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How to Get Rid of Credit Cards





martspy
Dear Friends,

With inflation just sky rocketing, credit crunch everywhere, its difficult to have a live.. everything is gone really expensive, I am having a lot of credit cards and is stuck with them. Just paying the minimum amount does not take me anywhere, would appreciate some advise / ideas from our fellow members of the forum to get rid of the Credit cards. Having a 8 to 5 Office Job does not really help. Pls help
achowles
In the UK the law states that the anyone who loans you money has an obligation to make sure you have sufficient means to pay it back. If they don't then large amounts of the debt can be wiped out as it will be reduced to what you can afford to pay.

I don't know what the law is like where you are. Or if there is a free financial advisor you can speak to about this. But I think that establishing what your legal options are would be a good first step.

Good luck.
psycosquirrel
I don't know what to tell you... Interest rates on credit cards are terrible! It is always better to pull a loan out of the bank than go with credit card debt.

Maybe you could look into consolidating all of your debt by paying it all off with one big loan. If you can get a better interest rate on the loan than the credit cards, you should be able to pull yourself out of debt eventually.
jsarnold
I had several credit cards with vast sums of money on that I couldn't pay off. I opened a new bank account and they immediately gave me another credit card with a £4,000 limit. I couldn't believe it. I thought I'd use that one to pay off all the others... but didn't of course.

Eventually there was only one solution - destroy them. The only certain way out is to cut them up.

Today, i simply don't do credit, in any form. If I can't afford to buy something in cash, with money I actually own, I won't buy it.

It might mean I don't have today's fantastic offer or tomorrow's revolutionary development, but I'll tell you what I do have.

Peaceful nights of sleep.
Afaceinthematrix
There's really only one way to do it. Be cheap. I'm known as being really "cheap" and "frugal," but that's all right. I don't mind being known as that. I don't spend money unless I really need to. I'm really good at spending the least amount of money.
ocalhoun
1- Spend less money
2- Never use them again
3- pay more than the minimum balance with what you saved in step 1
4- hard work
5- eventually you'll be paid off

You could also ask one of the many companies there are now that specialize in getting people out of debt.
No matter what you do though, you have to stop spending more than you have, or there will always be a huge problem!
Futile
I have been in this situation before and the only way to get out of it is pretty much to follow what ocalhoun said. Find out which card has the highest interest and pay that one off first. Never pay the minimum always pay more. Unless you come into a huge windfall this is going to take some time and is not going to go away overnight.

Unfortunately in today’s world everything is based on credit one way or another. You can't pay cash for everything. I suggest getting a secured prepaid card. Prepaid cards have no recurring, revolving interest and you can always recharge them. All my auto pay bills are connected to a prepaid card. Plus have you tried renting a car, hotel reservations, and airline reservations without a credit card? Impossible.
standready
Ocalhoun is correct. But I will add: Try to payoff card with highest interest rate first. Ask creditors to lower your interest rate. Most creditors will to keep you as a customer verses you moving your balance to another creditor.
prithvi
I only use debit cards and the bank that I use most of the time offers a 'virtual credit card' option.........so if it all I decide to buy something online, all I have to do is login to my netbanking a/c and create the virtual credit card which automatically generates a valid CC No of the amount that I enter and only valid for 24 hrs.
So no chances of theft, no interest etc.
smasha
Cut them up so that you can't use them. Then pay them off as quickly as possible. E.G stop buying new clothes, video games, holidays etc. Just the basic till you get your financial life back on track. If you don't do it you will end up in the credit trap that so many people find themselves in.
[FuN]goku
I don't think i'm old enough to have a credit card yet (17) , but i have heard of these special ones you can get. From what i hear they're 'Pre-paid' credit cards, where you put so much on the card, and then it's good for that amount, which would be good for buying stuff online if you dont use paypal.
hofodomo01
Well, at least in the US, credit card companies really try and get you hooked onto them (especially for new college students--they tend to spend quite a bit).

