Would you consider 11K alot of credit card debt for my husband and I ?
Answers:
Credit card debt is never good. 11K is a lot of consumer debt. If you own a home with equity, you may want to consider leveraging the property and eliminate your credit card debt. If you don't own a home, then either you decrease your spending and pay into the principal of your credit card debt with your savings and/or increase your income (second job or a better paying job) to pay down your debt. Otherwise, you will be in a vicious cycle of credit card debt.
OMG! Yes, that is a lot!!
It all depends on your income and your ability to pay the debt. It is, however, less than the average that I have been seeing lately. So I guess it's not a lot, unless you make less than 30K a year each.
Compared to most Americans, you're probably doing fairly well with 11K in credit card debt (the average American has about 8-9K in credit card debt). It could be better, it could be worse. You might consider a consolidation loan.
As for your student loan debt... that's "good debt" and you don't need to sweat it. Be sure to consolidate your student loan debt too, if you haven't already.
our credit card debt is about 12,000, plus we owe his dad 7000.00...and that doesn't include what we owe on city taxes.(I saw a show on tv...the couples were in debt 75,000 and up...I didn't feel so bad after that!)
Ouch. What a mess. It is a lot to be in debt that much. Stop using the credit card-if you have to charge it and make payments then you REALLY CAN'T afford it.
See a debt manager.
yes, I would depending on where you are coming from I meanI don't have but one bill, a car insurance bill and I pay like 67 dollars a month for that. I would like to know how many people are in your family as well as refer you to a credit counselor given your current situation. You should get out of debt if you don't like always having to pay into the system. It's really up to you.
Hello!!!! Take your credit cards and yes I did say cards and put each one of them in a glass of water and put them in the freezer right now. the next time you want to use one of them you will have to wait for the ice to melt before you can bury your family any farther in debt. lets take 16% + of our income right now and flush it down the toilet. This may be a strange concept, but if you can't pay cash for it ( except for a life and death emergency and we really don't have to many of those do we) DO NOT BUY IT. within 2 to 3 years maybe less you will be out of debt (except maybe for a house payment) and you will have a 16% + raise every month to buy what you like. Can you imagine a new used car with say 50,000 miles on it that you payed for in cash for less than 50 cents on the dollar of what it would of been new. sorry for being so harsh, but interest is something someone should collect not pay. from the millionaire next door that looks like joe average
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An emergency situation caused a huge credit card debt in your name and now the collection agencies nag you all day for recovering the money. What to do in such a situation? Situation is no doubt bad but all is not lost, it can be stopped from getting worse if you follow these steps.
Don't shy away from collection agents. Answer their calls politely, tell them that you intend to pay all the debt and are willing to negotiate.
Inform the credit card company about your emergency situation and the debt it caused. Explain to them your financial condition, and any foreseeable improvement that you are able to visualize. Credit card companies thrive on their clients and they don't want to loose them. A client who is willing to repay all the debt is a very good asset for them, which they would like to keep forever.
If you are unable to handle debt personally, seek credit counseling and get pertinent advice, so as to get rid of the debt as soon as possible.
If you have more than one credit cards and the confusion on handling their repayment schedule caused you this debt, try debt consolidation. It can be both secured and unsecured. Debt consolidation will help you turn multiple credit card debts into a single one with easier repayment option.Get all information about it at: http://www.credit-card-gallery.com/credi...
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