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[Mr Reasonable]

please don't convince yourself that one last spend is fine.

Someone I knew had a number of credit cards that they'd run up. They got a loan to pay them all off with the idea they'd have just one payment to deal with. The lender, of course, offered them more than they needed, which they took, so they could treat themselves "one last time" before the serious business of paying the debt off began.

It's a pretty bad idea to acknowledge you have a debt problem but the first thing you do when dealing with it is make it even worse.

 

[Soodanim]

Someone I knew had a number of credit cards that they'd run up. They got a loan to pay them all off with the idea they'd have just one payment to deal with. The lender, of course, offered them more than they needed, which they took, so they could treat themselves "one last time" before the serious business of paying the debt off began.

It's a pretty bad idea to acknowledge you have a debt problem but the first thing you do when dealing with it is make it even worse.

"Here, have some crack as a bonus for trying to get clean"

 

[protonion]

 

[jufonuk]

Ive never heard of credit scores affecting employment. And unless op is planning on buying a home anytime soon thats not a concern. Ive done two bankruptcies in my lifetime with pretty much zero repercussions and I have a great credit score these days.

I know it might not be right for OP but its absolutely worth looking into.

 

[jufonuk]

No moral credit card lender is going to give OP a balance transfer credit limit of 11K when there is already 11K of debt. Stop suggesting things like this!!

The lender would have to be clinically insane.

Almost like no bank is going to sell mortgages to people who can’t afford it. Imagine if they did that?

I had about 4500 in credit cards debt and an overdraft I was always in (250) went to the bank for advise and they talked me into a loan to pay off everything then pay them back. In hindsight it was dumb. I got myself into debt. I had a job I just silly spent. If I just stopped the spending at random didn’t eat out for lunch at work etc I could have paid it off during one year. ( I was living back at home at the time)

 

[David B]

What is your current graphics card? What resolution are you playing games at? I'll tell you flat out you don't need a PS5 or the new Xbox. There are only a handful of exclusives and it doesn't look like you're in the right financial position to think about acquiring them. Get into indie games, older games, maybe emulation. Disabuse yourself of the notion that you can afford to keep up with the Joneses when it comes to gaming-at least until you can get out of debt

Well the good news is I own all the current stuff. PS5, Xbox Series X, and a gaming PC with 4060 Ti graphics.

 

[BlackTron]

11k isn’t really that terrible OP. I would probably do what other people are suggesting with the 0% interest transfer but it could be way worse. Stop borrowing money at high interest rates to buy depreciating assets lol.

Exactly, instead, borrow at low or zero rates to buy appreciating assets....

 

[Nitty_Grimes]

Almost like no bank is going to sell mortgages to people who can’t afford it. Imagine if they did that?

I had about 4500 in credit cards debt and an overdraft I was always in (250) went to the bank for advise and they talked me into a loan to pay off everything then pay them back. In hindsight it was dumb. I got myself into debt. I had a job I just silly spent. If I just stopped the spending at random didn’t eat out for lunch at work etc I could have paid it off during one year. ( I was living back at home at the time)

Hmmm.

£4.5K with a loan offered by (I assume) the same bank that issued the credit card? I'd expect that - even with an overdraft - if you'd applied for multiple banks and had several credit cards maxed out (as it sounds like the OP situation) it would have been declined if they saw that on your credit file. Don't know how it works in the good old US of A as they actually have a credit score whereas in the UK its just a made up number that a lender never sees.

As for mortgages, saw one application that needed to see six consecutive monthly salary payments into the applicants bank account (he was signed off sick and offered a pay off from his employer) but refused it because he was trying to fool the bank that his mortgage application was legit because he could produce six months of bank statements to back up his application.

 

[jufonuk]

Hmmm.

£4.5K with a loan offered by (I assume) the same bank that issued the credit card? I'd expect that - even with an overdraft - if you'd applied for multiple banks and had several credit cards maxed out (as it sounds like the OP situation) it would have been declined if they saw that on your credit file. Don't know how it works in the good old US of A as they actually have a credit score whereas in the UK its just a made up number that a lender never sees.

As for mortgages, saw one application that needed to see six consecutive monthly salary payments into the applicants bank account (he was signed off sick and offered a pay off from his employer) but refused it because he was trying to fool the bank that his mortgage application was legit because he could produce six months of bank statements to back up his application.

