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.
Found another way around this?
Share your steps and trade-offs so fellow engineers don't have to reinvent the wheel. No account required.
- 1Considering filing for bankruptcy2 people mentionedDid this help you?
- 2Looking into debt relief programsDid this help you?
- 3Using extra money from student loans to pay off credit card debtsDid this help you?
- 4Creating a budget and separating needs versus wants using past statementsDid this help you?
- 5trying to work replacement work hours on available weekdaysDid this help you?
- 6keeping regular monthly expenses lowDid this help you?
- 7considering a personal debt consolidation loanDid this help you?
- 8letting accounts go to collections and disputing themDid this help you?
- 9Stopping credit card payments entirely to prioritize basic necessities like housing, food, and utilitiesDid this help you?
- 10Considering consulting a financial advisor or bankruptcy lawyerDid this help you?
- 11working with a mental health professionalDid this help you?
- 12canceling or delaying upcoming trips to reallocate funds toward debtDid this help you?
- 13paying off statement balances in full every month when possibleDid this help you?
- 14saving through strict self-restrictionDid this help you?
- 15Working multiple jobs and taking on extra hours despite health consequencesDid this help you?
- 16Cutting out all leisure spending and severely restricting food to save moneyDid this help you?
- 17Exploring debt consolidation or selling the financed vehicle for a cheaper alternativeDid this help you?
- 18considering debt management plansDid this help you?
- 19looking into debt consolidation loansDid this help you?
- 20attempting to cut spending and increase incomeDid this help you?
- 21considering letting credit tankDid this help you?
- 22Taking on additional weekend or gig work to increase incomeDid this help you?
- 23Cutting monthly budget expenses and phone plansDid this help you?
- 24Calling credit card companies to enroll in hardship programs to lower or pause interestDid this help you?
- 25Using a 0 percent balance transfer credit cardDid this help you?
- 26researching debt relief servicesDid this help you?
- 27looking into personal loansDid this help you?
- 28considering bankruptcyDid this help you?
- 29waiting for missed payments to trigger hardship programsDid this help you?
- 30seeking higher-paying jobsDid this help you?
- 31Taking out personal debt consolidation loans to reduce monthly paymentsDid this help you?
- 32Cutting out all unnecessary spending and working overtimeDid this help you?
- 33Applying for a HELOC to tap into home equityDid this help you?
- 34Considering selling the house to pay off the debt with the proceedsDid this help you?
In their words
Unedited, grouped by where they were said, most upvoted first within each place, each linked to the thread it came from.
“Six months later and I’m in the hole again. 12k+ debt. All over unrealistic dreams of an apartment and a life that I’m unexpectedly going to have to move from again.”source ↗
“I’m upset, disgusted, and angry with myself.”source ↗
“I have an all-or-nothing mindset with pretty much everything in life. I saved over $12k quickly to purchase my first vehicle at 25. I know how to save, by fully restricting myself. I know how to spend, impulsively.”source ↗
“we have accumulated over $80,000 in debt from loans and credit cards.”source ↗
“I took out a few debt consolidation loans hoping that we’d be better off with fewer monthly payments, but unfortunately we are still struggling to keep up with them.”source ↗
“As soon as I feel like we’re starting to get ahead, something else needs money thrown at it.”source ↗
“I was denied for a HELOC due to my credit score being too low.”source ↗
“Should I bite the bullet and file for bankruptcy? I feel like I’m all out of options.”source ↗
“Hello I need some advice on how to proceed with my credit card debts.”source ↗
“I have 4 credit cards that I have racked up some debts in and have not been able to pay due to circumstances beyond my control.”source ↗
“Since the hurricane it has been a cascade of one unfortunate event after another. Every month there appears to be a different costly event that I am able to cover but it prevents me from starting paying off those credit cards.”source ↗
“So have a lot of Credit card debt that was racked up between just stupid decisions and some really shitty luck with my house.”source ↗
“Not sure where to go or what tools to use. I feel like maybe tanking my credit in the short term may suck but could be a better option than where I am at”source ↗
“Me and my husband have about $18,500 in credit card debts. The monthly payments are falling at terrible times to try and pay timely as well as our other financial responsibilities.”source ↗
“Feeling desperate. Please let me know what options or recommendations you may have.”source ↗
“I can assure you, I am posting this mid- 8th breakdown/spiral of the week. Probably my 40-something in the past 6 months.”source ↗
“I’ve hit rock bottom and I’m desperate to find a solution or something.”source ↗
“I was in a similar, if not worse position, than OP a few years ago. The Hardship programs saved my backside from going bankrupt and my credit improved over time. Gave me enough breathing room to increase my income without drowning interest.”source ↗
“I am fortunate to have a 2.9% mortgage right now and i feel if i were to by another piece if property in todays market that j would be back to square 1”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 ↗
“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 ↗
“Now, I’m 23 and I am just drowning in debt, unsure what to do now.”source ↗
“My reasoning for file is, simply put, my debt exceeds the amount of money I make in a year.”source ↗
“Should I file for bankruptcy? I don’t want to lose my car tho”source ↗
“The CC debt is really what has me drowning.”source ↗
“Both of these cards are basically maxed out so now I will just be putting minimum payments on them and then having no money to even do anything else for the month”source ↗
“Overall, I am at a loss on what my path should be to try and right this ship.”source ↗
Where this came up
People with this problem also raised
- 6How to pay off massive business EIDL and credit card debt
- 3How to handle sudden unexpected debt and a drained emergency fund
- 3Why is there no spending limit or fraud detection for sudden credit spikes?
- 10Why does supporting family financially feel so overwhelming?
- 2How to handle massive debt while still in school
- 3How do I get off my parents' credit card without ruining my credit?