Credit Card Debt advice PLEASE!!!!!!!

[Anonymous]

Tons of good advice here. Good luck to you. Let us know how things are going and what you ultimately decide to do. 

[HeavenOhio]

Additional thoughts:

After paying off a card, it's very important to check the following month's statement because you'll likely be billed for a little bit of trailing interest. It'll likely be a tiny amount of money that you'll be able to pay immediately. Continue to check statements after that, even when you expect balances to be zero, just to make sure they're zero.

Also, each month, you'll want to make sure each card stays below the 88.9% level shown in the list a few posts above. There'll be a scoring advantage with no cards being maxed, but more importantly, lenders are much happier when no card is maxed.

Lastly, I'm amending my suggestion for your payment to Compass to "minimum plus $100" because it's currently close to maxed. You don't want interest to max it.

Capital One -- $2,000
Amazon -- $2,300 (paid off)
MSCU -- $300
Walmart -- $100
SamsClub -- $100

Amex Delta -- $800
Compass -- minimum plus $100
Regions Bank -- minimum
Bancorp South -- minimum
Macy's -- minimum
NFCU -- minimum
——————
Total: $5,700 plus minimums

Balance transfer: $4,000 from Capital One

[medicgrrl]

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@newyearnewcredit wrote:
@medicgrrl: I will have about 4,000/month to pay towards the cards. This month I will have 10,000-11,000 because of a bonus I'm receiving. I will also receive another bonus next month in the amount of $4000 for finishing a travel contract so I plan on applying that as well as my $4000 I've already allocated per month

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Amazon 2300/2370~26.49% Payoff in May
Macy's 5000/7000~25.99% Payoff in May
Capital One 13,499/13500 ~25.65%- Payoff June-August (8+4+1500)
Walmart 1671/1800~23.40% Payoff in May
SamsClub 1300/1400~23.40% Payoff in May
Amex Delta 800/1000~ 19.99% Payoff in May or June depending on final amount you have available
NFCU:11,000/17300 17.65% Payoff 2500 in August, remaining in Sept & October
Compass 7000/8000 ~13.99% November & December
MSCU 3661/3800 ~13.75% January
Regions Bank 2500/3000~ 13.74% February
Bancorp South 2463/3000~ 13.40% February & March

Payoff the bolded accounts this month and work your way down the list....you'll be debt free by April

[HeavenOhio]

medicgrrl, I like both your suggestion and mine.

newyearnewcredit mentioned that the AMEX Delta is her daily driver and that it's always paid in full. At this point, we've both been including in our suggested payoff plans. But it's possible that her AMEX money is something she has anyway. If that's the case, she'll have a little extra cash to put toward her ongoing balances, and we'd be able to disregard it.

newyearnewcredit, can you clarify how that card fits into the scheme of things?

[newyearnewcredit]

I have 2 Amex's-the Gold Delta card and my Plat charge card. The charge card is my daily driver

[newyearnewcredit]

The gold delta I use specifically for flights/deals

[HeavenOhio]

My plan didn’t account for spending $11,000. So here’s an amended version, which puts all of the additional money toward paying off Macy’s.

Macy's -- $5,000 (paid off)
Capital One -- $2,000
Amazon -- $2,300 (paid off)
MSCU -- $300
Walmart -- $100
Sam’s Club -- $100
Amex Delta -- $800
Compass -- minimum plus $100
Regions Bank -- minimum
Bancorp South -- minimum
NFCU -- minimum
——————
• Total: $10,700 plus minimums
• Balance transfer: $4,000 from Capital One

Here’s a slight variation of medicgrrl’s plan. The modifications are that it gets every card down to 88.9% or below immediately and that it transfers balance from Capital One. Down the road, the Capital One portion of medicgrrl’s plan would happen more quickly, and the NFCU portion will take a little longer.

Amazon 2300/2370~26.49% -- $2,300 (paid off)
Macy's 5000/7000~25.99% -- $5,000 (paid off)
Capital One 13,499/13500~25.65% -- minimum plus balance transfer
Walmart 1671/1800~23.40% -- $1,671 (paid off)
Sam’s Club 1300/1400~23.40% -- $1,300 (paid off)
Amex Delta 800/1000~ 19.99% -- $800 (pay less in May and pay off in June if funds aren’t available)
NFCU:11,000 15000/17300 17.65%  -- minimum
Compass 7000/8000 ~13.99%  -- minimum plus $100
MSCU 3661/3800 ~13.75%  -- $300
Regions Bank 2500/3000~ 13.74%  -- minimum
Bancorp South 2463/3000~ 13.40%  -- minimum
——————
• Total: $11,471 (including AMEX PIF) plus minimums
• Balance transfer: $4,000 from Capital One

My plan puts a little more emphasis on interest while medicgrrl’s snowballs two additional cards. Those two cards also have high interest, so the monetary cost isn’t much. As I said, I like both options. If it were me, because of the nice touchy-feelies that would come along with it, I’d go with medicgrrl’s snowball (with the modifications to “un-max” all cards).