I Was with the same bank as the credit card.
But I was going down a similar path of maxing out my card paying it off when it was a lower limit resulting in them giving me more lending power. I think the next letter was something like we can increase your limit to double digits.
Looking back I was using It as a way to buy myself out of a slump and some fear of missing out. Maybe OP needs to look into why they are buying so many things.

 

[Boss Mog]

Yeah thanks guys. Unfortunately I can't really do much of what your saying because I live on SSI. I'm not allowed to add money to my bank account. Only the SSI is allowed in the bank account, I can not add money or my SSI is reduced. So all I can really do is continue to make payments on my cards.

How the hell do you get approved for credit if you're on SSI? Should be an automatic refusal.

 

[TintoConCasera]

My condolences + best of luck fren, hope someday you clear that debt and are able to buy all the nice stuff you want.

 

[Ass of Can Whooping]

How the hell do you get approved for credit if you're on SSI? Should be an automatic refusal.

He has a consistent source of income. Doesn't matter if it's from benefits. Everyone starts small so they can assess how much of a risk you are. He'll have built up a good history which is how he's now ended up where he is,

 

[Lambogenie]

Also sell off things you don't need to pay off cards.

Pay off cards every month and save every day ($3) and use that to fund small bits or put it back towards the cards after a month or two. You might ask what's the point, but from a mental level it looks like you're saving something from just $3 a day which can be motivational trigger.

 

[AJUMP23]

What is your income? We can help you plan.

 

[jason10mm]

What is your income? We can help you plan.

Figure about $1500/mo or so. He may not want to disclose the real figure if its much higher because then everyone is gonna dogpile him but as a solo adult that is the average amount.

Rent is probably his largest single expense, unless he is living free with parents or something. But I suspect he has enough discretionary spending that he can redirect $500/mo to his bills for at least 5-6 months to kickstart recovery.

OP, whatEVER you do, do NOT turn to those "debt consolidation" companies! They will do NOTHING for you that you can't do on your own and will only sponge more cash from you. This is gonna take time and discipline but if you set a hard budget so you have a roof over your head, food on your table, and then narrow down your diverse hobby (an xbox, ps5, AND top tier PC, WTF over?) you can do this with probably zero actual impact on your quality of life.

 

[AJUMP23]

.

OP, whatEVER you do, do NOT turn to those "debt consolidation" companies! They will do NOTHING for you that you can't do on your own and will only sponge more cash from you. This is gonna take time and discipline but if you set a hard budget so you have a roof over your head, food on your table, and then narrow down your diverse hobby (an xbox, ps5, AND top tier PC, WTF over?) you can do this with probably zero actual impact on your quality of life.

I would agree. You can consolidate on your own. That 25% interest rate is a killer.

Get a small loan look for 7 to 10% interest. And pay it off then cancel the cards. Then pile every extra dollar you have on the debt. 11k can be recovered quickly.

 

[DeaDPo0L84]

I'd be super happy to only have $11k in debt.

 

[Trogdor1123]

I'd be super happy to only have $11k in debt.

Same, would love to have my house paid off…

 

[AJUMP23]

I'd be super happy to only have $11k in debt.

If I only owed 11k on my houses that would be nice.

 

[tamago84]

I was about to say debt is good as long as you pay off statement balance in full or its a long term investment/life commitment. then i saw the interest..

 

[Edmund]

Start an onlyfans account.

 

[CompleteGlobalSaturation]

Hey all. I've never posted in off-topic before. But I'm here because I probably need some help. I have too much credit card debt and yet I keep going but I need a better gaming computer with a better graphics card, I need that PS5 Pro, I want that new Xbox. So I'm like a big spender on stuff and now I finally recognize I'm a big huge spender. I already have $11,000 in credit card debt right now. I added up the money due from each card and went OMFG! I owe $11,000 in debt! That's when I finally went don't buy that computer, don't buy it, you don't need the graphics, you don't need the computer, enjoy the stuff which you have now. So if I could just have some other people share there stories about having debt as well that would kind of help. Also whatever you think about me finally realizing the truth that "hey look I have a huge load of debt, stop using the freaking credit cards!"

You can get out of debt, but you will have to be diligent.

If you can transfer your balance to a 0% interest free credit card for 24 months that would be a starter.

I would suggest working overtime or an extra weekend job.

You must be frugal and only spend on the essentials.

And never, ever get a credit card again.

The only acceptable debt is a mortgage - where you aren't crippled with absurd interest rates. Credit cards are the fucking worst. If you can't afford it, don't buy it (unless you wish to split your payments and ONLY if it's interest free).

