Credit Card Debt

MordeKyle · 08-21-2007, 11:10 PM

I just called and canceled the mother ******. I owe just over $1,100. With an interest rate of 18%. I'm having the hardest time paying the damn thing off. I just don't make enough money. Now my girl is finally on her feet with a good part time job and she is paying half the rent. So I canceled it in hopes I can pay it off asap. I really would like some suggestions on how to make things work. Here are my average expenses every month.

Car-$327.72
Car Insurance-$78
Gas~$120
Rent-$639
Utilities~$200
Renter's Insurance-$13
Groceries~$200
Blockbuster Total Access~$15
Gamefly~$25
Charter(Cable TV and Cable Internet)-$49.50
Credit Card Payment ~$40
and probably more I can't think of.
Estimated total is $1,710 a month.
After taxes, health insurance(through PD), and 401k i make about $1,800 a month. As you can tell I don't have much room to play with here.

I would drop blockbuster and gamefly, and charter, but to be honest they are my only source of entertainment. I don't go to the movies, the mall, bars, clubs ect. i stay home watch movies, play video games and cruise the 8th.

I guess I'm just at a loss here. I'm completely frustrated. After I canceled the card I melted it and then cut it up with a pair of scissors. Justice...

Any suggestions would be GREATLY appreciated.

MordeKyle · 08-21-2007, 11:11 PM

also... i only had the one card. now i have no credit cards

***07mugencivic*** · 08-21-2007, 11:14 PM

i own in loans and my car ............57,000 im only 23...oohh noooooo

GlxyGry06Si · 08-21-2007, 11:15 PM

get rid of charter, and cut down on your utilities. charter would be hard but since you watch a lot of movies it might not be to bad. the only crappy part is not being here with us. is the rent you posted already half the rent or is that everything. also look for another job or see about getting a raise. sry im not much help but just my .02

zenith931 · 08-21-2007, 11:20 PM

Drive like a granny and cut your eating habits. It's the way of a college student to make a package of ramen noodles last 2 days...

If you can't give up any of your entertainment at least give up one? The gamefly or blockbuster is my vote.

It's hard for me. I have no CC debt ATM because I took out a loan to pay it off. It's a small loan, but the only way that balance is gonna move is DOWN -- not up from finance charge after finance charge.

***Izzy*** · 08-21-2007, 11:20 PM

Kill GameFly off for a while, then just plow that $25 bucks into the money owed instead of paying minimum CC payments. Snag some friends for games. I would probably do the same with BlockBuster TotalAccess. Just kill it off for a while, then restart it back up. Heck, start a new account, get 2 weeks of free rentals from both GF and BB.

zenith931 · 08-21-2007, 11:25 PM

Quote:

Originally Posted by Izzy

Kill GameFly off for a while, then just plow that $25 bucks into the money owed instead of paying minimum CC payments. Snag some friends for games. I would probably do the same with BlockBuster TotalAccess. Just kill it off for a while, then restart it back up. Heck, start a new account, get 2 weeks of free rentals from both GF and BB.

Just watch TV or go to the library for a while for entertainment. It sucks, but debt is killer.

alpha · 08-21-2007, 11:26 PM

I would cut down on the contributions to your 401k temporarily and put that % into paying off your debt. That 18% is going to pile up on you quick and I think it's worth putting your 401k off until the debt is gone. The 401k is a retirement plan, your retirement isn't going to be that great if you're going to be in debt.

Try to cut down your monthly cost to $1,700 even every month. You can do start this by opening up an excel spreadsheet and entering EVERY SINGLE cent you spend anywhere. At the end of the month, you can go through the list and cross out unnecessary "lifestyle" spending.

$1,800/mo paycheck -
$1,700/mo lifestyle +
401k contribution =
Monthly payment to CC debt, 6-7 months.

You'll have to make some sacrifices but YOU CAN DO IT!!!!

918civic · 08-21-2007, 11:29 PM

I have a few, but it all depends on your agency. I am guessing there is at least some overtime? I pull on average 4-10 hours a week with the County, and alos another 4-10 a week on off duty. Before taxes I make at least 800 extra on the slowest month but usually make around 1,200 before taxes extra.

Of course, there ARE other expenses you have that are hidden, it's hard to keep track of everything. I used to eat out once a shift and started to do the math and I was spending between 30-40 a week.

