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Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Need some gameplan advice for paying down my debt

OK guys this is my current situation:

 

PSECU 6,200 / 12,000CL APR 9.9%

PSECU LOC 1,226 / 12,000CL APR 10%

Barclays 3,985 / 7,200CL APR 0% (15 months from 9/12)

Chase 600 / 2,300CL APR 0% (15 months from 7/12)

Best Buy 3,178 / 4,000CL APR 0% (deferred 18 mo since 12/12)

GE CareCredit 1,237 / 2,100CL APR 0% (deferred 12 months since 11/12)

Kay Jewelers 1,179 / 2,000CL APR 0% (deferred 12 months from 12/12)

GE Amazon $748 / 6,000CL APR 0% (deferred until 6/13)

 

I keep telling myself i'm not in a bad situation but seeing about 18K in debt makes me very concerned that other lenders might get spooked. As you can see most of it is on 0% cards and I have certain monthly payments set up for them which i can afford just fine. I plan on taking the next 8-10 months to clear 80% of this and a few will a little left to pay.

 

My concern is 2 things:

 

-The PSECU account. The LOC will be PIF next week, and i'll have the balance to the Vusa card down to about 5,800 next week as well. The only thing is I hate paying interest. Is it in my best interest to just keep making payments or try to find a BT offer?? I'm NOT interested in opening any new credit.

 

-My other creditors. Should be concerned that they might want to do some AA to my accounts?? I also have the AMEX ZYnc that I do not factor in this because it is a PIF card but I average 1,300 to 1,500 in spend a month on this card. This card gets all of my big bills and groceries. Would they want to FR seeing this other debt??

 

I'm sure i'm overreacting but I want some advice on this.

 

Thanks!!! :smileyhappy:




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Contributor
BlueHusky
Posts: 193
Registered: ‎04-01-2012
0

Re: Need some gameplan advice for paying down my debt

I don't think there will be AA unless you miss a payment. Then it will be like Pandora's box just opened...

 

Don't open new credit, just call some of your current card companies and ask if they have any BT offers you can take advantage of, just beware of BT fees vs APR you're currently paying.

 

You're fine debt-wise. Many people have much more.




Starting Score: 583 (CreditKarma, 2009)
Current Score: 783 (Walmart Free FICO, March 20, 2012), 774 (Equifax, BoA Pull, 2/20/13)
Goal Score: 800+


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Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
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Re: Need some gameplan advice for paying down my debt


BlueHusky wrote:

I don't think there will be AA unless you miss a payment. Then it will be like Pandora's box just opened...

 

Don't open new credit, just call some of your current card companies and ask if they have any BT offers you can take advantage of, just beware of BT fees vs APR you're currently paying.

 

You're fine debt-wise. Many people have much more.


Who would I call??? I'm currently paying Barclays off $500 a month that will be PIF by October. I'm throwing whatever I can at PSECU and will try to make it at least $500 a month. Barclays will do BT's but my current limit will not support a big BT. Any suggestions??

 

 

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Contributor
VWTUNER
Posts: 75
Registered: ‎11-12-2012
0

Re: Need some gameplan advice for paying down my debt

How you accumulated so much debt? I bet 50% were frivolous items.
current cards
WM store
Cap1 platinum
WF secured
Amazon Chase :smileyhappy:
Gardening since 12/20/2012
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
0

Re: Need some gameplan advice for paying down my debt


LS2982 wrote:

OK guys this is my current situation:

 

PSECU 6,200 / 12,000CL APR 9.9%

PSECU LOC 1,226 / 12,000CL APR 10%

Barclays 3,985 / 7,200CL APR 0% (15 months from 9/12)

Chase 600 / 2,300CL APR 0% (15 months from 7/12)

Best Buy 3,178 / 4,000CL APR 0% (deferred 18 mo since 12/12)

GE CareCredit 1,237 / 2,100CL APR 0% (deferred 12 months since 11/12)

Kay Jewelers 1,179 / 2,000CL APR 0% (deferred 12 months from 12/12)

GE Amazon $748 / 6,000CL APR 0% (deferred until 6/13)

 

I keep telling myself i'm not in a bad situation but seeing about 18K in debt makes me very concerned that other lenders might get spooked. As you can see most of it is on 0% cards and I have certain monthly payments set up for them which i can afford just fine. I plan on taking the next 8-10 months to clear 80% of this and a few will a little left to pay.

 

My concern is 2 things:

 

-The PSECU account. The LOC will be PIF next week, and i'll have the balance to the Vusa card down to about 5,800 next week as well. The only thing is I hate paying interest. Is it in my best interest to just keep making payments or try to find a BT offer?? I'm NOT interested in opening any new credit.

 

-My other creditors. Should be concerned that they might want to do some AA to my accounts?? I also have the AMEX ZYnc that I do not factor in this because it is a PIF card but I average 1,300 to 1,500 in spend a month on this card. This card gets all of my big bills and groceries. Would they want to FR seeing this other debt??

 

I'm sure i'm overreacting but I want some advice on this.

