CC Debt Help and Opinion

[CurtisD]

Hello everyone. My current situation is that I have a 16500$ navy federal credit card and a 4000 walmart card (rounded). My current monthly payments added up are 430 roughly. I have cut up the credit cards so I can't use them but after paying the payments every months only half of the payment is going towards anything. Is there anything I can do to get the payments lowered somehow maybe transfer all the debt somewhere? I have called navy federal to see if I qualify for a lower rate and can't. I also called about debt consolidation with them but the payments would be higher. I still make a little bit of money at the end of the month but these payments are killing me (I know this was my fault, I'm not looking for a handout). Could someone please tell me what I can do to somehow get the monthly payments lowered so I can put more towards the debt when I have the money for it.

[Petunia 100]

Hello everyone. My current situation is that I have a 16500$ navy federal credit card and a 4000 walmart card (rounded). My current monthly payments added up are 430 roughly. I have cut up the credit cards so I can't use them but after paying the payments every months only half of the payment is going towards anything. Is there anything I can do to get the payments lowered somehow maybe transfer all the debt somewhere? I have called navy federal to see if I qualify for a lower rate and can't. I also called about debt consolidation with them but the payments would be higher. I still make a little bit of money at the end of the month but these payments are killing me (I know this was my fault, I'm not looking for a handout). Could someone please tell me what I can do to somehow get the monthly payments lowered so I can put more towards the debt when I have the money for it.

What rates are you paying? Do you have a good credit score?

[disneysteve]

Can you post more info? Tell us your total monthly income and list all of your expenses. That way we may be able to make some suggestions regarding debt repayment. Also list the debts with balance due, minimum monthly payment, and interest rate.

Do you have any money in savings?

What did you spend this $20,000+ on? Do you have any material goods that you could sell to help pay off the debt? How about extra hours at work or an additional job?

[boyworldcup]

First of all you need to monitor all your expenses, like my father told me once "The more intelligence you use in spending money the more rich you become". So now start indexing and eliminate all the unnecessary expenditure find a way to live with minimum money and that way you can save a lot of money, pay the debt and you are free.

[Jsteinkruger]

More information is definitely needed.

First thing that pops to mind is how frugal are you with your cash?
Where these Credit Cards used as an emergency/needs or a want?
Do you have a bad habit that you can cut out of your expenses i.e going to the store and buying a candybar or a soda everyday? Would save you $20-40/month that could be applied extra to one of your cards?
Do you tend to eat out alot or buy a bunch of a junk food at the grocery store that you don't need and live without?
Do you have a newer car where you could probably downgrade and save money on insurance and payments?

They key thing is to slice all the unnecessary things out of your expenses and take that cash and apply it to the cards.