Well, I'm not sure what your best course of action now that you have all those cards, but optimally (again, from the perspective of someone living in the US), you'd want a normal credit card, a department store card, and a gas card. And always always always pay off the full balance >_>

But you never know what's gonna happen in life, so the "optimal" situation won't always be what you're faced with...
linkmenot
I think even if u keep it, your balance should be always twice as much as the credit limit.

martspy wrote:
Dear Friends,

With inflation just sky rocketing, credit crunch everywhere, its difficult to have a live.. everything is gone really expensive, I am having a lot of credit cards and is stuck with them. Just paying the minimum amount does not take me anywhere, would appreciate some advise / ideas from our fellow members of the forum to get rid of the Credit cards. Having a 8 to 5 Office Job does not really help. Pls help
ocalhoun
linkmenot wrote:
your balance should be always twice as much as the credit limit.

Please tell me you meant something other than what you wrote...
kristofer
use a pair of scissors? Very Happy
tony
I would suggest:

1. Get a low interest rate loan for enough money to pay off all your credit cards.
2. Pay off all your credit cards - not the minimum payments, but the complete payments.
3. Destroy all your credit cards.
4. Live very frugally and work consistently until you can pay off the loan.
5. When you have paid off the loan, be careful not to fall into the same credit trap again. I always use a debit card so I am sure not to spend more money than I actually have.
suren0203
dont apply to get rid of Credit Cards.
friuser
why get rid of credit cards? they are like free month interest plus rewards depending on your credit card. You get protection against someone stealing your card unlike cash where if you lose it, it's gone.
Just spend what you can pay for after you receive your bill. It can't be that hard. You don't need to graduate high school to get a good idea of how much you can pay for. If you can't keep track of your spending than you really do deserve everything you get.
Afaceinthematrix
friuser wrote:
why get rid of credit cards? they are like free month interest plus rewards depending on your credit card. You get protection against someone stealing your card unlike cash where if you lose it, it's gone.
Just spend what you can pay for after you receive your bill. It can't be that hard. You don't need to graduate high school to get a good idea of how much you can pay for. If you can't keep track of your spending than you really do deserve everything you get.


I'm the same way. I don't use cash anymore, and I'm cheap. I don't like spending money. But, most people aren't like that. Self-control is a difficult thing for most people, especially when it comes to material objects.
SonLight
friuser wrote:
why get rid of credit cards? they are like free month interest plus rewards depending on your credit card. You get protection against someone stealing your card unlike cash where if you lose it, it's gone.
Just spend what you can pay for after you receive your bill. It can't be that hard. You don't need to graduate high school to get a good idea of how much you can pay for. If you can't keep track of your spending than you really do deserve everything you get.


You are right, in principle. The problem is, most people form bad habits of spending money without enough reflection on what they can afford. If you are able to put money in savings on a regular basis, then maybe it's alright to use the credit cards. Having to withdraw a large chunk of money to pay off a large balance would be a warning that you are in danger of losing it. Being unable to pay off the balance immediately should be unthinkable.
Afaceinthematrix
SonLight wrote:
friuser wrote:
why get rid of credit cards? they are like free month interest plus rewards depending on your credit card. You get protection against someone stealing your card unlike cash where if you lose it, it's gone.
Just spend what you can pay for after you receive your bill. It can't be that hard. You don't need to graduate high school to get a good idea of how much you can pay for. If you can't keep track of your spending than you really do deserve everything you get.


You are right, in principle. The problem is, most people form bad habits of spending money without enough reflection on what they can afford. If you are able to put money in savings on a regular basis, then maybe it's alright to use the credit cards. Having to withdraw a large chunk of money to pay off a large balance would be a warning that you are in danger of losing it. Being unable to pay off the balance immediately should be unthinkable.