 

[jufonuk]

Is Dave Ramsay any good ? Listen to his advice.

 

[analog_future]

moral credit card lender

 

[Grildon Tundy]

OP, people have laid out plans here that would probably serve someone in your position well.

Just want to add that overspending is a compulsion. Options to not end up back in your position or make it worse are to: manage/master this compulsion, or trade it out for a less damaging one. Exercise, church, vape pens, sunflower seeds, gooning...etc.

 

[Trunx81]

OP, people have laid out plans here that would probably serve someone in your position well.

Just want to add that overspending is a compulsion. Options to not end up back in your position or make it worse are to: manage/master this compulsion, or trade it out for a less damaging one. Exercise, church, vape pens, sunflower seeds, gooning...etc.

You’re right! When I have the compulsion to buy something, I also watch the Goonies! Helps like a charm.

 

[BlackTron]

Figure about $1500/mo or so. He may not want to disclose the real figure if its much higher because then everyone is gonna dogpile him but as a solo adult that is the average amount.

Rent is probably his largest single expense, unless he is living free with parents or something. But I suspect he has enough discretionary spending that he can redirect $500/mo to his bills for at least 5-6 months to kickstart recovery.

OP, whatEVER you do, do NOT turn to those "debt consolidation" companies! They will do NOTHING for you that you can't do on your own and will only sponge more cash from you. This is gonna take time and discipline but if you set a hard budget so you have a roof over your head, food on your table, and then narrow down your diverse hobby (an xbox, ps5, AND top tier PC, WTF over?) you can do this with probably zero actual impact on your quality of life.

Best advice in the thread right here.

Start an onlyfans account.

Nevermind I was wrong.

 

[AJUMP23]

OP, people have laid out plans here that would probably serve someone in your position well.

Just want to add that overspending is a compulsion. Options to not end up back in your position or make it worse are to: manage/master this compulsion, or trade it out for a less damaging one. Exercise, church, vape pens, sunflower seeds, gooning...etc.

Money and spending is all about behavior.

 

[RSLAEV]

Well the good news is I own all the current stuff. PS5, Xbox Series X, and a gaming PC with 4060 Ti graphics.

Well then you're at a good place to stop spending money on new hardware. Maybe limit yourself to 1-3 new games per year and stick to ps plus/pc game pass/steam sales for the rest. Try to get your debt as close to zero as possible before the PS6 comes out. Do not plan to buy the Switch 2 because I'm pretty sure you'll still be heavily in debt when it releases.

 

[Liljagare]

Always found it wierd how common credit cards are in some places. They will always be money you don't have for most consumers.

 

[Unknown Soldier]

Always found it wierd how common credit cards are in some places. They will always be money you don't have for most consumers.

You just explained your first sentence with your second

People still don't understand in 2024 that the American economy is the way it is on purpose. They want you to be a debt slave for the rest of your life, that's how they keep you under control

 

[M1chl]

I guess being Europoor and never having credit card, has its perks.

Also making USA level money in bum fuck nowhere, helps

 

[StreetsofBeige]

Always found it wierd how common credit cards are in some places. They will always be money you don't have for most consumers.

In the 90s, my bro entered a contest or something using his dog's name. You know how mailing lists are, and next thing you know he got a credit card application in his mailbox addressed to his dog.

 

[Nitty_Grimes]

I Was with the same bank as the credit card.
But I was going down a similar path of maxing out my card paying it off when it was a lower limit resulting in them giving me more lending power. I think the next letter was something like we can increase your limit to double digits.
Looking back I was using It as a way to buy myself out of a slump and some fear of missing out. Maybe OP needs to look into why they are buying so many things.

I applied for a Nationwide credit card a couple of years ago it was approved and when I received the card the credit limit was £9500!

First thing I did in online banking was lower it to around £2000 and turn off auto limit increases.

OP needs to speak to a debt management company asap.

 

[Paasei]

Sounds like a common American problem to me. I have no idea how people get by living a life they cannot afford.

I wish. I could help you, but credit cards are sort of rare here. My experience with spending money is to just wait till you actually have it.

 

[jufonuk]

I applied for a Nationwide credit card a couple of years ago it was approved and when I received the card the credit limit was £9500!

First thing I did in online banking was lower it to around £2000 and turn off auto limit increases.

OP needs to speak to a debt management company asap.

Mine was with NatWest.

