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Contributor
I've been with usaa now for about 12 years. And they've been great to deal with. The only problem I have isn't with them but I have a credit card through them and I've been paying on it for years. Is there anyone whose experienced high debt who can help me get out from under it? I've tried consolidation but my credits to good and they won't help me since they can't lower my interests. If anyone can help id appreciate the feed back.

2 REPLIES

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What is working for us is to pay 1.5 times the minimum payment due, and not use the card.  If you have other cards, work on paying off the lowest balance as soon as you can.   When that is paid off, pay off the next one, and so forth.  It takes will power to do this.  We pay cash/debit card for everything, and only use credit card in an emergency.   It has taken some time to pay off cards, but keep working at it.  The main thing is to not use the card!  Good luck.  

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Not knowing the specifics of your situation, I can only comment in generalities. The key to getting rid of that debt is that you have to reduce your spending and increase the amount you are throwing at those credit card balances. There is no easy way around it.

 

I concur with the other poster that you should be cutting up the cards and not using them anymore. I'd also recommend taking a hard look at your budget and find areas to cut back so you can put that extra money towards the debt. If you continue to pay the minimum balance, it will take you forever to pay them off and you'll pay a ton in interest over the "life" of that revolving debt. In the meantime, I concur with only using debit cards or cash. I like the Money Manager tools on the USAA website that allow me to really track all of my spending closely. Sometimes just building an awareness of where your money is going can help you rein in the spending. Good luck!