Carryover from the 100,000 board.

[MercyMe]

One card, two cards, three cards too many! 

Per the most recent full credit report from Equifax, and for those who inquired, the cards I have and the limits on them are as follows. The balance due follows the limit.

AmEx Hilton:  6500/2535

AmEx Blue:    3100/752

Amazon/Synchrony:  4700/128  *pay off in progress

BOA Reward:  4500/748     *0% balance transfer offer until Feb 2017

BOA Outdoor:  3500/850    *0% balance transfer offer until Feb 2017

Brandsmart:  6400/0

Care Credit:  10,000/4685   *0% for the next 9 months.

Capital One:  4000/2016

Citi Thank You:  5300/2840

Citi Simplicity:  7600/1974

Citi/Home Depot: 3000/312  *The last time this card showed a 0 balance the credit limit was decreased by $500.  I keep a balance on it, then.

Comenity/Bjs:  3500/1025

Discover:  6500/1700       *0% balance transfer available for another 7 months.  

JCP/Synchrony:  5100/1965

Target: 800/0        *rebuilder card.  CLD to $800 from $1100 2 years ago. 

GM Flex:  750/0    *rebuilder card, never an increase after 5 long years.

What to do, what to do?

I so want to thank all of you for your sound advice.  It's always so greatly appreciated!

[MissMoni223]

Hi! The first thing that I suggest is to create a budget/timeline to completely PAY OFF the cards that you're paying interest on. A rule of thumb is to not spend more than you can afford to pay.  You want to keep your overall utilization low (some say under 30%, I vote for under 10%). Focus on Step 1 before proceeding to Step 2.

[MercyMe]

Thank you for your response!  You give good advise.  I've been working hard at paying everything down and have transfered some high interest balances to 0% cards.  Doing so, with a few, has helped reduce the debt, substantially, over a relatively short period of time, and that has been most encouraging.

My goal is to have all of the debt paid off within a year, though budgeting is difficult, at best, for all who depend upon my income and credit, like an aging parent who insists upon living on his own, no matter that he can't afford to, and two disabled children who seem to always need something that insurance doesn't provide.  So much of my debt is related to medical expenses, and I see no end to that.  Not for a very long time.

[Anonymous]

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@MercyMe wrote:

One card, two cards, three cards too many! 

Per the most recent full credit report from Equifax, and for those who inquired, the cards I have and the limits on them are as follows. The balance due follows the limit.

AmEx Hilton:  6500/2535

AmEx Blue:    3100/752

Amazon/Synchrony:  4700/128  *pay off in progress

BOA Reward:  4500/748     *0% balance transfer offer until Feb 2017

BOA Outdoor:  3500/850    *0% balance transfer offer until Feb 2017

Brandsmart:  6400/0

Care Credit:  10,000/4685   *0% for the next 9 months.

Capital One:  4000/2016

Citi Thank You:  5300/2840

Citi Simplicity:  7600/1974

Citi/Home Depot: 3000/312  *The last time this card showed a 0 balance the credit limit was decreased by $500.  I keep a balance on it, then.

Comenity/Bjs:  3500/1025

Discover:  6500/1700       *0% balance transfer available for another 7 months.  

JCP/Synchrony:  5100/1965

Target: 800/0        *rebuilder card.  CLD to $800 from $1100 2 years ago. 

GM Flex:  750/0    *rebuilder card, never an increase after 5 long years.

What to do, what to do?

I so want to thank all of you for your sound advice.  It's always so greatly appreciated!

---

Obviously if you are in a bind then you are in a bind. Transferring to 0% balances is a good short term solution to help you make progress on your balances. However it seems that you need a game plan. Here is how i would (and did when I was in a somewhat similar situation): 

1. Is your debt going up or down? 

2. If your debt is going down, is this only because you haven't had any big medical expenses lately? 

If the debt is either not going down, OR if it is going down because you haven't had big expenses but is bound to balloon again when that happens, you need either extra income or you need to cut costs. There is just no other way. I know cutting costs seems painful and it sounds like starting a side gig is not really an option for you (with your kids and parent and all sucking time) but if you get into debt you will have to cut costs even more down the road. 