That being said, you made a right step in burning the card. I would suggest canceling your entertainment expensives and put all the extra towards your balance, but all work and no play sucks.

Limit or cancel eating out

Try to pick up more OT

Sell unwanted stuff (craigslist, ebay)

Write down everything you buy each day for a week and add up the price expense. You would be surprised how that cup of coffee and newspaper adds up after awhile.

Good luck.

windforce · 08-21-2007, 11:29 PM

Wow I didn't know police officers make this little... Maybe you should be writing more tickets to people =D

lol jk..

Vince · 08-21-2007, 11:33 PM

You're credit took another kick to the balls when you closed the card...never close, stop using them (instead). Now you've got NO credit on top of your debt (generally speaking). Praise you for good intentions, but closing the card hurts your credit rating in the long-run. All the "guru's" advocate keeping accounts open, just stop using them!!!

zenith931 · 08-21-2007, 11:33 PM

Quote:

Originally Posted by 918civic

I used to eat out once a shift and started to do the math and I was spending between 30-40 a week.

That being said, you made a right step in burning the card.

Limit or cancel eating out

Try to pick up more OT

Sell unwanted stuff (craigslist, ebay)

Write down everything you buy each day for a week and add up the price expense. You would be surprised how that cup of coffee and newspaper adds up after awhile.

Good luck.

Good suggestions. Got old electronics you never use? A set of wheels you want to sell but are too lazy to? Get off your a$$ and eBay some stuff. You might only get $20 for something, but it's still $20.

And eating out can REALLY add up after a while. It's so tempting, but $5 a day can add up to over $100 a month!

918civic · 08-21-2007, 11:33 PM

Yeah wind...we did not pick this career to get rich that is for sure. But with smart money management and contributions to deferd comp/401k it's not horrid.

Of course, my last Captain just went from 120k a year to around 137 when he got promoted to chief.

918civic · 08-21-2007, 11:35 PM

Hey Zenith how do you like my academy picture I used for my avatar? I believe that was taken at the range.

/thread jack

cation · 08-21-2007, 11:37 PM

Now that your GF is paying half the rent, you will be in ALOT better shape! Supporting 2 people is not easy... to be honest it sucks... I know...

An extra $300 a month will help immensely. Nail your CC debt with that extra cash or put half in the savings and half towards credit card. You need that rainy day fund man...

It took me 3 yrs after college to realize that I really need to save, but I've come to my senses and started saving $500 month.... I just started 3 months ago. Up until this time I've just been pissing my money away on car mods, bars, travel, stupid shit, etc. The plan for me is to save 6 months living expenses in case I get laid off. Beyond that will be money for a house. Instead of pissing away $600/month on rent with no return on investment it makes sense to build equity in a home investment for the same money spent per month...

Make a plan, set a goal for yourself, and stick to it.

yearight · 08-21-2007, 11:38 PM

NEVER EVER Cancel a credit card or any debt, even if you do not use it anymore. Credit scores are based largely on how much a person can charge (total aviable debt) and how much they do charge (total actual debt). The more aviable debt you have and DO NOT use or use responsibly the better your credit score can be.

Also how much (% wise) do you invest in your 401K?

XSRCivic · 08-21-2007, 11:45 PM

Reduce 401k deduction? I was in a simular situation, was getting 6% taken out each week, dropped it down to 1% so I can pocket an extra $40. As others have said, ditch one of the movie/game subscriptions for awhile. Take that extra money and put it towards credit card debt.

You have to pay more than the minimum to make a real difference and holy crap how the hell do you get to pay $49.50 for cable+internets?! I pay $125!

MordeKyle · 08-21-2007, 11:46 PM

thanks for all the suggestions. i would pick up some more secondary but yesterday was my first day back to school. bad timing huh? im taking 12 credit hours and working full time. i cant cancle the internet because i have online classes and driving to school to do them would cost more than the internet does. if i cancle just the tv portion of the charter, my internet will jump from 20 a month to 40 a month, so i would only be saving 10 dollars, not worth it. plus i get every single chanel except for the movie chanels cuz i got blockbuster.

someone said i need to cut my eating habits, great suggestion. i think this will be the best place for me to start. last week i vowed that i wount eat out anymore cuz i honestly think i was spending a couple hundred a month just on mcdonalds and lions choice. also, i need to quit by nice steaks and stuff and just stick to microwave crap for a while. i think maybe i could bring that 200 grocery bill down to 100. i spent 20 bucks on a pretty nice lunch box. it was on sale from its normal price of 60 bucks. i should be able to get both my meals in the thing for my shift. 12hour shift means i eat twice. i was eating fast food twice a day. not only have i been fealing like crap cuz its so greasy, ive been spending a butt load.

