# card debt



## anishg1 (Feb 12, 2013)

I'm in serious card debt, I dont know how to come out of it


----------



## AK47 (Feb 16, 2012)

anishg1 said:


> I'm in serious card debt, I dont know how to come out of it


Tear up the card, so that you don't use it anymore. Ask you bank if they can assist you with a payment plan. If not ensure that you pay the minimum balance every month.


----------



## anishg1 (Feb 12, 2013)

I'm forced to use to make minimum payments to other cards


----------



## dizzyizzy (Mar 30, 2008)

There's tons of advice on the internet about how to reduce credit card debts, apparently this problem is very common in America. You should be able to find tons of advice if you google it.

Try to consolidate your debts with one bank only (whichever offers the lowest interest rate) and then start paying up as much as you can.


----------



## saraswat (Apr 28, 2012)

If you are forced to make the minimum payment of one card debt via another card, then i would assume the debt is significant in value. So here goes:
1. The main thing you need to focus on of course is starting to save as much as possible! And I mean as much as possible, and paying down the credit card balance as much as possible every month... 

2. Your goal is to get ahead of the interest accrual that is happening every month, in cases where the amount of the debt is large, making the minimum payment will not suffice. If large enough, the interest accrued on the pending balances wipes out the gain's you have made in reducing the outstanding balance on the card by making a minimum payment...

3. Inquire with the banks you deal with or have credit cards with to see if any have balance transfer options, you can consolidate your debt that way and not have to pay varying amounts of interest/charges to different banks, rather just have one amount and one bank/card-issuer to deal with. If the balance transfer option isn't available, you might want to look into getting a loan for the amount of the debt or a significant percentage of the total debt amount, of course this is dependent on the fact that the terms of the loan are more favorable than the credit card terms...


----------



## msbettyboopdxb (Mar 22, 2009)

Google David Bach and Dave Ramsey. A ton of helpful information on how to get out of debt in general. Since I cut up my credit card in 2010, I've never looked back!


----------



## pamela0810 (Apr 5, 2010)

If you're only paying the minimum amount on your credit card each month, you will be stuck with the card for the rest of your life as you're essentially just paying off the interest. Take a personal loan and pay off all your credit cards and don't ever, ever get another card again!

I also see that you're Indian and this is a gross generalisation but there is a very scary trend of Indians who commit suicide because they can't pay off their debts. If such thoughts do cross your mind, please talk to a friend or a therapist. It sounds morbid but I've seen some very depressed people with some experiences where suicide seemed like the best option to them.

Good luck and please cut up those cards right away!


----------

