How to start fixing overwhelming credit card debt
High credit utilization and lack of stable income from being in school make it impossible to get a consolidation loan or pay down mounting balances. This leaves people trapped, nervous about where to begin, and unable to figure out how to rebuild their credit and hold themselves accountable.
What people tried
Every workaround mentioned in the threads below. We haven’t tested any of them — and nobody here is claiming they worked.
- 1Looking into debt relief programs
- 2Using extra money from student loans to pay off credit card debts
- 3Creating a budget and separating needs versus wants using past statements
- 4trying to work replacement work hours on available weekdays
- 5keeping regular monthly expenses low
In their words
Unedited, grouped by where they were said, most upvoted first within each place, each linked to the thread it came from.
“Hi everyone, I’m looking for some advice on how to rebuild my credit and get my finances under control.”source ↗
“My current credit score is around 632. I recently applied for a line of credit with BMO and was declined.”source ↗
“I don’t have a stable income right now because I’m in school and doing an internship”source ↗
“I’m trying to figure out the smartest way to stabilize my finances while staying in school and finishing my degree.”source ↗
“At 29ish/30ish I'd fallen into credit card debt, and then earlier this year I got a loan.”source ↗
“Now my credit utilization is through the roof so I can't get a loan that would pay off the earlier loan, AND the credit cards.”source ↗
“I am nervous about where to start, and even more nervous about figuring out how to hold myself accountable.”source ↗
“Basically. I screwed up and don't know how to start fixing it.”source ↗
Where this came up
People with this problem also raised
- 2How to pay off massive business EIDL and credit card debt
- 3Why is there no spending limit or fraud detection for sudden credit spikes?
- 3Why does supporting family financially feel so overwhelming?
- 6Why does home maintenance feel like a never-ending job?
- 26Why do IT jobs require impossible skill sets?
- 2Why isn't my debt going down even though I live below my means?