. they drive me insane stressing about them. I just plan on paying them off as soon as I can and not using them... I will keep them just in case I have a huge emergency but that is it.

    I don't have that much debt as you stated but there are several people who have had to rely on them with the way the economy went.. I guess what would be best is for you to stop using them if that is possible. There is a website careonecredit.com that gives you some tips that might be useful to help you out. As for christmas and birthdays.. I know that you probably want to give them everything but since you can't exactly do that this year try to find other ways that you can show your love instead of a bunch of possessions... Sorry your in this mess. I wish you the best of luck!
    ajc88

    Answer by ajc88 at 4:02 PM on Oct. 25, 2010

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