its hard for me to give up my entertainment. being a police officer you have to be able to get your mind out of what happened and the things that youve seen, video games and movies really help with that. i think id go nuts without them.

xmas time is like xmas for cops.... we get some GREAT secondary work. i just need to hold out till then. last year i pulled almost 2k in the month of december alone.

i did have a couple grand in saving, but its allllll gone now. had to buy out a lease i was in with a BAD roomate. and that has hurt me ever since.

thanks again for all your suggestions

MordeKyle · 08-21-2007, 11:50 PM

Quote:

Originally Posted by XSRCivic

You have to pay more than the minimum to make a real difference and holy crap how the hell do you get to pay $49.50 for cable+internets?! I pay $125!

got a really good deal. every channel, hd reciever, all the hd chanels. and 3 megs internet fro 49.50 a month for 1 year. after the one year it goes up to like 80 something

MordeKyle · 08-21-2007, 11:53 PM

im paying 8% on 401k, im guessing that is too much.

and someone said that it was bad for my credit to cancel my account. i really had no choice. id make a payment and then another charge. i honestly couldnt stop putting crap on it. i asked them if i could re open it once my debt was paid down and they said absolutly. once i get the debt down i MAY reopen it and do like one small charge a month and pay it off everymonth to keep my cred score going.

08-21-2007, 11:10 PM	#1 (permalink)
MordeKyle Senior Member Join Date: Aug 2006 Posts: 2,097 iTrader: 1 / 100%	Credit Card Debt I just called and canceled the mother ******. I owe just over $1,100. With an interest rate of 18%. I'm having the hardest time paying the damn thing off. I just don't make enough money. Now my girl is finally on her feet with a good part time job and she is paying half the rent. So I canceled it in hopes I can pay it off asap. I really would like some suggestions on how to make things work. Here are my average expenses every month. Car-$327.72 Car Insurance-$78 Gas~$120 Rent-$639 Utilities~$200 Renter's Insurance-$13 Groceries~$200 Blockbuster Total Access~$15 Gamefly~$25 Charter(Cable TV and Cable Internet)-$49.50 Credit Card Payment ~$40 and probably more I can't think of. Estimated total is $1,710 a month. After taxes, health insurance(through PD), and 401k i make about $1,800 a month. As you can tell I don't have much room to play with here. I would drop blockbuster and gamefly, and charter, but to be honest they are my only source of entertainment. I don't go to the movies, the mall, bars, clubs ect. i stay home watch movies, play video games and cruise the 8th. I guess I'm just at a loss here. I'm completely frustrated. After I canceled the card I melted it and then cut it up with a pair of scissors. Justice... Any suggestions would be GREATLY appreciated.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Credit card type advice	CHRIS	Water Cooler	23	09-02-2007 08:33 PM
Financing partially on credit card	Tommygun43	Driving Experience	16	06-25-2007 12:17 AM
Credit card	07si sedan	Water Cooler	4	05-02-2007 08:48 PM
Best credit card for rewards?	adamhoud	Water Cooler	2	04-06-2007 01:47 PM
new credit card gun for sale	webby	Water Cooler	5	08-09-2005 01:46 PM

08-21-2007, 11:11 PM	#2 (permalink)
MordeKyle Senior Member Join Date: Aug 2006 Posts: 2,097 iTrader: 1 / 100%	also... i only had the one card. now i have no credit cards

08-21-2007, 11:14 PM	#3 (permalink)
*07mugencivic* Whos The Whore NOW Join Date: Feb 2007 Location: Southern CA Age: 24 Posts: 100,571 Toe Knee iTrader: 4 / 100%	i own in loans and my car ............57,000 im only 23...oohh noooooo

08-21-2007, 11:15 PM	#4 (permalink)
GlxyGry06Si Senior Member Join Date: May 2006 Location: Jacksonville, AR Age: 23 Posts: 7,089 iTrader: 3 / 100%	get rid of charter, and cut down on your utilities. charter would be hard but since you watch a lot of movies it might not be to bad. the only crappy part is not being here with us. is the rent you posted already half the rent or is that everything. also look for another job or see about getting a raise. sry im not much help but just my .02

