cancel
Showing results for 
Search instead for 
Did you mean: 

Credit card debt!!!

tag
kobe2012
Established Contributor

Credit card debt!!!

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!


Starting Score: MYFICO 12/30/15 -TU: 481, EQ:561, EX:532 - BK7 DISCHARGED 12/2015 - Current: 09/01/2016 TU:642 EQ: 651 EX: 646
NFCU cashRewards:$6200 QS:$1500 Merrick:$1200 Cabelas:$1000 SonyVisa: $500 JCrew:$850 Overstock:$850 Express: $1050 PaypalCredit:$2150 NAVCHECK:$10K
Message 1 of 64
63 REPLIES 63
CreditExpressNJ
Established Contributor

Re: Credit card debt!!!

I'd say stop saving and with the 1k a month that you were saving allocate what you have saved so far to pay the cards down starting with the highest interest then pretend you are still saving that 1k a month but put it toward credit cards ... AND DONT USE THEM ... The way i'm understanding it is that you were able to save 1K a month and still cover ur natural month to month expenses so use the same method to pay them down except instead of putting it into a savings put it toward your cards...
CH7 Filed (3/29/17) - 483 EX 516 EQ 517 TU Discharged (5/31/17) - 559 EX 538 EQ 501 TU Current (1/18/22) - 690 EX 683 EQ 671 TU
Current Cards

Message 2 of 64
myjourney
Super Contributor

Re: Credit card debt!!!

Great group of help and people 

http://ficoforums.myfico.com/t5/Credit-Cards/The-GREAT-CC-Payoff-Challenge/td-p/2689987

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 3 of 64
kobe2012
Established Contributor

Re: Credit card debt!!!

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 Man Sad


Starting Score: MYFICO 12/30/15 -TU: 481, EQ:561, EX:532 - BK7 DISCHARGED 12/2015 - Current: 09/01/2016 TU:642 EQ: 651 EX: 646
NFCU cashRewards:$6200 QS:$1500 Merrick:$1200 Cabelas:$1000 SonyVisa: $500 JCrew:$850 Overstock:$850 Express: $1050 PaypalCredit:$2150 NAVCHECK:$10K
Message 4 of 64
myjourney
Super Contributor

Re: Credit card debt!!!


@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 Man Sad


Don't lose hope sit down think carefully and make a long term plan 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 5 of 64
fot1
Established Contributor

Re: Credit card debt!!!


@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

Too many to list..
Message 6 of 64
CreditExpressNJ
Established Contributor

Re: Credit card debt!!!

Yes BK is not the solution here ... I'm pretty sure you can do it with time.. THink of it like this FICO has no memory of balances make the minimum on all cards put alot toward one til its 0 then continue the cycle ... Yes it may take a year but at the end of that year you will see you dodged BK , your CS has recovered and you will have gained more AAoA... so whats not to consider..
CH7 Filed (3/29/17) - 483 EX 516 EQ 517 TU Discharged (5/31/17) - 559 EX 538 EQ 501 TU Current (1/18/22) - 690 EX 683 EQ 671 TU
Current Cards

Message 7 of 64
vpae
Established Contributor

Re: Credit card debt!!!


@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 Man Sad


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.

12/19/19 06/11/20 07/02/20
Total CL: $708,900. Largest CL: Amex Bonvoy Brilliant $70K. Apple Card $40K. Chase Ritz Carlton $35K. Mouseover for individual CLs
Message 8 of 64
FocusedAndDetermined
Senior Contributor

Re: Credit card debt!!!

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.

Message 9 of 64
Rhaeny
Valued Contributor

Re: Credit card debt!!!


@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.

 

 

 

 


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Message 10 of 64
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.