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its been a while since I last posted. I was on this forum every day while rebuilding for almost two years. Well, after having a bad credit for 6 years, I finally got into prime.. went from low 500's to low 700's... Middle of 2013 I got nice cards, found ways to get high limit cards and now, I dug myself a big hole... Am looking for advise on how to pay down my cards... Here are my balances::
CSP: 4800/5000
SLATE: 2000/3000
MARRIOTT: 4500/5000
CAPONE: 2000/2500
CAPONE : 3200/4000
DISCOVER: 1600/1900
BARCLAY: 3600/4000
CITI: 1700/2000
AMEX: 150/1000
WALMART: 3700/8000
GAP: 2300/5000
CHEVRON: 100/5000
CU LOAN: 4600/5000
I have a car loan that's $20000 which is $450 from my credit union. No rent payment, just other utilities totaling $300 a month. Income is around $60k .... I don't know why I did this to myself .. first time I ruined my credit was when I was young and dumb but my debt was only $6k ... I want to cut my debt in half at least until the end of this year but don't know how it is possible. I started saving $1k a month since january of this year. Should I keep saving $1k and pay minimum on each card, then pay off some of the balances at the end of the year???? Please helppppp!
Great group of help and people
http://ficoforums.myfico.com/t5/Credit-Cards/The-GREAT-CC-Payoff-Challenge/td-p/2689987
I cut my cards and kept 1 or 2 cards. In my head bankruptcy is the only way but I wouldn't go that route. I worked so hard on my credit but what's the point if I'm back on where I was @.... Frustrating
@kobe2012 wrote:@I cut my cards and kept 1 or 2 cards. In my head bankruptcy is the only way but I wouldn't go that route. I worked so hard on my credit but what's the point if I'm back on where I was @.... Frustrating
Don't lose hope sit down think carefully and make a long term plan
@kobe2012 wrote:its been a while since I last posted. I was on this forum every day while rebuilding for almost two years. Well, after having a bad credit for 6 years, I finally got into prime.. went from low 500's to low 700's... Middle of 2013 I got nice cards, found ways to get high limit cards and now, I dug myself a big hole... Am looking for advise on how to pay down my cards... Here are my balances::
CSP: 4800/5000
SLATE: 2000/3000
MARRIOTT: 4500/5000
CAPONE: 2000/2500
CAPONE : 3200/4000
DISCOVER: 1600/1900
BARCLAY: 3600/4000
CITI: 1700/2000
AMEX: 150/1000
WALMART: 3700/8000
GAP: 2300/5000
CHEVRON: 100/5000
CU LOAN: 4600/5000
I have a car loan that's $20000 which is $450 from my credit union. No rent payment, just other utilities totaling $300 a month. Income is around $60k .... I don't know why I did this to myself .. first time I ruined my credit was when I was young and dumb but my debt was only $6k ... I want to cut my debt in half at least until the end of this year but don't know how it is possible. I started saving $1k a month since january of this year. Should I keep saving $1k and pay minimum on each card, then pay off some of the balances at the end of the year???? Please helppppp!
So you should have $3k in savings.. Pay the Chevorn,Amex,Discover and As much as the citi card off.. Next month take the $1000 plus all the $25/$50 dollars payments you were making to the cards that you just paid of and attack the rest of Citi then move to the next lowest card... Lather rinse and repat.. Keep rolling the monthly payments you were making on the paid off cards into the next card, 3 years you could be paid off
@kobe2012 wrote:@I cut my cards and kept 1 or 2 cards. In my head bankruptcy is the only way but I wouldn't go that route. I worked so hard on my credit but what's the point if I'm back on where I was @.... Frustrating
No worries! Without rent, I think you're still in good shape and far from bankruptcy, just have to be diligent around paying your debt down and not adding any more to it. Create a budget if you don't have one already, find out how much money you have left over each month after the minimum payments and other expenses, sort by interest rate and then you'll have a plan to pay it all down.
You need to set a budget. Cut out all the things you don't need. Necessities only! Cash-and-carry should be your motto until you get back on track. As someone else suggested apply the $1k you would have put in savings to your balances, paying the most to your highest interest card. You'll be surprised how fast you see yourself getting out of debt, but you must stick to a strict budget.
Keep us posted on your progress.
@myjourney wrote:Great group of help and people
http://ficoforums.myfico.com/t5/Credit-Cards/The-GREAT-CC-Payoff-Challenge/td-p/2689987
This ^^^^^^^^^^^
+1000000000
BK is not the way to go right now. You will be screwed for 7 to 10 years on debt that you have the ability to pay (according to your post anyway). The problem with CC debt is the devil called interest. You can do it so start reading up on how to strategize and get your debt paid off with the least amount of money out of your pocket.