Hiw long will it probably take to get out of credit card debt?

Right now the combined total that I owe on 3 very low limit cards is $5900. I started working last month but my hours have been cut in half.

Next week I only work 16 hours!nlast month I got 32 hours a week. What a joke! I did get more hours when I asked for them, but they ignored my last text which isn’t a good sign.

Anyways, I estimate that it’ll take me 2 years minimum just to pay off the minimum amount each month

I only make $19 an hour. Once my credit card bills are all paid iff, will my credit score go up instantly or not?

Right now it’s bad at 500 something. I can’t even get a store credit card anymore!

Also once I start paying my credit card bills, they’ll never be late again.

My husband purposely paid my bills late all the time to keep my credit score low.

What else can I do to improve my credit score fast?

Will my past negative history prevent me from ever having good credit or being able to qualify for high limit cards with low interest rates again? We declared bankruptcy in 2000.

Once it’s paid off, I’ll never get myself into this situation again.

I've been in that situation and was able to get out.

I agree that you need to be sure you pay on time. Those late payments just make everything worse. I'm not sure how your pay dates align with your credit card due dates, but if you can make your payments as soon as your salary is deposited, that would be best. Definitely set yourself reminders as well.

I know it may not always be possible to make more than the minimum payment, but try to do that as often as you can. Minimum payments are designed to keep you in debt. I think you said that you've gotten overtime pay on a few occasions. I'd immediately allocate that extra money to the credit card. If you get more hours than usual a week, try to use the money towards that too.

Good luck. It's hard, but it can be done.

Sounds like you are making the best effort you can. Thats a good start.

Getting out of this debt is possible. It just takes some determination, planning and self-restraint.

Unfortunately I cannot suggest ways to improve your credit score quickly.

Here are some suggestions to help you get out of debt:

Definitely avoid minimum payments as much as possible. Rechu is correct. Instead determine a higher but affordable monthly payment.

Determine which card will be your main one and only use that card. Cancel the other cards once they are paid off (especially the store variety).

You could try making a monthly budget and allocate a certain amount of funds for each week. Anything left over at the end of each week can be put aside. At the end of the month this extra money can be put towards your debt.

Finally, avoid impulse purchases as much as possible.



Good luck.

You definitely can recover a good credit rating, but not instantly. See if there's a credit union you can join. The regular, commercial banks, like Wells Fargo, are out to exploit you. Start with a checking account at a credit union. Down the line, you'll be glad you did. They will loan you money cheaper than the regular banks. After you're with them for a while, see a credit union officer and say you would like a loan to pay off your credit cards. Those credit cards charge well over 20% interest; a lot are close to 30%. That kind of interest will eat you alive. Eventually, you could ask for their credit card. You'll be amazed at how much lower the interest rate will be on a card you get from a credit union. Also, the credit union will have an app for your phone that will do many things for you. It will track your credit rating and give you good tips on what you need to change. When I got a loan from my credit union to pay off my credit card debt, my credit rating immediately went up by a lot.

You really don't need store credit cards. None of them, far as I know, offer reasonable interest rates. One of the things determining your credit rating is the average age of your credit accounts. Every time you get a new card, you lower that average age, which lowers your rating. If you've got several credit cards, consider getting rid of the newest one. That will potentially bump you up a bit. A huge factor is whether you pay on time. Try to pay more than the minimum due when possible. A bankruptcy comes off your credit history in ten years, so the bankruptcy you did in 2000 is no longer relevant. Even creditors who lost money on you because of your bankruptcy will one day happily give you credit again, if you eventually have a better income.

Speaking of income, think about working a second job part-time. Just about anyone can get a job with a home care agency, where you would work as a home attendant for a sick or elderly person. Initially, you could tell them you're available 8 to 12 hours per week. It will pay less than your current job, probably in the neighborhood of $12 to $15 per hour. But it's real flexible, in that you can change your availability to them, based on how many hours your regular job is giving you. You don't need experience. They don't expect home attendants to have the training required of nurse's aids. Making more money would be the fastest way to improve your financial situation.

Another thing to do is curb your spending. Avoid eating out. Feeding yourself at home is a lot cheaper. If you've been eating your lunch in restaurants or from take-out places, start making sandwiches to take to work, or whatever else you can put together. For years I was addicted to eating out - diners, restaurants, ordering pizzas, etc. It was an expensive habit, but I got over it. Now I actually prefer my own cooking. Shop at Walmart, where grocery money will go the furthest. Join Costco or Sam's club, and buy stuff in bulk - like paper towels or toilet paper. Most of my wardrobe is from Sam's club.

Look at what you're spending on entertainment and media. Cable TV is ridiculous. Nowadays you can get an amazing amount of TV channels just using an antenna. If that's not enough, stream from the Internet, using your smart TV or a streaming stick like Roku or Chromecast or Amazon Fire stick. If you're shelling out over $100/month to get cable or satellite, you are never going to get ahead. Watch what you spend on your mobile phone. I subscribe to TracFone because I believe it's the cheapest deal. I've never spent more than $175 for a phone, and I get large screen phones that I'm very happy with.

Canceling credit cards will lower your credit rating. When you get a card paid off, put it away in a drawer. But pull it out and charge a few things on it now and then, so the bank who gave you the card doesn't cancel it. They'll do that if the account stays inactive. Then pay the balance in full when the bill comes.

If you tighten your belt now and practice self-discipline, you can look forward to someday having good credit again, even on a modest income. I went from good credit to horrible credit to very good credit again. So I know it can be done. It does take some time.

Yes your credit scores go up (or down) almost immediately after you made a change (paid debt, made large payment or took a loan-that would lower your score). If you monitor your credit scores, you could see it going up or down all the time. So if you pay your debt, your score will go up almost instantly. It might not become exceptional right that month but will rise rapidly.

Your debt is small. It’s not extravagant.

Your bankruptcy is long gone. It only stays on your record for 7 years. My husband had bankruptsy (before my time), and it doesn’t affect us at all. He has exceptional credit score.

Suggestions re bringing scores up. Pay on time, keep balance low, don’t have too many cards, don’t open new cards, only use the cards you already have.

To qualify for high limit cards you have to have high salary. With lower salary banks aren’t going to offer high limit cards because they know that you cannot pay. Now, honestly you don’t want high limit cards. It just means you can charge more. Bad idea

Also you can have debt and still have exceptional or very good credit score. If you pay on time and more than a minimum every month and your balance isn’t too high and you don’t have too many cards. I have some debt yet I have exceptional credit score.

You can do it!

@everyone, thanks for the tips. I can’t respond to everyone now as I’m extremely upset now since my cat was just diagnosed with cancer. I’ll post a thread about it in a minute under depression probably.

I'm sorry about your cat being so seriously ill. My dog died of cancer, so I think I understand how upset you must be. Pets give us so much love. We hate to lose them.

Thanks. Sorry to hear about your dog. Later today we’ll bring her with us when we go look at Christmas lights while driving around the neighborhood.

She’ll be wrapped up in a baby blanket. She deserves to enjoy one last special Christmas moment with us.

Aaahhhh. That will be a sweet memory for you to keep. It's been quite a few years, since my dog went over the rainbow bridge. For a few years, I couldn't bear to drive by a certain park I used to take her to. Now I can do that, and now I smile when I think of her, which is every day. You'll get there too. It will take some time, but the heart does heal.