08-21-2007, 11:20 PM	#5 (permalink)
zenith931 Senior Member Join Date: May 2007 Location: Redford, MI Age: 25 Posts: 2,423 Yes, I AM A WOMAN! iTrader: 4 / 100%	Drive like a granny and cut your eating habits. It's the way of a college student to make a package of ramen noodles last 2 days... If you can't give up any of your entertainment at least give up one? The gamefly or blockbuster is my vote. It's hard for me. I have no CC debt ATM because I took out a loan to pay it off. It's a small loan, but the only way that balance is gonna move is DOWN -- not up from finance charge after finance charge.

08-21-2007, 11:20 PM	#6 (permalink)
*Izzy* Supreme Pizza! Join Date: Mar 2006 Location: Azusa, CA Age: 25 Posts: 11,935 iTrader: 5 / 100%	Kill GameFly off for a while, then just plow that $25 bucks into the money owed instead of paying minimum CC payments. Snag some friends for games. I would probably do the same with BlockBuster TotalAccess. Just kill it off for a while, then restart it back up. Heck, start a new account, get 2 weeks of free rentals from both GF and BB.

08-21-2007, 11:26 PM	#8 (permalink)
alpha Senior Member Join Date: Aug 2007 Age: 25 Posts: 139 iTrader: 0 / 0%	I would cut down on the contributions to your 401k temporarily and put that % into paying off your debt. That 18% is going to pile up on you quick and I think it's worth putting your 401k off until the debt is gone. The 401k is a retirement plan, your retirement isn't going to be that great if you're going to be in debt. Try to cut down your monthly cost to $1,700 even every month. You can do start this by opening up an excel spreadsheet and entering EVERY SINGLE cent you spend anywhere. At the end of the month, you can go through the list and cross out unnecessary "lifestyle" spending. $1,800/mo paycheck - $1,700/mo lifestyle + 401k contribution = Monthly payment to CC debt, 6-7 months. You'll have to make some sacrifices but YOU CAN DO IT!!!!

08-21-2007, 11:29 PM	#9 (permalink)
918civic Senior Member Join Date: May 2007 Location: Phoenix AZ Posts: 1,415 Kevin iTrader: 0 / 0%	I have a few, but it all depends on your agency. I am guessing there is at least some overtime? I pull on average 4-10 hours a week with the County, and alos another 4-10 a week on off duty. Before taxes I make at least 800 extra on the slowest month but usually make around 1,200 before taxes extra. Of course, there ARE other expenses you have that are hidden, it's hard to keep track of everything. I used to eat out once a shift and started to do the math and I was spending between 30-40 a week. That being said, you made a right step in burning the card. I would suggest canceling your entertainment expensives and put all the extra towards your balance, but all work and no play sucks. Limit or cancel eating out Try to pick up more OT Sell unwanted stuff (craigslist, ebay) Write down everything you buy each day for a week and add up the price expense. You would be surprised how that cup of coffee and newspaper adds up after awhile. Good luck.

08-21-2007, 11:29 PM	#10 (permalink)
windforce Senior Member Join Date: Apr 2007 Location: Bay Area, CA Posts: 556 iTrader: 0 / 0%	Wow I didn't know police officers make this little... Maybe you should be writing more tickets to people =D lol jk..

08-21-2007, 11:33 PM	#11 (permalink)
Vince Senior Member Join Date: Jan 2007 Location: Platte City, MO Age: 36 Posts: 901 Stephen "Vince" Carter iTrader: 0 / 0%	You're credit took another kick to the balls when you closed the card...never close, stop using them (instead). Now you've got NO credit on top of your debt (generally speaking). Praise you for good intentions, but closing the card hurts your credit rating in the long-run. All the "guru's" advocate keeping accounts open, just stop using them!!!

08-21-2007, 11:33 PM	#13 (permalink)
918civic Senior Member Join Date: May 2007 Location: Phoenix AZ Posts: 1,415 Kevin iTrader: 0 / 0%	Yeah wind...we did not pick this career to get rich that is for sure. But with smart money management and contributions to deferd comp/401k it's not horrid. Of course, my last Captain just went from 120k a year to around 137 when he got promoted to chief.

