Have a bit of credit card debt. Need some ideas

[JKSIMMONS]

I find myself in a bit of debt for numerous reasons, none of which justify my situation. None the less, I find myself trying to fix the problem and would like some perspective from you guys. I really don't care about how this effects my credit score all that much. My goal is to pay it down as quickly and as efficiently as possible.

Here is where I currently stand.

1. Amex BCE                          $1,900/$2,000       0% until 1/1/14
2. Discover                             $3,350/$3,500      0% Until 1/1/14
3. Chase Slate                      $4,850/$5,200       0% until 1/1/14

4. NFCU Platinum                $7,350/$14,500        7.99%
5. NFCU Flagship                $5,900/ $8,500        16.95%

I never use the Platinum card. It was obtained using my wife's credit (hence the rate) and my idea was to put any emergency expense or balance I couldn't pay off on that card. It's since spiraled out of control but you get the point.

The NFCU cards regularly have 0% balance transfer offers. Usually once or twice a year for 12 months or so. I am very confident I will be able to take advantage of one of those offers around the end of the 0% offers expiring at the beginning of the year.

My plan is to try and pay down the Flagship card with the highest rate as much as possible to make room for the eventual BT of the current 0% cards when they expire. It's just so tempting to try and attack the smaller cards first. If I can't pay down the NFCU cards after the BT of the 0% cards, I would try and do another BT if possible but that would be 20 months away at least.

Ultimately I want to pay this off and free up cash as I have student loans I want to address. I don't have a large sum of cash I can throw down but my wife and I do receive two extra paychecks a year each due to bi-weekly pay schedules.

What do you guys think?

(I don't mean to be rude, but please refrain from any credit card debt speeches. I know why i'm here and I know where I screwed up. Just looking for some perspective)

Thanks everyone!

[CashOnDelivery]

I would bring that Discover under the limit and bring down the AMEX. Then attack the NFCU Flagship for the time being.

[JKSIMMONS]

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@CashOnDelivery wrote:

I would bring that Discover under the limit and bring down the AMEX. Then attack the NFCU Flagship for the time being.

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oops! That was a typo on discover. I apologize. It's actually $3,350. You answer still makes sense though. I'll start on the flagship.

[DaveSignal]

The first step is to stop using the cards quite so much and try to plan purchases so they are more in-line with your monthly income.  I don't usually purchase things that I can't afford to pay for entirely when the bill comes.  

I do also occasionally take advantage of the great NFCU 0% BT offers to finance things, but I always have a plan before I do it and calculate exactly how much I need to pay each month to fully pay the debt without paying interest.

You can do it.  Its really not an overwhelming amount of debt, and you aren't even paying interest on most of those cards.  Just slow down your spending and make a payment plan.

[plasectomy]

I would do this the mathematical way since your score isn't the top priority. Here would be the steps I would take to pay down the debt and pay as little as interest as possible:

1. Stop using the cards if possible.

2. If you've had the flagship for at least 12 months, call NFCU for recon on the flagship APR. If approved for 9.99%, leave your cards as is. If not, proceed to #3.

3. Since you can't BT from NFCU to NFCU, write a convenience check to yourself out of your Platinum and pay off the Flagship balance ASAP. This will give you a balance of 13250 on your platinum. The cash advance rate is 2% above your variable APR, which in your case would be reasonable at 9.99%. Definely beats 16.95%.

4. Pay minimum payments on your other three CC's and ATTACK the platinum account with as much cash as you can.

[enharu]

Pay down your highest apr card first followed by the 2nd highest apr card, etc.

More importantly, you also will need to set a budget and stick to it.

[BigBS]

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@ojjlkjlkj wrote:

I would do this the mathematical way since your score isn't the top priority. Here would be the steps I would take to pay down the debt and pay as little as interest as possible:

1. Stop using the cards if possible.

2. If you've had the flagship for at least 12 months, call NFCU for recon on the flagship APR. If approved for 9.99%, leave your cards as is. If not, proceed to #3.

3. Since you can't BT from NFCU to NFCU, write a convenience check to yourself out of your Platinum and pay off the Flagship balance ASAP. This will give you a balance of 13250 on your platinum. The cash advance rate is 2% above your variable APR, which in your case would be reasonable at 9.99%. Definely beats 16.95%.

4. Pay minimum payments on your other three CC's and ATTACK the platinum account with as much cash as you can.

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I agree with this plan.

