Drowning in credit card debt?

[Anonymous]

I have about $23,000 in credit card debt. I am drowning. I make good money, but $800 of each paycheck goes to credit card bills alone. I only have about $300 at the end of each months (sometimes less) that’s for gas, food, etc.
I need ideas. I need to know how to get out of this hole.

[LiamJHayden]

Does not sound like you have much margin. What the anon said might be your best option, get a second job. Even if it is only part time. With that minimum payment your interest rates must be rather high. Put all of the money from that second job towards paying the principle on one of the cards. Generally start with the highest interest rate one, although if if you have one you can zero out quickly it might be psychologically better to get rid of that one first.

There is also consolidation. I generally do not suggest that, but it might be a good option in you situation.

Here are some decent ideas. And good luck!

[EpicSnail]

Try and see if there are nonprofits that can help advise you on the best course of action.

[Anonymous]

Get s second job and put 100% of that extra income into paying off the debt ON TOP of the payments you’re already making. Also explore how you could increase the salary of your main job. Maybe you could negotiate a raise or switch employer to up your salary.

[DizzyDesii]

This is ridiculous. I dont even use credit cards. Its just that easy to avoid. I don't know how to help you child but ima pray for ya

[Asker]

Then why waste time typing this if you’re not going to try to be helpful? Are you that bored with your life?

[DizzyDesii]

Clearly you’re bored, thats why you’re spending like crazy and in so much damn debt. Like i said, I’ma pray for you 🤷‍♀️

[DizzyDesii]

The only idea you need is to stop spendin so fckin much money and budget or some shit

[Anonymous]

It's understandable that you would feel overwhelmed and stressed about your credit card debt. Here are a few ideas that may help you get out of this situation:

1. Create a budget: Start by creating a budget that takes into account all of your income and expenses, including credit card payments, rent/mortgage, utilities, groceries, transportation, etc. This will help you identify areas where you can cut back on spending and free up more money to pay down your debt.

2. Negotiate with creditors: Contact your credit card companies and ask if they are willing to negotiate on the interest rate or payment plan. Some companies may be willing to work with you if you are struggling to make payments.

3. Consider a balance transfer: Look into transferring your credit card debt to a card with a lower interest rate. This can help you save money on interest charges and make it easier to pay down your debt.

4. Look for ways to increase your income: Consider taking on a part-time job or freelance work to increase your income and help pay down your debt more quickly.

5. Seek professional help: Consider speaking with a financial advisor or credit counselor who can help you create a plan for getting out of debt and managing your finances.

Remember that getting out of debt takes time and effort, but it is possible with a solid plan and commitment to making changes. It's important to prioritize self-care and seek support from trusted friends and family members as you navigate this difficult situation.

[Anonymous]

I'm in the same boat. Probably a bit more than yours. I need ideas too.

[Asker]

Maybe try to get a job with doordash? Flexible schedule and all.

[Opinion Owner]

I was working with doordash but where I live it's not really worth it. I barely breakeven with it.

[Shamalien]

Eat super cheap and stop driving. Sell the car even. Do whatever it takes to kill the debt the interest is fucked

[art84]

Could you work a deal where you pay less then $800 for all your credit cards.

[Anonymous]

File for bankruptcy, all you can do legally at that point

[LazerBean]

Spend less, that number is insane.