08-21-2007, 11:35 PM	#14 (permalink)
918civic Senior Member Join Date: May 2007 Location: Phoenix AZ Posts: 1,415 Kevin iTrader: 0 / 0%	Hey Zenith how do you like my academy picture I used for my avatar? I believe that was taken at the range. /thread jack

08-21-2007, 11:37 PM	#15 (permalink)
cation Senior Member Join Date: Jun 2007 Location: TN Posts: 1,775 iTrader: 8 / 100%	Now that your GF is paying half the rent, you will be in ALOT better shape! Supporting 2 people is not easy... to be honest it sucks... I know... An extra $300 a month will help immensely. Nail your CC debt with that extra cash or put half in the savings and half towards credit card. You need that rainy day fund man... It took me 3 yrs after college to realize that I really need to save, but I've come to my senses and started saving $500 month.... I just started 3 months ago. Up until this time I've just been pissing my money away on car mods, bars, travel, stupid shit, etc. The plan for me is to save 6 months living expenses in case I get laid off. Beyond that will be money for a house. Instead of pissing away $600/month on rent with no return on investment it makes sense to build equity in a home investment for the same money spent per month... Make a plan, set a goal for yourself, and stick to it.

08-21-2007, 11:38 PM	#16 (permalink)
yearight Senior Member Join Date: Jan 2007 Location: Minneapolis, MN Posts: 184 Jason Smith iTrader: 1 / 100%	NEVER EVER Cancel a credit card or any debt, even if you do not use it anymore. Credit scores are based largely on how much a person can charge (total aviable debt) and how much they do charge (total actual debt). The more aviable debt you have and DO NOT use or use responsibly the better your credit score can be. Also how much (% wise) do you invest in your 401K?

08-21-2007, 11:45 PM	#17 (permalink)
XSRCivic Senior Member Join Date: Feb 2007 Location: Houma, LA Posts: 637 iTrader: 1 / 100%	Reduce 401k deduction? I was in a simular situation, was getting 6% taken out each week, dropped it down to 1% so I can pocket an extra $40. As others have said, ditch one of the movie/game subscriptions for awhile. Take that extra money and put it towards credit card debt. You have to pay more than the minimum to make a real difference and holy crap how the hell do you get to pay $49.50 for cable+internets?! I pay $125!

08-21-2007, 11:46 PM	#18 (permalink)
MordeKyle Senior Member Join Date: Aug 2006 Posts: 2,097 iTrader: 1 / 100%	thanks for all the suggestions. i would pick up some more secondary but yesterday was my first day back to school. bad timing huh? im taking 12 credit hours and working full time. i cant cancle the internet because i have online classes and driving to school to do them would cost more than the internet does. if i cancle just the tv portion of the charter, my internet will jump from 20 a month to 40 a month, so i would only be saving 10 dollars, not worth it. plus i get every single chanel except for the movie chanels cuz i got blockbuster. someone said i need to cut my eating habits, great suggestion. i think this will be the best place for me to start. last week i vowed that i wount eat out anymore cuz i honestly think i was spending a couple hundred a month just on mcdonalds and lions choice. also, i need to quit by nice steaks and stuff and just stick to microwave crap for a while. i think maybe i could bring that 200 grocery bill down to 100. i spent 20 bucks on a pretty nice lunch box. it was on sale from its normal price of 60 bucks. i should be able to get both my meals in the thing for my shift. 12hour shift means i eat twice. i was eating fast food twice a day. not only have i been fealing like crap cuz its so greasy, ive been spending a butt load. its hard for me to give up my entertainment. being a police officer you have to be able to get your mind out of what happened and the things that youve seen, video games and movies really help with that. i think id go nuts without them. xmas time is like xmas for cops.... we get some GREAT secondary work. i just need to hold out till then. last year i pulled almost 2k in the month of december alone. i did have a couple grand in saving, but its allllll gone now. had to buy out a lease i was in with a BAD roomate. and that has hurt me ever since. thanks again for all your suggestions

08-21-2007, 11:53 PM	#20 (permalink)
MordeKyle Senior Member Join Date: Aug 2006 Posts: 2,097 iTrader: 1 / 100%	im paying 8% on 401k, im guessing that is too much. and someone said that it was bad for my credit to cancel my account. i really had no choice. id make a payment and then another charge. i honestly couldnt stop putting crap on it. i asked them if i could re open it once my debt was paid down and they said absolutly. once i get the debt down i MAY reopen it and do like one small charge a month and pay it off everymonth to keep my cred score going.