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Regular Contributor
s_rob7488
Posts: 159
Registered: ‎03-25-2012

If someone could shed some advice..

[ Edited ]

Hello all, I find myself going backwards as I see my cc statements roll in....bottom line, spending too much. I have balances on my CSP (1248 avail 7606) Freedom (1904 avail 4016-I knew this one was going to be high as I bought airline tickets and is still 0%) Discover (1184 avail 2315 still 0%) Citi (3754 avail 2345 still 0%) BCE (103 avail 1894-going to pay the 103 next statement and transfer limit to delta card) PRG (167) Delta (673 avail 1304-been using to get $500 to get add'l 30k bonus miles so that was expected also) and BofA (694 avail 6804 still 0% thru 4/18/13). Just got HHonors reserve to get 2 free nights after 3k spent only charged maybe 50 bucks to it as I just got it yesterday. My plan is to not use any card except the HHonors reserve card until I hit the 3k mark as it is 15% interest but I know that I can pif when I get the statement. Basically I would like some help to gain my self control back as the balances in my mind make me cringe everytime I sign into an account. I haven't spent out of my means for a very long time and I guess now it appears I am sitting with my pants around my feet and am not sure what to do. I know as it stands now I have 0% on the Citi, BofA, Discover and Freedom. I would like to do some sort of balance transfer(s) and only use the HHonors card. Any advice or words of wisdom would be appreciated. 

 

Edited to say that my feet are firmly planted in the garden and need to be for quite sometime.

Valued Contributor
tcbofade
Posts: 1,990
Registered: ‎09-26-2011

Re: If someone could shed some advice..

Make bigger payments, charge less to your credit cards.

 

I know that isn't what you're wanting to hear, but it really is that simple.


Current Scores: EX 676 (FCR) TU08: 648 Wally (TU08). 07/01/14 Last app 05/29/2014.
Gardening until 01 November 2014.
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Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012

Re: If someone could shed some advice..

+1

Valued Contributor
chnceit
Posts: 1,524
Registered: ‎08-17-2008

Re: If someone could shed some advice..


tcbofade wrote:

Make bigger payments, charge less to your credit cards.

 

I know that isn't what you're wanting to hear, but it really is that simple.


+1

 

Also when one gets so much new cards and want to get the sign up bonus you put yourself in that bind. Make larger payments or stop using your credit cards before you cant get yourself out. 


$100K in Credit
Last Credit Card App: 11/16/13
Regular Contributor
s_rob7488
Posts: 159
Registered: ‎03-25-2012

Re: If someone could shed some advice..

I got the delta and only had to meet $500. That's not an issue at all. I understand I overspent my question tho besides not using the cards is there anything. I should do to consolidate the balances? I don't mind some harshness as it is a stupid lack of judgment on my part.
Valued Contributor
chnceit
Posts: 1,524
Registered: ‎08-17-2008

Re: If someone could shed some advice..


s_rob7488 wrote:
I got the delta and only had to meet $500. That's not an issue at all. I understand I overspent my question tho besides not using the cards is there anything. I should do to consolidate the balances? I don't mind some harshness as it is a stupid lack of judgment on my part.

If I were you and couldnt pay off the balances ASAP then I would BT to my highest limit card with the longest 0% interest so you have one payment


$100K in Credit
Last Credit Card App: 11/16/13
Established Contributor
ztnjpv
Posts: 726
Registered: ‎02-01-2012

Re: If someone could shed some advice..

[ Edited ]

My first question is this:

 

Are you paying interest charges? Because if you are, then all those bonuses are completely and utterly worthless. Rewards pale in comparison to interest. Never forget that.

 

Secondly: Do any of your zero interest cards allow for transferring balances with no fee? If they do, I would do that in a hurry. 

 

Thirdly: Can you pay all these cards off over the next month? Because if you can, I would forego anything and everything that can wait and DO IT. 


Starting Scores (Sept 2011): All lower-mid 600s. CURRENTLY: TU FICO: 801 (3/28/14), EQ FICO 808 (3/28/14), EX FICO 798 (9/4/13) (PSECU). Goal: Achieved! Now Maintain!
Regular Contributor
s_rob7488
Posts: 159
Registered: ‎03-25-2012

Re: If someone could shed some advice..

The HHonors reserve card that I got to get the 2 free nights has interest, yes. Rate is 15.24%. It is the same thing as my CSP in terms of interest and I have never paid interest on the CSP I always pay in full even when the statement balance was close to 3k. I got the card because my intention is to only use it over the next month or two to meet the requirement and save myself $500. I know the Citi diamond preferred I can transfer to as I get the checks and offers in the mail all the time, but they charge 3%. Discover online doesnt have balance transfer info available to me says that I need to call in to ask about BT's which I will do. Bank of America offer is 0% through Jan 2014 fee of 4%. As far as time frame, I would like to think that within 2 months (3 max) I could have everything paid off. My wife and I both know that it is an issue and have already set budgets for our spending so I know we will be fine. Just a little nerve racking to know that I was stupid enough to get such high balances. 

Valued Contributor
SnackTrader
Posts: 1,558
Registered: ‎09-15-2012

Re: If someone could shed some advice..

I'm sorry to hear you got yourself into this predicament, but don't worry - there is a way out, but it may take some time.

What does your family do for budgeting? Have you sat down with a spreadsheet recently and laid out your income and monthly REQUIRED expenses to find out what is left over? If not, I suggest you do that immediately.

You need to figure out how much money you have left every month after mortgage/car payments and electricity bills and thing like that. Then set a goal for other spending, for example only $300 a month for food even if it means only sloppy joes, or only drive to and from work at night to save on gas and not tempt yourself with unnecessary spending. And stay at home on weekends too All money left needs to go towards your high interest credit cards.
Then, track your progress. If you said you wanted to pay an extra $200 on CCs in January and you only paid $150 you need to figure out what isn't working. Get a plan to pay down this debt in 6-12 months. It will not be easy, but it has to be done.

Good luck!

In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014

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