That's why the best solution is to only spend what you would spend anyways in cash.
missdixy
I'd say you should try to begin by cutting up all your cards except for one (for emergencies ONLY) and like someone else suggested, be cheap. Just try to spend as little money as possible so you can make higher payments on the cards.
Crinoid
How get rid of credit cards: do not use them. How to pay already made unaffordable debt - this is a different matter. I had seen ads of free debt consultations for solving these problems.
nigam
having a credit card not credit cards can still play an important role in our lives during emergency cases like if you are out of budget you can use your credit car wisely. don't spend it by just buying personal interests which are uneccessary and once your bill is due date already, you should pay it in full so that they won't charge you interests and etc.
KronikSindrome
I do not have a credit card...I do not want a credit card.
But if I had a credit card and owed booku money on it...
I would get another credit card or max that one out in
order to buy a BOAT...and then I would sail out to sea
where I would hence forth be known as 'Black Book'
the Pirate. I would have many fun adventures and
steal all the money neccessary to pay off my old
land lubin' debts.

that...is totes what I would do.
Rico
martspy wrote:
Dear Friends,

With inflation just sky rocketing, credit crunch everywhere, its difficult to have a live.. everything is gone really expensive, I am having a lot of credit cards and is stuck with them. Just paying the minimum amount does not take me anywhere, would appreciate some advise / ideas from our fellow members of the forum to get rid of the Credit cards. Having a 8 to 5 Office Job does not really help. Pls help


Stop spending more than you earn. Your problem is not credit, you have bad habits. The problem is in your way of thinking. If you don’t have the cash to buy something, you cannot afford it. Lending money to buy the things you can’t afford, especially food and clothes is a very bad habit and if you don’t stop it going to get worse.
deanhills
martspy wrote:
Dear Friends,

With inflation just sky rocketing, credit crunch everywhere, its difficult to have a live.. everything is gone really expensive, I am having a lot of credit cards and is stuck with them. Just paying the minimum amount does not take me anywhere, would appreciate some advise / ideas from our fellow members of the forum to get rid of the Credit cards. Having a 8 to 5 Office Job does not really help. Pls help


Get one low-interest loan to cover all your credit cards and then cut up ALL of your credit cards (pay them off in FULL (not only the instalments due Very Happy ).

Pay off the ONE loan in monthly instalments.

In the meanwhile take note of every expense, make a log of daily, weekly and monthly expenses. Stop spending and be ruthless on yourself.
loonix
Crinoid wrote:
How get rid of credit cards: do not use them. How to pay already made unaffordable debt - this is a different matter. I had seen ads of free debt consultations for solving these problems.


I agree do not use them, cut up all of your cards (yes all of them) and of course you will have a tough transitional period while you adjust to not having the card(s) to fall back on. I would advise you to seek professional help right away. Burying your head in the sand hoping it will all go away will prolong the agony. There is no shame in the situation your in whatsoever. Be wary of the 'free debt consultation' companies out there. A lot of them are cowboys who are only interested in making a quick buck. Try speaking to your local Citizens Advice Bureau http://www.citizensadvice.org.uk/ if you live in the UK or something similar?? if not. http://www.moneysavingexpert.com/ has a great forum full of people in similar situations and in there lies a wealth of information.

Good luck

<edit for spelling> :p
Fanghai44
maybe you can burn it and shread it and stamp on it and rip it and light it on fire and hope that the debt goes away. too bad that wont work Sad
Alaskacameradude
Get rid of them. Seriously. Cut out any expenses that you don't need....even if they are nice to have. Anything that is not food or lodging....cut it out. Use the extra money to pay off the credit cards. After they are paid off, go back to using cash for everything. I don't have credit cards and never have, and I have NEVER found a situation where I wished I had one. If I can't afford something I want, I save up and WAIT until I can afford it. Self control without instant gratification is something many people need to learn....look at the basic debt of most Americans. It's freaking ridiculous.
chyron_8472
martspy wrote:
Dear Friends,

...I am having a lot of credit cards and is stuck with them... Just paying the minimum amount does not take me anywhere, would appreciate some advise / ideas from our fellow members of the forum to get rid of the Credit cards...


First... All your base are belong to us.

Second... Cut them all in half and never sign up for another one again. Plain and simple.
Spiritus
People say freeze them in water in the fridge, and I say you'll have a lot of melting to do.

I say cut them. It's the best thing in the world for "them" if you have all your money as numbers and a plastic card to show for it.

To be honest, your better off with the actual money, having it, in a safe place.
RosenCruz
here they are very popular and banks give out to almost anyone with small regular income....then thousands of people goes bankrupt...so many people have lawsuits with banks because they can not pay their card loans...
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