cancel
Showing results for 
Search instead for 
Did you mean: 

Help!! I need to pay off my credit cards!

Moderator Emerita

Re: Help!! I need to pay off my credit cards!

Message 31 of 41
Regular Contributor

Re: Help!! I need to pay off my credit cards!


shalane85 wrote:
Okay, I need some advice on how do I best pay off three of my high limit credit cards! One is capitol one, $7500 limit, 0%, two navy Feds , $6k @ 10.99%, and $10k @ 7.9%. Minimum payments are $74, $188, and $115.

Since your balances are relatively close (within 3k of each other), perhaps paying at least the minimum due (plus extra to cover the interest ) and then using the extra money to pay more on the card with the highest interest) might make a noticable difference?

 

For me, it was discouraging to make a payment just to see the interest gobble it up (3 steps forward and at least 1 back). In my case, for the cards with low balances that I can pay down to, or maintain, at least 9% utilization each month works. Then paying extra toward the higher interest cards helps. 

 

Recently I found a pretty decent free snowball calculator on the vertex42 website.

 

Good luck and please post your progress. 

Back in the garden until 10/2015.

Starting Score: EQ 714, EX 658, TU 691 (pulled by mortgage lender on 10/7/14)
Current Score: EQ 656, EX 660, TU 660 (FAKOS pulled on 3/26/15)
Goal Score: EQ 760, EX 700, TU 760


Take the myFICO Fitness Challenge
Message 32 of 41
Contributor

Re: Help!! I need to pay off my credit cards!

SNOWBALL!!!


IN THE GARDEN TILL 7/1/14!!!
Message 33 of 41
Established Contributor

Re: Help!! I need to pay off my credit cards!

It really doesn't matter. Just pick one and pay pay pay

Capital One Quicksilver Visa | Capital One Quicksilver Matercard | Sony Visa | ebay Mastercard | Best Buy Visa| Shell Mastercard | CareCredit | Amazon Rewards Visa | Discover it | Lowes | Home Depot | Chase Freedom | Ebates Visa | TJMAX Platinum MasterCard | Stash Signature Visa | Hilton Amex | Bank of America Cash Rewards Visa | Bank of America Better Balance Rewards Visa | US Bank Cash Rewards | Blue Cash AMEX | IHG Rewards Club World Mastercard | Barclay Cash Foward World Mastercard | Bank of America Travel Rewards Visa | US Bank Cash 365 AMEX | Amex Everyday | Target | CITI Double Cash | WELLS FARGO PROPEL AMEX | Royal Carribean Visa | AARP REWARDS VISA | BEst Western Mastercard
Message 34 of 41
Frequent Contributor

Re: Help!! I need to pay off my credit cards!

It absolutely matters. By the way Cap One is 17% so they have to go first.
-------------------------------------------------------------------------------------------------Fico Score Range 600-625 across the board
Message 35 of 41
Frequent Contributor

Re: Help!! I need to pay off my credit cards!

Nobody seems to suggesting that you try to cut your existing expenses to pay down the balance so I would do the same. You should look at all the bills and try to cut your expenses ( cable & cell phone). Credit card interest takes away your future consumption so it is good to hear that you want to pay off your cc debt. Keep us updated on your progress. Bet of luck.


PNC Secured 2000 (Dec12), Chase Amazon 2000 (Apr13), CapOne Newcomer 2500 (May13), Citi dividend 3000 (May13), Discover IT 1000 (Jul13), Amex BCP 6000 (Jul13), Chase Southwest 10000 (Jul13), Chase Marriott 12000 (Oct 13), BofA Travel Rewards 5000 (Dec13)

- In garden till Dec 2014
Message 36 of 41
Valued Contributor

Re: Help!! I need to pay off my credit cards!

Here is a FREE online snowball calculator.  You just enter your information and they give you all sorts of variations to pay your debt off.  I use it and I really love it because it lets me see how much interest I will pay running different what-if scenarios.  I think you should try it OP so that you can better understand your situation.

 

UnDebit IT


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 37 of 41
Frequent Contributor

Re: Help!! I need to pay off my credit cards!

I think I will cut some expenses like cable and Internet to save money. I work a lot so I won't miss the cable as much.
-------------------------------------------------------------------------------------------------Fico Score Range 600-625 across the board
Message 38 of 41
Established Contributor

Re: Help!! I need to pay off my credit cards!

Everyone has their own method ... Some prefer the snowball ignoring the interest you are paying on the other cards. Some prefer to pay off the highest interest regardless of balances. You have to pick what is right for you.  But the best way to pay it off is to cut back on all unneeded spending and pay as much as you possibly can. I know exactly where you are coming from  my balance on my NFCU card in march of last year was maxed to $20,000  my psecu card had $2,954.60  and my alliant card had $2,459.03 and after good bonuses , promotions and raises. As of today there is only 500.00 left on the NFCU card and by the end of the month that will be done!  Just keep focused and do a budget. You got this!

Message 39 of 41
Frequent Contributor

Re: Help!! I need to pay off my credit cards!

Thank you so much for the encouraging words. I feel so empowered. I'm going to knock this debt out as soon as possible. I will keep everyone posted.
-------------------------------------------------------------------------------------------------Fico Score Range 600-625 across the board
Message 40 of 41