mousefanmichelle
DIS Veteran
- Joined
- Jun 29, 2006
Ok so I have been fighting this for as long as I can and I can't fight it anymore. I need input. Now I fully admit I have made bad choices and given a do-over I would not do what I have done but I can't go backwards. I have to accept the fact that I have made mistakes but I want to fix them so that one day I can retire.
Ok here goes... I have credit card debt (4 cards total). My monthly payments on them are more than I can afford to pay. All of the intrest rates have gone up. I have 1 of those cards on a 0% payment plan that is automatically deducted from my account each month but the other ones have all gone up and I am having difficulty paying them. I want to but it is getting harder and harder. I haven't missed any payments to date.
Where am I going with this? Well I am thinking of snowballing my payments but not the typical way because at the end of every month after everything is paid for I have nothing left and right now all I am doing is paying the minumum cuz that is all I can afford to do.
I am thinking that I will roll up 2 payments plus the payment due to make it triple paid does that make sense?
I will take min due on card 1 and min due on card 2 and add those to card 3's min payment to pay it off - bang, bang, bang. The problem is that card 1 and 2 won't get paid until card 1 is paid off and so on. Once card one is done then I move on to card #2 and triple those until paid off and then onto card #3 and then for card #4 - since those are already autodeducted I will just add to that once card 1, 2 and 3 are all paid off.
I know int. will continue to accumulate and so will late fee's and the harassing phone calls BUT I can then pay off all debt in X amount of years vs paying on them for the REST OF MY LIFE!!!!!
I also know my credit will take a hit but I just can't keep going like this. If I work with CCC or whatever my credit will take a hit anyway and then I have to pay them to help me (which I can't afford).
If this is a bad idea please tell me because I feel like I need to have a plan and this is sounding kinda good. I am budgeting begining this month and plan to stick to it but these payments allow for nothing - no emergency fund, no savings no car repair, no home repair.
Please please give me your suggestions - and again - I want to pay it and pay it in full after all I did buy the stuff but I can't make any headway and I need to and I understand I did it to myself. Trust me I know this.
Thanks!
Ok here goes... I have credit card debt (4 cards total). My monthly payments on them are more than I can afford to pay. All of the intrest rates have gone up. I have 1 of those cards on a 0% payment plan that is automatically deducted from my account each month but the other ones have all gone up and I am having difficulty paying them. I want to but it is getting harder and harder. I haven't missed any payments to date.
Where am I going with this? Well I am thinking of snowballing my payments but not the typical way because at the end of every month after everything is paid for I have nothing left and right now all I am doing is paying the minumum cuz that is all I can afford to do.
I am thinking that I will roll up 2 payments plus the payment due to make it triple paid does that make sense?
I will take min due on card 1 and min due on card 2 and add those to card 3's min payment to pay it off - bang, bang, bang. The problem is that card 1 and 2 won't get paid until card 1 is paid off and so on. Once card one is done then I move on to card #2 and triple those until paid off and then onto card #3 and then for card #4 - since those are already autodeducted I will just add to that once card 1, 2 and 3 are all paid off.
I know int. will continue to accumulate and so will late fee's and the harassing phone calls BUT I can then pay off all debt in X amount of years vs paying on them for the REST OF MY LIFE!!!!!
I also know my credit will take a hit but I just can't keep going like this. If I work with CCC or whatever my credit will take a hit anyway and then I have to pay them to help me (which I can't afford).
If this is a bad idea please tell me because I feel like I need to have a plan and this is sounding kinda good. I am budgeting begining this month and plan to stick to it but these payments allow for nothing - no emergency fund, no savings no car repair, no home repair.
Please please give me your suggestions - and again - I want to pay it and pay it in full after all I did buy the stuff but I can't make any headway and I need to and I understand I did it to myself. Trust me I know this.
Thanks!