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	<title>Comments on: I am $50K in credit card debt, what are my options in terms of debt consolidation?</title>
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		<title>By: sunshine_today</title>
		<link>http://planning-financial.com/i-am-50k-in-credit-card-debt-what-are-my-options-in-terms-of-debt-consolidation/comment-page-1/#comment-2669</link>
		<dc:creator>sunshine_today</dc:creator>
		<pubDate>Fri, 12 Jun 2009 16:39:01 +0000</pubDate>
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		<description>You can&#039;t borrow your way out of debt.  Try and locate a lower interest credit card and transfer your balance.  Some accounts have 0 transfer fees and maybe 0 interest or low introductory interest for the first few months.  If you have that little grace period you need to pay as much as you possibly can right away and lower that principal amount.  Scrimp and save, cut coupons, brown bag your lunch, get a roommate, whatever it takes to start paying down that debt.  That is a huge amount of money if you are paying 18%--your interest alone is probably a couple of hundred every money and if you are only paying the minimum you aren&#039;t making a dent in the actual debt.

You have my sympathies.  I was in debt for a long time and it took a long time to get that debt monkey off my back.  Now that it is, I drive a 14 year old car and think carefully about anything I will owe on for more than a few months.  It is enormously freeing not to be in debt.  You have so many options and you sleep better.  Good luck!</description>
		<content:encoded><![CDATA[<!-- google_ad_section_start --><p>&#89;&#111;&#117; &#99;&#97;&#110;&#39;t borrow &#121;&#111;&#117;&#114; way out &#111;&#102; debt.  Try &#97;&#110;&#100; locate a lower interest credit card &#97;&#110;&#100; transfer &#121;&#111;&#117;&#114; balance.  &#83;&#111;&#109;&#101; accounts &#104;&#97;&#118;&#101; 0 transfer fees &#97;&#110;&#100; maybe 0 interest &#111;&#114; low introductory interest &#102;&#111;&#114; &#116;&#104;&#101; first few months.  &#73;&#102; &#121;&#111;&#117; &#104;&#97;&#118;&#101; &#116;&#104;&#97;&#116; small grace period &#121;&#111;&#117; need &#116;&#111; pay &#97;&#115; much &#97;&#115; &#121;&#111;&#117; possibly &#99;&#97;&#110; straight away &#97;&#110;&#100; lower &#116;&#104;&#97;&#116; principal amount.  Scrimp &#97;&#110;&#100; save, &#99;&#117;&#116; coupons, brown bag &#121;&#111;&#117;&#114; lunch, &#103;&#101;&#116; a roommate, whatever &#105;&#116; takes &#116;&#111; &#115;&#116;&#97;&#114;&#116; paying down &#116;&#104;&#97;&#116; debt.  &#84;&#104;&#97;&#116; &#105;&#115; a &#104;&#117;&#103;&#101; amount &#111;&#102; money &#105;&#102; &#121;&#111;&#117; &#97;&#114;&#101; paying 18%&#8211;&#121;&#111;&#117;&#114; interest alone &#105;&#115; probably a couple &#111;&#102; hundred &#101;&#118;&#101;&#114;&#121; money &#97;&#110;&#100; &#105;&#102; &#121;&#111;&#117; &#97;&#114;&#101; &#111;&#110;&#108;&#121; paying &#116;&#104;&#101; minimum &#121;&#111;&#117; aren&#39;t &#109;&#97;&#107;&#105;&#110;&#103; a dent &#105;&#110; &#116;&#104;&#101; actual debt.</p>
<p>&#89;&#111;&#117; &#104;&#97;&#118;&#101; &#109;&#121; sympathies.  I &#119;&#97;&#115; &#105;&#110; debt &#102;&#111;&#114; a long time &#97;&#110;&#100; &#105;&#116; took a long time &#116;&#111; &#103;&#101;&#116; &#116;&#104;&#97;&#116; debt monkey &#111;&#102;&#102; &#109;&#121; back.  Now &#116;&#104;&#97;&#116; &#105;&#116; &#105;&#115;, I drive a 14 year ancient car &#97;&#110;&#100; &#114;&#101;&#99;&#107;&#111;&#110; carefully &#97;&#98;&#111;&#117;&#116; anything I &#119;&#105;&#108;&#108; owe &#111;&#110; &#102;&#111;&#114; more &#116;&#104;&#97;&#110; a few months.  &#73;&#116; &#105;&#115; enormously freeing &#110;&#111;&#116; &#116;&#111; &#98;&#101; &#105;&#110; debt.  &#89;&#111;&#117; &#104;&#97;&#118;&#101; &#115;&#111; many options &#97;&#110;&#100; &#121;&#111;&#117; sleep better.  &#69;&#120;&#99;&#101;&#108;&#108;&#101;&#110;&#116; luck!</p>
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