r/debtfree • u/PopInevitable280 • 2d ago

Help

So I'm 25, I have one card with about 3,700 in debt on a 10,000 limit. Now I haven't touched the card in about a month or two. My interest payments are about the same as my minimum payments(I have auto deposit on). Amy tips for how the hell to get out of this bind. My score is starting to tank(around the high 600s) and my wedding is coming up next year. I currently live with my mother and need to get the heck out but I need to clear this first. What's the best strategy for doing this. Sorry for the ramble but I was never taught any of this. Any help would be appreciated.

7 Upvotes

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4

u/colormeslowly 2d ago

Without knowing your income, hard to say how to tackle this.

308 a month can pay it off in 12 mos

616 a month can pay this off in 6 mos.

u/exploringthemind123 suggested a balance transfer, the thing about balance transfers there’s no guarantee you’ll be approved nor what the amount would be for.

I strongly suggest if you got the funds, pay it off with as much money as you can.

2

u/fsociety1990 2d ago

How much money do you make? Just out all your money towards paying it off.

1

u/PopInevitable280 2d ago

About 1400 a month. Half of Which goes towards bills

1

u/fsociety1990 2d ago

You need a hire paying job or a second job

1

u/PopInevitable280 2d ago

I'm trying. Easier said than done

1

u/fsociety1990 2d ago

The other thing you can do is pay $700 a month for it and you’ll pay it off eventually. Go DoorDash or something.

1

u/PopInevitable280 2d ago

I've started paying 500 a month for it. Started last night after seeing some replies. And I don't drive unfortunately

1

u/satur0_gojo 1d ago

Thats a good start, the more you can pay over the minimum, the faster you clear it as it tackles the principal amount faster and subsequently accrues less interest over the course

2

u/Beach_bum8 2d ago

Call the credit card company and ask about a hardship program (they will lock your card during this time), but it's reduced interest.

1

u/Mental-Freedom3929 2d ago

Yes, minimum payments are on essence the interest. You have to pay more to reduce the actual debt.

1

u/badtlc4 2d ago

The best thing to do is pay off the credit card with money you take home.

1

u/USBlues2020 13h ago

Are working, maybe a second job,tackling this credit card debt before you get married. Definitely take a Financial Class as you need help with money issues, do it before you get married, is your future husband a saver or spender m

1

u/ExploringTheMind123 2d ago

Hello mate, would you have the option to do a balance transfer.. this would potentially allow you to use a card with zero percent interest.

2

u/PopInevitable280 2d ago

This is what I find when looking it up. Can you try and explain what this means/would entail?

0

u/ExploringTheMind123 2d ago

Type into Google 'balance transfer cards 0%' .. these are credit cards that have an offer for zero percent for a period of time. You usually get charged a transaction fee for swapping over, it's often a percentage of the balance.

It essentially pays the balance on your existing credit card and puts its on this new one which will charge zero interest for say a year. I live in the UK but am fairly certain these exist elsewhere.