 

Thanks!!! :smileyhappy:


I think you are ignoring the most important issue.   Do you have a budget that shows you can pay off each of the deferred interest accounts before they expire?  It is a huge interest charge if you go past the date.   That is a big time bomb. 

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Need some gameplan advice for paying down my debt


VWTUNER wrote:
How you accumulated so much debt? I bet 50% were frivolous items.

Oh I definitely spurged on Christmas no doubt about it.

 

I spent $1,300 to fly out to Denver to see my Broncos play the Ravens. Endzone seat, hotel, rental car. Was AWESOME!!! (even tho we lost :smileymad:)

 

I put the Best Buy balance into my truck for audio / speakers / headunit / 2 12" subwoofers in the back.

 

I had a blast, but now its time to get down to business and pay it back!! :smileyhappy:

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Established Member
NewYorkGuy
Posts: 111
Registered: ‎04-07-2011
0

Re: Need some gameplan advice for paying down my debt


LS2982 wrote:

OK guys this is my current situation:

 

PSECU 6,200 / 12,000CL APR 9.9%

PSECU LOC 1,226 / 12,000CL APR 10%

Barclays 3,985 / 7,200CL APR 0% (15 months from 9/12)

Chase 600 / 2,300CL APR 0% (15 months from 7/12)

Best Buy 3,178 / 4,000CL APR 0% (deferred 18 mo since 12/12)

GE CareCredit 1,237 / 2,100CL APR 0% (deferred 12 months since 11/12)

Kay Jewelers 1,179 / 2,000CL APR 0% (deferred 12 months from 12/12)

GE Amazon $748 / 6,000CL APR 0% (deferred until 6/13)

 

I keep telling myself i'm not in a bad situation but seeing about 18K in debt makes me very concerned that other lenders might get spooked. As you can see most of it is on 0% cards and I have certain monthly payments set up for them which i can afford just fine. I plan on taking the next 8-10 months to clear 80% of this and a few will a little left to pay.

 

My concern is 2 things:

 

-The PSECU account. The LOC will be PIF next week, and i'll have the balance to the Vusa card down to about 5,800 next week as well. The only thing is I hate paying interest. Is it in my best interest to just keep making payments or try to find a BT offer?? I'm NOT interested in opening any new credit.

 

-My other creditors. Should be concerned that they might want to do some AA to my accounts?? I also have the AMEX ZYnc that I do not factor in this because it is a PIF card but I average 1,300 to 1,500 in spend a month on this card. This card gets all of my big bills and groceries. Would they want to FR seeing this other debt??

 

I'm sure i'm overreacting but I want some advice on this.

 

Thanks!!! :smileyhappy:


Get a hidden TL if you can and BT your debt to it. Then pay off the debt on the hidden TL. That way you can have low util on your credit report while paying down your debt over time without the worry of AA from your current creditors due to the large balances.

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Need some gameplan advice for paying down my debt


Wolf3 wrote:

LS2982 wrote:

OK guys this is my current situation:

 

PSECU 6,200 / 12,000CL APR 9.9%

PSECU LOC 1,226 / 12,000CL APR 10%

Barclays 3,985 / 7,200CL APR 0% (15 months from 9/12)

Chase 600 / 2,300CL APR 0% (15 months from 7/12)

Best Buy 3,178 / 4,000CL APR 0% (deferred 18 mo since 12/12)

GE CareCredit 1,237 / 2,100CL APR 0% (deferred 12 months since 11/12)

Kay Jewelers 1,179 / 2,000CL APR 0% (deferred 12 months from 12/12)

GE Amazon $748 / 6,000CL APR 0% (deferred until 6/13)

 

I keep telling myself i'm not in a bad situation but seeing about 18K in debt makes me very concerned that other lenders might get spooked. As you can see most of it is on 0% cards and I have certain monthly payments set up for them which i can afford just fine. I plan on taking the next 8-10 months to clear 80% of this and a few will a little left to pay.

 

My concern is 2 things:

 

-The PSECU account. The LOC will be PIF next week, and i'll have the balance to the Vusa card down to about 5,800 next week as well. The only thing is I hate paying interest. Is it in my best interest to just keep making payments or try to find a BT offer?? I'm NOT interested in opening any new credit.

 

-My other creditors. Should be concerned that they might want to do some AA to my accounts?? I also have the AMEX ZYnc that I do not factor in this because it is a PIF card but I average 1,300 to 1,500 in spend a month on this card. This card gets all of my big bills and groceries. Would they want to FR seeing this other debt??

 

I'm sure i'm overreacting but I want some advice on this.

 

Thanks!!! :smileyhappy:


I think you are ignoring the most important issue.   Do you have a budget that shows you can pay off each of the deferred interest accounts before they expire?  It is a huge interest charge if you go past the date.   That is a big time bomb. 


