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METERRE · Dec 26, 2008, 11:54 PM

Hello to all. Ok to the point. I owe over $3000 on a credit card... they are charging high finance charges and I'm getting hardly any of it paid off. I am wondering if a loan is something I could consider. But I hardly understand anything about loans since I've never asked for one. However I am urging to get this debt paid off from this particular card, I wouldn't care if I was still paying towards a loan or something as long as the money was actually going into the debt and not only to finance charges or interest. Can any of you help me see if it is better to get a loan or how to find one? However I don't want a short term loan that requires me to pay it in less than a month cause I'm not working much. I hope someone can help me. Thanks a lot for any of your input.

Hamselv007 · Dec 27, 2008, 12:04 AM

Well those credit cards company's are the scum of the earth. If you have a somewhat stable existence in life, a stedy income a house or a car. Then you should have no problem getting a load from a regular bank paying of your credit cards debt.

METERRE · Dec 27, 2008, 12:49 AM

Well is there any option for someone who doesn't own car or house? I get an income but it's not too steady either. I don't really know what to do.

JBeaucaire · Dec 27, 2008, 01:24 AM

Moving debt from one place to another is no cure, and it's usually a failing short-term solution since most people don't have the strength of character to close the credit card account(s) when they borrow to pay them off. Thus, 12 months later they have the new loan AND a new balance on the credit card again. Hopeless.

You used the phrase "get an income" which sounds like you don't work. I apologize if I misinterpret that fact, but the next step is the same whether you work much now or not.

The #1 sure-fire way to pay of debts is to do work and get paid for it. When I decided I was tired of credit cards owning my paychecks, I got two additional part-time jobs for a year and made them disappear.

Your time, your hours in the day, is the only sure-fire source of remedy since hours can be exchanged for pay.

ScottGem · Dec 27, 2008, 08:01 AM

This is one of the problems with credit. If the borower is a high risk, the lender will often charge higher rates to offset the risk. But the high risk borrower is usually one who can ill afford the higher rates.

Since you are probably in that high risk category, getting a loan will probably not be the solution. For you, I think working with a reputable credit counseling service who can get the lender to reduce the rates is the best option.

METERRE · Dec 27, 2008, 02:01 PM

I do work, but I'm off for two weeks, and when we do, we work only like 3-4, rarely 5 days a week. It was hard enough getting that job, and now to get two jobs and keep them is even harder. This is not just any bank credit card and we did not spend just on anything. This bill is what we had to spend getting on just our teeth. The point is now we owe this much and don't know how we will get it paid without only paying finance charges and interest. About these companies which help negotiate with the credit card company, I don't know where to start.

ScottGem · Dec 27, 2008, 02:19 PM

They advertise on TV and in local papers all the time. Ask for an check references, the BBB to make sure they are reputable.

Fr_Chuck · Dec 27, 2008, 04:48 PM

A credit card is a loan of sorts.
First stop using it, cut it up and don't get further in debt.

Next make your payments, and then make extra payments, that extra amount goes off the balance.

The problem is income you need to work another job more hours or something and pay more on the debt

JBeaucaire · Dec 28, 2008, 07:17 AM

When I said "extra" jobs, I'm not referring to anything prestigious at all. I was a full-time manager.

To get out of debt, I took a job 2 nights a week (6 hours each shift) as a cashier at a gas station. Some of my clients actually came in and asked why I was working there, so I told them the truth. Too much debt... making it disappear with side jobs.

Then I delivered pizzas 3-4 nights a week for a few hours. Yes, this is tiring, but when it was over, it was OVER. I retired $45,000 worth of debt by budgeting and these extra hours converted to cash.

When debt has you by the ##&$%s, pride goes on the shelf. The other managers thought I was nuts and ridiculed me playfully. Now I've been out of debt for 6 years and they are still struggling... so whose laughing now?