What is the best way to get out of credit card debt when you had to use them when layed off?

The best way is to use a credit card payoff calculator to do most of the calculations for you. By the way you are stating your question, I am assuming you are now working again. But, since you used your credit cards to carry you over, you need a way to pay them off.

Trying to set up a budget to find the money to pay off the debt can become a frustrating proposition. That is because it is very difficult to do the payoff calculations on credit cards because of the different interest rates on each card. You do not want to just pay the minimum because it will take you the rest of your life, (well it seems that way) to pay off the balances.

Here are some of the things I recommend to my clients to help with the process. Use a credit card payoff calculator. There is a very good calculator built into Quicken software.

This calculator allows you to list all your credit cards, the interest rates for each, minimum payment amount, and how much you have available in total to put towards the cards. The calculator then takes the card with the highest interest and pays it off first, while still making payments on the others. When the debt is satisfied on that card, it moves the next highest interest rate card to the top position and does the same thing.

The calculator allows you pick then number of months you want and then gives you a payment. If the payment is too high for you, it allows you to pick a lower amount. It then shows you how much money you can save on interest by following the plan and how long it will take to pay them all off.

Quicken also does a fairly painless job of helping you build a budget without pulling the hair out of your head in the process. If you do not have access to Quicken, here is a debt reduction planning calculator that does most of the same things. cgi.money.cnn.com/tools/debtplanner/debt... Take your cards and lock them in a safe deposit box so you are not temped to use them.

The quickest way to mess up your debt reduction plan is to use the cards while you are trying to pay them off. If you don't have a debit card, get one. Put this card in you wallet and use it instead of cash or credit.

If you have a program like Quicken, you can set up an bank account in the software that will record all your debit card transactions and put them in the proper budget categories. This is a great way to track your monthly expenses without trying to do it manually. Plus, you can not run up a balance on a debt card.

The money comes from and checking or savings account, so you can't be tempted to charge something. Start a strategic savings program to make sure the next time something happens you have a strong liquidity position to carry you over. I recommend to my clients they put 15% of their annual income away in safe, fixed savings vehicles, until they have 50% of one years salary saved.

You do this before you open any investment accounts or fund an IRA or 401(k). You don't want to be hit with tax and penalty if you need money in an emergency from a retirement account. It is very difficult to make withdrawals from a 401(k).

Too many people today try to put the maximum in a 401(k) before they have the proper liquidity position. So if they need money in an emergency, out come the credit cards. Then once you reach the 50% amount, you start the retirement account, not to exceed 7% of annual income or up to the company match, which ever is greater.

The other 8% should go into investments that fit your risk profile. If the 15% number is too large to start, begin with a lesser amount and work up to it. Contact the credit card companies.

If you credit is still good, some of the companies might reduce the interest rate if you explain what happened concerning your job loss. Don't fall for low interest rate balance transfers, unless the card rate after the introductory period is less than what you are paying now. Some companies have these low introductory rates and then a number of months later jack up the rate.

Trying to reduce credit card debt is like trying to lose weight. You are OK for a while and then temptation steps in and takes over. But, if you have a plan to follow and you can see the positive results each month, you will soon have your credit card debt under control.

Just don't be tempted to get those cards out of the safe deposit box and start charging all over again.

Well, first and foremost, you need to take a step back, look at all the information and then make a plan. After that, stop using the credit cards as much as possible until they are paid off. Create a spreadsheet, and list your income and expenses.

Determine what your needs are (living quarters, food, utilities) and what your wants are (cell phones, cable, internet) and create a budget. Then, look at your credit cards. Determine which credit cards have the highest interest rate, and start paying them off first; and don't just pay the minimum, if you can afford it, pay as much as you can.

If you are financially able to apply for another credit card, do so and take advantage of the 0% balance transfer. Be cautious though - most credit cards charge between 3 - 5% for a balance transfer, although many waive them for the start up. Schelli's Recommendations Credit Repair Kit For Dummies (For Dummies (Business & Personal Finance)) Amazon List Price: $24.99 Used from: $2.38 Average Customer Rating: 4.5 out of 5 (based on 15 reviews) Credit Repair Amazon List Price: $24.99 Used from: $14.95 Average Customer Rating: 4.0 out of 5 (based on 26 reviews) How to Repair Your Credit Score Now: Simple No Cost Methods You Can Put to Use Today Amazon List Price: $21.95 Used from: $13.49 Average Customer Rating: 4.5 out of 5 (based on 13 reviews) BestCredit: How to Win the Credit Game, 2nd Edition Amazon List Price: $30.00 Used from: $17.97 Average Customer Rating: 5.0 out of 5 (based on 52 reviews) .

Explain the situation to the credit card people. Pay off the smallest amount you can afford, at least you will be seen to be trying to clear the debt. I hope it is not too much and you will overcome..

First, one never "has to use" a credit card when one is impoverished. One uses credit cards (as we did) to keep from having to change things. However, by embracing that change and being creative in not spending money, one avoids the curse of later indebtedness (that we have now, and likely for yet a couple more years.) The deed done, the way out of those consequences is a site such as "Christian Credit Counselors" (that's who we went thru) that consolidates the various debts into both a lower interest rate and regular payments that then, met, proceed to pay them all off.

Pae it off 1. Yu don't hafta yuze KK 2. Get a job 3.Yu meen yu never saved up munee so yukan get thru bad times?

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" "If you were to commit suicide & then have the power to transfer your credit card debt to another who would it be?" "What about the Debt consolidation cos. That help with credit card debt over $10K. Does this affect your credit rating?" "$5000 debt /line of credit at bank and credit card offers you 3.99% for life of debt and upfront transaction fee of 3%?

" "Relative asking to for 30K loan for credit card debt, not the first time" "How do I find out how much my credit card bank sold my chargoff debt for? " "I was put on a home depot credit card as an authorized user.Am I responsible for the debt? They did not ask for my ss.

What about the Debt consolidation cos. That help with credit card debt over $10K. Does this affect your credit rating?

Relative asking to for 30K loan for credit card debt, not the first time.

I was put on a home depot credit card as an authorized user. Am I responsible for the debt? They did not ask for my ss.

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