The deferred accounts are no prob to PIF. I have a budget for it.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Need some gameplan advice for paying down my debt


NewYorkGuy wrote:

LS2982 wrote:

OK guys this is my current situation:

 

PSECU 6,200 / 12,000CL APR 9.9%

PSECU LOC 1,226 / 12,000CL APR 10%

Barclays 3,985 / 7,200CL APR 0% (15 months from 9/12)

Chase 600 / 2,300CL APR 0% (15 months from 7/12)

Best Buy 3,178 / 4,000CL APR 0% (deferred 18 mo since 12/12)

GE CareCredit 1,237 / 2,100CL APR 0% (deferred 12 months since 11/12)

Kay Jewelers 1,179 / 2,000CL APR 0% (deferred 12 months from 12/12)

GE Amazon $748 / 6,000CL APR 0% (deferred until 6/13)

 

I keep telling myself i'm not in a bad situation but seeing about 18K in debt makes me very concerned that other lenders might get spooked. As you can see most of it is on 0% cards and I have certain monthly payments set up for them which i can afford just fine. I plan on taking the next 8-10 months to clear 80% of this and a few will a little left to pay.

 

My concern is 2 things:

 

-The PSECU account. The LOC will be PIF next week, and i'll have the balance to the Vusa card down to about 5,800 next week as well. The only thing is I hate paying interest. Is it in my best interest to just keep making payments or try to find a BT offer?? I'm NOT interested in opening any new credit.

 

-My other creditors. Should be concerned that they might want to do some AA to my accounts?? I also have the AMEX ZYnc that I do not factor in this because it is a PIF card but I average 1,300 to 1,500 in spend a month on this card. This card gets all of my big bills and groceries. Would they want to FR seeing this other debt??

 

I'm sure i'm overreacting but I want some advice on this.

 

Thanks!!! :smileyhappy:


Get a hidden TL if you can and BT your debt to it. Then pay off the debt on the hidden TL. That way you can have low util on your credit report while paying down your debt over time without the worry of AA from your current creditors due to the large balances.


Any suggestions?? I'm not aware of any that doesn't report and i really dont want a new account if I can stay away from it.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Frequent Contributor
RSCo
Posts: 472
Registered: ‎02-11-2013
0

Re: Need some gameplan advice for paying down my debt


LS2982 wrote:

OK guys this is my current situation:

 

PSECU 6,200 / 12,000CL APR 9.9%

PSECU LOC 1,226 / 12,000CL APR 10%

Barclays 3,985 / 7,200CL APR 0% (15 months from 9/12)

Chase 600 / 2,300CL APR 0% (15 months from 7/12)

Best Buy 3,178 / 4,000CL APR 0% (deferred 18 mo since 12/12)

GE CareCredit 1,237 / 2,100CL APR 0% (deferred 12 months since 11/12)

Kay Jewelers 1,179 / 2,000CL APR 0% (deferred 12 months from 12/12)

GE Amazon $748 / 6,000CL APR 0% (deferred until 6/13)

 

I keep telling myself i'm not in a bad situation but seeing about 18K in debt makes me very concerned that other lenders might get spooked. As you can see most of it is on 0% cards and I have certain monthly payments set up for them which i can afford just fine. I plan on taking the next 8-10 months to clear 80% of this and a few will a little left to pay.

 

My concern is 2 things:

 

-The PSECU account. The LOC will be PIF next week, and i'll have the balance to the Vusa card down to about 5,800 next week as well. The only thing is I hate paying interest. Is it in my best interest to just keep making payments or try to find a BT offer?? I'm NOT interested in opening any new credit.

 

-My other creditors. Should be concerned that they might want to do some AA to my accounts?? I also have the AMEX ZYnc that I do not factor in this because it is a PIF card but I average 1,300 to 1,500 in spend a month on this card. This card gets all of my big bills and groceries. Would they want to FR seeing this other debt??

 

I'm sure i'm overreacting but I want some advice on this.

 

Thanks!!! :smileyhappy:


I don't know if you use Equifax monitoring or not, but they have a debt pay down app there that will help you define a plan to pay down all of your debt. You can enter in a total monthly payment you want to pay, or you can enter in the date by which you want to be out of debt and they will define a monthly plan.. I would do balance transfers to the 0% apr cards you have and leave little if any on the cards that have the highest percentage rates.. Put the most available money you have each month on paying down the highest interest rate cards first.. If you have any available investment funds, consider liquidating some of those funds especially if you're return is less than the interest rate you're paying each month on your debt.. 

 

I just paid down 12k of debt over the past 3 months.. I have some investments and as the market went up each day, I would sell those days gains and apply that money to my debt.. By doing this I still didn't touch my original principle investment since I was just selling gains each day.. Good luck to you..

 

Citi Hilton Honors: $25,000 -- Amex PRG: $NPSL -- Citi TY Premier World: $9,880 -- NWFCU: $7,500 -- Citi Home Depot: $7,000 -- Citi AAdvantage Platinum Visa Sig: $5,000 -- Visa Black Card: $5,000 -- Discover IT: $5,000 -- AmexTrueEarnings: $5,000 -- Amex Gold Delta: $4,500 -- Pottery Barn: $4,000 -- Ethan AllenGE: $4000 -- Chase Slate: $2,500 -- CapOne Platinum: $2,500 -- CapOne Platinum: $2,500 -- AmazonGE: $2,200 -- Barclays BJs: $1,800 -- WalmartGE: $1,500 -- PenFed LOC: $500

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