How best do I get rid of a $16,000 credit card debt?

Home owner of aprox 3 years. Not much equity built up yet. over 300 a month in intrest alone on this. what do I do?

How best do I get rid of a $16,000 credit card debt?

Try to pay off the credit card debt through your home loan, which has lower interest rate than the credit card.

How best do I get rid of a $16,000 credit card debt?

You can call up your credit card companies and try renegotiating your interest rate into something more manageable. If you truly can%26#039;t afford to repay it, I recommend going through credit counseling, where they take over your debt and you just make a fixed monthly payment to them. Filing for bankruptcy is costly and leaves a poor mark on your credit report, so I%26#039;d avoid that route at all costs.

How best do I get rid of a $16,000 credit card debt?

um. try work out a payment plan. if you really can%26#039;t pay it, sell your house and get something cheaper?

i know that doesn%26#039;t sound great, but at least you probably won%26#039;t do the $16 000 credit card debt thing again

How best do I get rid of a $16,000 credit card debt?

Don%26#039;t do what the first guy told you...DO NOT go through a credit counselor. We did that....not a good idea. Call your creditors and renegotiate the interest rate. Let them know that you are working to pay everyone off. Line up all your credit companies and pay the minimums of all of them except for the highest interest rate. Pay as much as you possibly can until that one is paid off. Then follow with the next highest interest rate, etc.

Selling house might help, if you are in a good market and have gained some equity because of property value increase. Controll all aspects of spending until you get debts paid off. Don%26#039;t go out to eat, for example...

How best do I get rid of a $16,000 credit card debt?

Stop using the credit card, (or any other credit card(s), call the credit card company to see if you can get a better interest rate, if they won%26#039;t reduce the interest rate, tell them you cannot pay it down. They may offer you a lower pay off amount. If they do, see if you can get an equity loan from your current home lender.

DO NOT hire a credit counselor. It only adds to your $ outlay.

How best do I get rid of a $16,000 credit card debt?

Your best bets are to increase income, decrease expenses or a combination of the two. Lowering your interest is a good idea but you have to ask for a lower rate. They won%26#039;t just give it to you. If you didn%26#039;t get into debt overnight, you won%26#039;t get out of debt overnight either. Have a plan and stick to it. Might I suggest a trip to the library for Dave Ramsey%26#039;s book, %26quot;Total Money Makeover?%26quot; Also check out his show on Fox Business. You may have to cut out and cut back on some expenses but think of the end result. You CAN be debt free.

How best do I get rid of a $16,000 credit card debt?

Tyler%26#039;s answer is good.

Assuming a 21% interest rate:

If you paid $320 a month, it will take you 10 years to be rid of your debt. In that time, you will pay $22,356.15 in interest.

If you paid the 2% minimum payment every month, it would take you 125 years to pay off your debt and you would pay $109,199.02 in interest.