Author Topic: Credit card debt  (Read 3286 times)

Offline gozalim

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Oct 2008
  • Posts: 3668
  • Total likes: 332
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: Credit card debt
« Reply #20 on: October 25, 2018, 04:25:21 PM »
Why not do a bt for the first 12/18 months and then from there take out a loan
1. can you get 40K+ done with 18/21mo BT?
2. he doesn't see coming up with it in that timeframe

Online chbochur

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: May 2015
  • Posts: 645
  • Total likes: 50
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Credit card debt
« Reply #21 on: October 25, 2018, 04:28:26 PM »
1. can you get 40K+ done with 18/21mo BT?
2. he doesn't see coming up with it in that timeframe
1. You can get it if done right.
2. So then once the 18 (or even 12 months) are over then apply for a loan

Unless he wants it to be organized and make one payment per month but pay a little more for that...

Offline gozalim

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Oct 2008
  • Posts: 3668
  • Total likes: 332
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: Credit card debt
« Reply #22 on: October 25, 2018, 04:40:56 PM »
1. You can get it if done right.
2. So then once the 18 (or even 12 months) are over then apply for a loan

Unless he wants it to be organized and make one payment per month but pay a little more for that...
1. what would be 'done right'? apply all at once for 3? 5? different cards?
any other suggestions? more detail?

Online chbochur

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: May 2015
  • Posts: 645
  • Total likes: 50
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Credit card debt
« Reply #23 on: October 25, 2018, 04:41:43 PM »
1. what would be 'done right'? apply all at once for 3? 5? different cards?
any other suggestions? more detail?
You can pm me for details

Offline Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 3701
  • Total likes: 671
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Programs: Some of this and some of that.
Re: Credit card debt
« Reply #24 on: April 09, 2019, 05:50:08 PM »
would credit cards agree to a payment plan or settlement if all cards are still current but maxed out and paying minimum?
#TYH

Offline ludmila

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 5164
  • Total likes: 269
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: IND
  • Programs: Hilton Diamond,Marriott Platinum,SPG Platinum.
Re: Credit card debt
« Reply #25 on: April 09, 2019, 05:54:45 PM »
would credit cards agree to a payment plan or settlement if all cards are still current but maxed out and paying minimum?
What kind of balances?
I was the Best,still the Best, and will always be the Best.
Pele Good,Maradona Better, George Best.

Offline Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 3701
  • Total likes: 671
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Programs: Some of this and some of that.
Re: Credit card debt
« Reply #26 on: April 09, 2019, 05:55:10 PM »
What kind of balances?
high. $20k range
#TYH

Offline LoLo

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2014
  • Posts: 3672
  • Total likes: 149
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: Credit card debt
« Reply #27 on: April 09, 2019, 05:56:43 PM »
20k total or per card?

Online ExGingi

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 10826
  • Total likes: 3413
  • DansDeals.com Hat Tips 14
    • View Profile
  • Location: 770
Re: Credit card debt
« Reply #28 on: April 09, 2019, 05:57:18 PM »
would credit cards agree to a payment plan or settlement if all cards are still current but maxed out and paying minimum?

If they agree, it would probably involve closing the accounts.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 3701
  • Total likes: 671
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Programs: Some of this and some of that.
Re: Credit card debt
« Reply #29 on: April 09, 2019, 06:20:34 PM »
20k total or per card?
per card on three different cards and banks
#TYH

Offline jose34

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Aug 2016
  • Posts: 1896
  • Total likes: 87
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Credit card debt
« Reply #30 on: June 09, 2020, 04:33:51 PM »
personal loan will cost more than balance transfer - assuming the bill is paid in full by the end of the interest-free period.
Balance transfer shouldn't do too much to your credit, compared to your current situation.

This is not financial advice. Make sure you do your due diligience.
Found this  :); instead of opening up a new thread will ask here.
Wouldn't a personal loan be better since consolidates everything and make a person pay one solid amount while a balance transfer just involves opening up more credit cards which can get a person in trouble?

Offline TheDroid

  • Dansdeals Gold Elite
  • ***
  • Join Date: May 2017
  • Posts: 148
  • Total likes: 11
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: COVID FREE USA
Re: Credit card debt
« Reply #31 on: June 09, 2020, 11:09:06 PM »
Found this  :); instead of opening up a new thread will ask here.
Wouldn't a personal loan be better since consolidates everything and make a person pay one solid amount while a balance transfer just involves opening up more credit cards which can get a person in trouble?

It depends, but the simplest thing to look for in whatever (loan or credit card) is the goal of having THE LOWEST APR. And if needed to consolidate into one, your goal is to pay the LEAST FEES to transfer or consolidate it.
If it cost too much fees to consolidate, pay the one with the highest APR first.
Also if the lowest APR is still too much to pay, consider compensating it by a little higher APR with longer term.

Having a simple one solid amount is not necessary the best or cost effective way to pay down debt.
But the most important thing is make sure you can pay. Having high debt is one thing, defaulting on debt is a whole different world.

Offline gozalim

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Oct 2008
  • Posts: 3668
  • Total likes: 332
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: Credit card debt
« Reply #32 on: June 09, 2020, 11:54:22 PM »
Having a simple one solid amount is not necessary the best or cost effective way to pay down debt.
But the most important thing is make sure you can pay. Having high debt is one thing, defaulting on debt is a whole different world.
0% APR CC is the mathematical better solution for someone with the self control to make it work.
personal loan is the behaviourally safer way to break bad habits for good ones