[Pupeitmeister]

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@hwturner17 wrote:

I find myself in a bit of debt for numerous reasons, none of which justify my situation. None the less, I find myself trying to fix the problem and would like some perspective from you guys. I really don't care about how this effects my credit score all that much. My goal is to pay it down as quickly and as efficiently as possible.

Here is where I currently stand.

1. Amex BCE                          $1,900/$2,000       0% until 1/1/14
2. Discover                             $3,350/$3,500      0% Until 1/1/14
3. Chase Slate                      $4,850/$5,200       0% until 1/1/14

4. NFCU Platinum                $7,350/$14,500        7.99%
5. NFCU Flagship                $5,900/ $8,500        16.95%

I never use the Platinum card. It was obtained using my wife's credit (hence the rate) and my idea was to put any emergency expense or balance I couldn't pay off on that card. It's since spiraled out of control but you get the point.

The NFCU cards regularly have 0% balance transfer offers. Usually once or twice a year for 12 months or so. I am very confident I will be able to take advantage of one of those offers around the end of the 0% offers expiring at the beginning of the year.

My plan is to try and pay down the Flagship card with the highest rate as much as possible to make room for the eventual BT of the current 0% cards when they expire. It's just so tempting to try and attack the smaller cards first. If I can't pay down the NFCU cards after the BT of the 0% cards, I would try and do another BT if possible but that would be 20 months away at least.

Ultimately I want to pay this off and free up cash as I have student loans I want to address. I don't have a large sum of cash I can throw down but my wife and I do receive two extra paychecks a year each due to bi-weekly pay schedules.

What do you guys think?

(I don't mean to be rude, but please refrain from any credit card debt speeches. I know why i'm here and I know where I screwed up. Just looking for some perspective)

Thanks everyone!

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Normally I would plug the GREAT CC PAYOFF CHALLENGE thread... but I have been busy lately, and haven't had a chance to get back into it for a little bit..

SO.. I assume the 0% ends in 2015, not 2014, since we are allready there, if not, we will need updated interest rates to give you the "most efficient way" to pay this down.

Also, Do you have a set amount each month to put towards this debt? or are you living check to check and only have the 2 extra paychecks per year in your budget, per working person ? (Bi weekly budgets save money too, instead of monthly... PM me if you need assistance with an explaination here).

If the above is accurate, then Just keep plugging along and follow the great previous advice..

Best of luck to you, and just remember, all things are possible when you set your mind to it.

Pup.

[Creditaddict]

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@hwturner17 wrote:

I find myself in a bit of debt for numerous reasons, none of which justify my situation. None the less, I find myself trying to fix the problem and would like some perspective from you guys. I really don't care about how this effects my credit score all that much. My goal is to pay it down as quickly and as efficiently as possible.

Here is where I currently stand.

1. Amex BCE                          $1,900/$2,000       0% until 1/1/14
2. Discover                             $3,350/$3,500      0% Until 1/1/14
3. Chase Slate                      $4,850/$5,200       0% until 1/1/14

4. NFCU Platinum                $7,350/$14,500        7.99%
5. NFCU Flagship                $5,900/ $8,500        16.95%

I never use the Platinum card. It was obtained using my wife's credit (hence the rate) and my idea was to put any emergency expense or balance I couldn't pay off on that card. It's since spiraled out of control but you get the point.

The NFCU cards regularly have 0% balance transfer offers. Usually once or twice a year for 12 months or so. I am very confident I will be able to take advantage of one of those offers around the end of the 0% offers expiring at the beginning of the year.

My plan is to try and pay down the Flagship card with the highest rate as much as possible to make room for the eventual BT of the current 0% cards when they expire. It's just so tempting to try and attack the smaller cards first. If I can't pay down the NFCU cards after the BT of the 0% cards, I would try and do another BT if possible but that would be 20 months away at least.

Ultimately I want to pay this off and free up cash as I have student loans I want to address. I don't have a large sum of cash I can throw down but my wife and I do receive two extra paychecks a year each due to bi-weekly pay schedules.

What do you guys think?

(I don't mean to be rude, but please refrain from any credit card debt speeches. I know why i'm here and I know where I screwed up. Just looking for some perspective)

Thanks everyone!

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are these over now or not until 2015?

[JKSIMMONS]

So sorry guys. Those end in 2015. I appreciate all the good advice. I feel like it was stuff I already knew but just needed to hear it from someone else. Now there ain't nothin to do but to do it