Now if you are having about the frequency of expenses you expect to be normal and your debt is still going down, then you should be in good shape. Just keep paying your cards down as fast as you can and stop putting charges on the non-0% ones. Then if and when they are all paid down, start putting money away in a dedicated savings account every month. If you know you are gonna have medical expenses, then plan for it even when you don't have them. 

Good luck! Rooting for you!

[MercyMe]

Thank you, LearningFast14.  You're so very kind. 

Yes, the debt is going down as medical expenses  decline.   It's been near a year since my 24 year old was involved in an automobile accident (not his fault) that, among other things, near took off his right foot.  He was insurgery for 7 hours, in the hospital for 9 days, and in a wheel chair, thereafter, for over 8  months.  He's been walking, with some difficulty, for a little more than a month now, and was able to go back to work a couple of weeks ago, but for now, his activities are limited and arthritis is setting into the foot due to the damages done, so he won't make a full recovery, and might well suffer further damage.  There's no chance of suing.

Neither he nor the driver at fault, who sustained minor injuries in the crash,  had adequate insurances so the medical expenses have been astronomical!  The hospital bill alone exceeds $140,000!  Physical therapy, after 6 sessions, is billed at the reduced rate of  $75 an hour, twice a week; but thank God the orthopedic surgeon who performed no less than a miracle isn't charging for follow up visits. 

It's been a lesson well learned;  that being,  it isn't enough to carry uninsured motorist.  One must, must, must carry, at least, $100,000 in underinsured motorist protection. My son did not.   Needless to say, he does now. 

As for my Autistic child?  It is what it is.  His expenses pretty much stay the same, but for such things as  the $1800 psychological that's coming up in October that will be paid out of pocket.   I'm putting cash aside for that. 

Things are looking better, at least for now, with the exception of my father who yet refuses to pack it in and come live with me, which would be a whole lot cheeper. Not only wouldn't I have the constant worry,  I wouldn't have to travel the 800 miles, round trip, to see to his needs, at least twice a month.  He becomes highly agitated when I send people in to check on him, in between visits, which is mandatory because he insists upon living  like a recluse in a very rural part of the state and won't give up his Harley, and he has no use for the cell phone I've provided him.  When he doesn't answer the phone I panic.  He's pushing 80 years of age.

What lessons I've learned through so many here, at MyFico, are invaluable!   Good advice, such as your own, has saved me countless times, and I thank you.

[Kenny]

With regard to the home depot card -- the credit limit usually isn't decreased until you've not used it for many many months. Usually you get a letter in the mail as a warning, as well. You don't have to carry a balance on this card at all, unless you have promotional financing which just makes sense. I have a 25k CL on my Home Depot card and I've not used it in a long time. (The last time I used it was for plants and I promptly paid it off -- heck it could have even been for light bulbs. LOL)

[MercyMe]

:-)  Light bulbs can run into some serious money, now, you know?  The last one I purchased at the great HD cost me $14.00!  Thank goodness I didn't need 6! 

$25,000?  I'm seriously jealous!  That would so well pay for the garage door and front door this house needs desperately!  $3000 just doesn't cut it but for one or the other. 

Decisions, decisions.  I'm so tempted to apply for a Project Loan but would rather the garage door fall down than to add to the debt.  The way I see it, should a hurricane come along, I'll get a new door.  Home owner's insurance will see to that.  But of course this isn't to say that I'm hoping for a hurricane! 

[Revelate]

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@MercyMe wrote:

Thank you for your response!  You give good advise.  I've been working hard at paying everything down and have transfered some high interest balances to 0% cards.  Doing so, with a few, has helped reduce the debt, substantially, over a relatively short period of time, and that has been most encouraging.

My goal is to have all of the debt paid off within a year, though budgeting is difficult, at best, for all who depend upon my income and credit, like an aging parent who insists upon living on his own, no matter that he can't afford to, and two disabled children who seem to always need something that insurance doesn't provide.  So much of my debt is related to medical expenses, and I see no end to that.  Not for a very long time.

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I'd highly encourage anyone to check out the trial version of YNAB if one doesn't have similar already; it's simply brilliant as a budgeting software and arguably for the first time in multiple decades I really know where my cash is going in order to plan out my own financial path.  Their free education courses don't suck either.

[MercyMe]

Thanks, Relevate!  I'm going to check it out!