 

[clarky]

Why don't you make a thread seeing if you should sell the MAC, 4060, 4070, 4090, PS5, PS5, Xbox, Xbox series. All the imaginary buys should fund the imaginary debt.

 

[LimanimaPT]

The rule is very simple. Don't have the money? Don't buy it.

 

[Bitmap Frogs]

I’m 3k in debt and going to be clean in February next year and feel it’s too much haha

 

[sankt-Antonio]

I auto pay my credit card bill every month. Never actually used it as a “credit” card.

Never have had debt outside of a mortgage but as luck would have it, I had to erase 10k€ debt my parents accumulated or the bank would have stopped their water/electricity/rent payments.

Moral of the story, debt will find you regardless.

 

[Shifty1897]

The good news is you realized what a huge, monumental, grave mistake you've made, and now you can make the responsible decisions needed to fix it. The bad news is how much unnecessary money you're gonna spend digging yourself out. Never, ever, carry a balance on a credit card. Once you dig yourself out, set all your cards to auto pay out of your bank account in full, every month. Do whatever you have to to avoid carrying a balance, if it ultimately means selling everything you own and living in your car and showering at Planet Fitness, it's better than carrying over a debt month to month that you will never be able to pay off. It's probably the most important lesson my parents ever taught me, and I'm thankful for it.

I have a friend who is 1.2 million dollars in debt. He has no way to pay it off in his lifetime, three kids and a wife. I don't know how he sleeps at night. The balance grows every year. At some point, they're going to be bankrupt and homeless, I tried to offer advice but he got angry and told me it was the bank's problem, not his.

The only debt I have is my mortgage and my wife's med school loans, which combined are admittedly a lot of money. We also make over 6x the average US household income and most of that goes towards paying off that debt in advance. I hope to be completely debt free by 2030.

 

[gatti-man]

My story:
I graduated college with 25k in student debt and CC debt. I got a job and waited tables on the weekend 7 days a week and just deleted my life until I got it all paid off. Took about a full year. Ever since then I’ve never carried debt. A year of my life was a hard enough lesson.

For you, I’d realize you have a spending problem and idle hands are the devils playground. If you have free time go to work, go to the gym, clean do something anything but spend money. The busier you keep yourself the easier a lifestyle change will be. You’ll also be better for it too.

 

[StreetsofBeige]

Why don't you make a thread seeing if you should sell the MAC, 4060, 4070, 4090, PS5, PS5, Xbox, Xbox series. All the imaginary buys should fund the imaginary debt.

As Clarky said, the OP trolls the forum with threads about buying or selling that. High end GPUs, Macs, game systems etc... I checked his posting history and ya, it's that guy who does similar threads all the time about buy and sell.

So looks like we all wasted out time giving advice.

 

[jufonuk]

As Clarky said, the OP trolls the forum with threads about buying or selling that. High end GPUs, Macs, game systems etc... I checked his posting history and ya, it's that guy who does similar threads all the time about buy and sell.

So looks like we all wasted out time giving advice.

Not if we helped each other out.

Maybe we could just do best tips to cut debt post.

Live below your means

 

[David B]

As Clarky said, the OP trolls the forum with threads about buying or selling that. High end GPUs, Macs, game systems etc... I checked his posting history and ya, it's that guy who does similar threads all the time about buy and sell.

So looks like we all wasted out time giving advice.

Yeah, now I realized the truth. So I just making 20 more than minimum on monthly payments.

 

[jufonuk]

Welcome to FAIR Health

Welcome to FAIR Health

www.fairhealthconsumer.org

Might help any US gaffers

 

[AmuroChan]

You should just keep collecting debt until you die. Its not like the bank is gonna come after you in the after life. Ez pz hack.

After he dies, the debt goes to his estate to pay off, meaning his kids / beneficiaries do not receive any inheritance until the debt is paid off. And if the estate can't pay it off, the debt is transferred to the beneficiaries.

 

[AJUMP23]

Not if we helped each other out.

Maybe we could just do best tips to cut debt post.

Live below your means

for each other.

 

[ResurrectedContrarian]

Debt for unnecessary purchases is bad

but debt-to-income is what matters most, and 11k isn't a crisis unless you're making a lower/mid salary; either way, get rid of it though

 

[The Cockatrice]

After he dies, the debt goes to his estate to pay off, meaning his kids / beneficiaries do not receive any inheritance until the debt is paid off. And if the estate can't pay it off, the debt is transferred to the beneficiaries.