I hope you won't mind, Creditaddict, but I took a liberty in making a few changes to your data for my response.
First, let me say that it is a bit shocking, at first glance, but when I really started to analyze your debt, it's not nearly as bad as "first glance" might indicate. I think that the {{shock}} really comes from the number of accounts. The actual dollar amount (considering what all you included), while high for unsecured credit card debt, is really more of a molehill, and not so much of a mountain, in the greater scheme of things. Here's some examples of what I mean:
- You've included, in your debt your auto and educational loans. They're debts/liabilities for certain, but the car loan is a secured loan, and the educational loan is probably federally subsidized, at low interest, and routine installment (low impact) type debt. These two debts aren't out of proportion with what's acceptable, and what I might consider to be 'cost of living' expenses. Certainly, they're not nearly as risky as unsecured debt, so for the purposes of my thoughts, I've removed them from your original calculations.
- I also removed the NFCU secured card - I know that it reports, for the purposes of discussing the payoff of your debts, it's immaterial.
- I reordered the debts in the order that I'd give priority to payoff, in a modified debt snowball approach.
- I listed your daily card at the top, eventhough you PIF it. That's just to indicate a priority in not acquiring new debt until the old (revolving) debt is paid off.
- Eventhough you don't pay it, I kept the Toyota Visa on the list (towards the bottom of the cards with a balance), becaue you're joint on it.
Company | Date Opened | Credit Line | Balance | Utilization | Interest Rate |
| GECRB/PayPal MC - My Daily Card - PIF | 11/1/2011 | $2,000.00 | $857.08 | 43% | 23.99% |
| Bloomingdales Store - Joint - PIF this month | 4/1/2000 | $6,800.00 | $234.00 | 3% | 24.50% |
| Macy's Amex - Joint - Was $12k CL then payment plan, then $0 and closed and then they re-opened at $500 and CLI to $2k at 6 months, will probalby pay off in next 3 months or so because it's up for CLI then. | 4/1/2008 | $2,000 | $1,950.00 | 98% | 24.50% |
| GECRB/Lowes | 12/1/2011 | $500.00 | $271.33 | 54% | 24.99% |
| GEMB/Walmart | 11/1/2011 | $800.00 | $140.36 | 18% | 22.90% |
| Dillards Amex - Joint - CLD 2 months ago from $3500 - dont use | 1/1/2008 | $2,350.00 | $2,291.76 | 98% | 21.99% |
| CareCredit - Friends Account - I pay $100/m but it's not on my CR - to be PIF before 0% is up - he opened for me when my tiny dog bill went to $2600 about 8 months ago for hospital stay. she is good now! | 6/1/2011 | $5,000.00 | $1,100.00 | 22% | 0.00% |
| Barclay Apple - 0% currently | 11/1/2011 | $1,300.00 | $1,118.42 | 86% | 22.9% in July |
| Von Maur - No fees or interest ever, it auto bills minimum which is 20% of bal. not in util. | 4/1/2010 | Charge | $321.00 | N/A | 0.00% |
| Chase - Joint Closed - Paying $300/m - it's a Signature Card and High Bal is $15,900. so actually that util is wrong. | 5/1/2005 | $13,900.00 | $12,603.76 | 91% | 11.90% |
| USBank - Joint Closed - Locked in at 4.9% for 48/m at $424/m - 45 to go | 11/1/2005 | $22,500.00 | $17,380.53 | 77% | 4.90% |
| Toyota Visa - Joint - I don't pay | 1/1/2010 | $1,300.00 | $1,160.94 | | 15.99% |
| GECRB/Chevron | 1/1/2012 | $650.00 | $0.00 | 0% | 26.99% |
| Macy's Store - 6 showing!! - **info below** | 4/1/2008 | $10,700.00 | $0.00 | 0% | 24.50% |
| HSBC/Best Buy Gold MC | 7/1/2010 | $305.00 | $0.00 | 0% | 23.99% |
| Target - $300-$800/m and PIF multiple times a month... Recent surprise CLI by $500. | 8/1/2008 | $1,500.00 | $0.00 | 0% | 22.90% |
| Target | 6/1/1999 | $300.00 | $0.00 | 0% | 22.90% |
| Target | 3/1/2009 | $300.00 | $0.00 | 0% | 22.90% |
| Target | 8/1/2009 | $200.00 | $0.00 | 0% | 22.90% |
| Capital One | 12/1/2011 | $300.00 | $0.00 | 0% | 17.99% |
| Macy's Furniture Line | 1/1/2010 | $5,800.00 | $0.00 | 0% | 0.00% |
| Macy's Furniture Line | 8/1/2008 | $3,600.00 | $0.00 | 0% | 0.00% |
| HSBC/Best Buy Store - Auth. | 1/1/2003 | $2,900.00 | $0.00 | 0% | 0.00% |
| HSBC/Saks - Joint | 11/1/2007 | $2,500.00 | $0.00 | 0% | 0.00% |
| Credit First - Firestone | 4/1/2008 | $1,500.00 | $0.00 | 0% | 0.00% |
| WFCB/Venue | 2/1/2009 | $1,500 | $0.00 | 0% | 0.00% |
| Kay Jewelers | 4/1/2010 | $1,000.00 | $0.00 | 0% | 0.00% |
| GE/American Eagle - Auth. | 1/1/2002 | $900 | $0.00 | 0% | 0.00% |
| GE/Abercrombie - Auth. | 2/1/2000 | $750.00 | $0.00 | 0% | 0.00% |
| GECRB/Gap - Auth. - As you can see CLD to $124 for non use. | 1/1/2002 | $124.00 | $0.00 | 0% | 0.00% |
| | | | | | |
| Totals | | $93,279.00 | $36,388.10 | 39% | |
Honestly, it's not disaster. This is totally doable! Without knowing how much $$$ you have to contribute to the payoff of this debt, each month, I can't be very specific. But, I think if you get rid of those high(est) interest, but low(ish) balances first, you'll have a lot more cash to work with over the longterm. For example, the Macy's joint Amex is a killer. I'd make it a priority to pay that off ASAP. With that debt gone, entirely, that would free up quite a bit of cash to quickly take care of Walmart and Lowes.
I'm glad that you use a single daily card. A best practice might be to Keep that one in your wallet, one card (not in your wallet, but at your disposal) for monthly recurring (bill) charges, and put the others on ice (or in the SD, or whatever it is that you do with the cards that you're not using, LOL!). Keep *only* that one card, and a bank debit card, and perhaps a very small amount of cash in your wallet for emergencies. Period! Nothing else, for now. Go on a no-frills, financial diet, with little rewards/incentives, along the way, to keep you motivated.
I think that within 9 to 12 months, you're very likely to have the top 7 (not counting your daily card, the Toyota, or the Bloomies which you indicated will be paid off this month) debts paid off. With that, you'll only have balances on two accounts, for a total of less than $25k (assuming you snowball). Then, I'd think that a consolidation loan from a credit union would be doable. And, if you can consolidate, and continue to snowball, you'll be out of debt in 3 to 5 years. And, considering the age of a lot of your accounts, you'll come out of the other end like a rose!
Starting Score: 580
