I’ve got 150K in credit card debt and it feels impossible to get ahead. Every day just feels heavier. How do people get through this?
First step is to stop using credit and figure out exactly where your money is going. I know budgeting isn’t fun, but you need a plan to fix this.
Think about what really matters to you financially. If you focus on your long-term goals, it’s easier to cut out things that aren’t important.
@Reagan
At that amount, they might need to look at bankruptcy.
If the interest rate is around 30%, that’s like 45K a year just in interest. That’s more than a lot of people make. Even with a 100K salary, this would be hard to manage.
You should talk to a bankruptcy attorney. It’s not easy, but it could be the best way out. Chapter 13 might be a good option since it stops creditor calls immediately and gives you a structured plan to pay things off.
Stay away from those ‘credit repair’ companies. Most of them are scams.
@Sam
The only legit option outside of bankruptcy is a real debt management plan, like through NFCC.
They work with lenders to lower your interest rates, so you actually have a chance to pay the debt down instead of just making minimum payments forever. You’ll have to close your credit cards, but at least you’ll be making progress. Avoid those shady companies that ‘negotiate’ debt… they’ll leave you in a worse spot with legal fees and tax issues.
@Tegan
Yeah, some of those companies are straight-up scams. My mom signed up for one that said they’d make payments for her, but all they did was hold onto her money and never paid the credit card companies.
By the time I found out, she was months behind and it was a mess.
@Sam
Yeah, that’s the classic scam. NFCC is legit, though. They actually apply payments to your accounts, and you can check your statements to see everything getting paid down properly.
Tegan said:
@Sam
Yeah, that’s the classic scam. NFCC is legit, though. They actually apply payments to your accounts, and you can check your statements to see everything getting paid down properly.
Good to know. I just wish more people knew how many of these companies are scams. They go after people who are already struggling.
Feels like there’s probably more to the story. People don’t usually rack up 150K in credit card debt without something big happening, like job loss or medical bills.
Best thing to do is take it one step at a time. I had about 100K in total debt, and now I’m down to 75K. Just gotta cut expenses where you can and put as much as possible toward the debt.
I have 9K in credit card debt and it already keeps me up at night. I can’t imagine 150K…
Dane said:
I have 9K in credit card debt and it already keeps me up at night. I can’t imagine 150K…
I had 18K… couldn’t keep up and defaulted.
Dane said:
I have 9K in credit card debt and it already keeps me up at night. I can’t imagine 150K…
I had 18K… couldn’t keep up and defaulted.
Filed for Chapter 7 today. 28K in credit card debt was killing me.
Dane said:
I have 9K in credit card debt and it already keeps me up at night. I can’t imagine 150K…
9K is doable. A side hustle could knock that out.
Try not to let the debt define you. You’re more than your financial situation.
You need to share more info. How much do you make? What are your monthly expenses?
If you have 150K in credit card debt, I assume you have a solid income. Chapter 13 might be an option.
This might be a situation where bankruptcy is the best option. Sometimes you just have to start over.
If your interest rate is over 10%, refinancing should be your priority.
I don’t have 150K in debt… but I have 20K in credit card debt and an 18K car loan, and I’m on a fixed income. It’s terrifying.
How did you even get to 150K? Most people don’t have that much credit available, let alone max it out. What happened?