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Senior Contributor
drkaje
Posts: 3,482
Registered: ‎07-25-2008

Re: Need some gameplan advice for paying down my debt

Skipped ahead and it's time for bed but; Just keep chipping away, cut spending, and ignore the score for a while. :smileyhappy:

 

The score is just a snapshot. It's affected by utilization but that doesn't mean we should make bad financial decisions simply to gain points. This is especially true in cases where we aren't applying for new credit.

 

Have to sleep and hope Orlando is warm tomorrow, LOL!


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New Contributor
Elcid89
Posts: 567
Registered: ‎10-04-2012

Re: Need some gameplan advice for paying down my debt

You need to be focusing on paying off your highest APR debt first. There is no sense in throwing money at Barlcay when they are giving you a 0% rate.

 

So, assuming you can go without using your cards and you don't have access to any 0% balance transfers, arrange your debt by APR and focus your resources on paying down the highest rate debts first. You'll save quite a bit in interest.

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Frequent Contributor
codimom
Posts: 386
Registered: ‎09-08-2010

Re: Need some gameplan advice for paying down my debt

I live in Denver, and I will admit I am more of a football fan than a Bronco fan, but that game had ME yelling at the tv.

 

now, back to your issues...

http://interestgrows.com/snowball.php

 

that link is for a snowball calculator.  plug in your debts etc like you did here, it will give you a plan to attack the debt.  However, step 1 is no more debt accumulation and 2 no new credit lines.  Right now is the time to garden your ass off :smileysurprised:)   My tough love here is that I do not think you are overreacting.  I do believe you have gotten a bit out of control, and to ME 18K is a whole lot of debt... but i applaud you coming back in and asking for some assistance.  I dug out of a deeper hole, but I did stupid stuff, missed payments and all that crap.  never again.  Now? I have a good line up of credit cards, I have a car loan with a better interest rate than I thought I'd ever get again (overpaying it to make it go away faster) and a mortgage.  I don't ever want to see myself with unsecured debt ever again!!!

 


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)

 


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Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012

Re: Need some gameplan advice for paying down my debt

Seeing all your debt reminds me to never get into any kind of debt....
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LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: Need some gameplan advice for paying down my debt

I appreciate everyones responses here!

Thought about it alot last night, and I can say yes I was out of control. I focused on my wants and not "do I really need it??"

This year I need to make a focused effort to clear this debt and I will. I worked too hard the past 2 years to let it go. My cards mean a lot to me and I would be quite upset to lose any accounts.

So february marks to start and hopefully by 11/1 I can have 90% of this debt knocked out. This is my goal and ill update this thread monthly.

Thanks guys!!



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Valued Contributor
Gunnar419
Posts: 1,111
Registered: ‎01-23-2013

Re: Need some gameplan advice for paying down my debt


LS2982 wrote:

Thought about it alot last night, and I can say yes I was out of control. I focused on my wants and not "do I really need it??"

Thanks guys!!

 

LS, you sound like a good guy and a smart one.

 

FWIW, I don't see anything wrong with sometimes focusing on wants rather than needs -- as long as you know you'll have to be accountable in the long run, which you clearly do.

 

The person who dumped on you so heavily a page or two back obviously has a very different worldview and view on debt. Which is fine. No problem. But heck, if we never allowed ourselves to indulge, we'd be a bunch of boring drudges. Also, as is clear in your case, sometimes we need a little momentary overindulgence to teach us why we don't really want to live that way.

 

Mind you, I'm not saying, "Hey, indulge, for there is no tomorrow!" But as you said yourself, you work hard for your money. Glad you enjoyed that game and those goodies. Now you get to enjoy improving your credit. :smileylol:

 

 

Established Contributor
calihlove75
Posts: 786
Registered: ‎05-16-2012

Re: Need some gameplan advice for paying down my debt

[ Edited ]

Oh noooo LS ;(

 

You are NOT over-reacting and you are spot on feeling that you have let things get out of control. I remember you feeling this way around Thanksgivng. Remember this thread: http://ficoforums.myfico.com/t5/Credit-Cards/Had-to-come-to-a-realization-tonight/td-p/1690498

 

I spent 30 minutes looking for it, not to rub salt in the wound but just so you can see how  your debt is worse than it was then.

 

I too let my debt get a little crazy over the holidays. Not to that extent but I was pushing about $5000 around Christmas which is alot for me to carry on my cards. I have since got that number to around $3000 which is still alot for me as I never carried balances. I also froze all my reports. I could not imagine looking at your numbers. I would freak out. I was thinking about getting the sofa of my dreams (don't need, just really want..lol) but after seeing your problem I think I am going to refrain for now and stick to the plan of paying my remainder debt off.

 

The good news is that none of your cards are maxed out and as long as you stick to the plan and pay things down I think you will be okay. Good luck!


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Established Contributor
adavis425
Posts: 512
Registered: ‎02-14-2012

Re: Need some gameplan advice for paying down my debt


Gunnar419 wrote:

LS2982 wrote:

Thought about it alot last night, and I can say yes I was out of control. I focused on my wants and not "do I really need it??"

Thanks guys!!

 

LS, you sound like a good guy and a smart one.

 

FWIW, I don't see anything wrong with sometimes focusing on wants rather than needs -- as long as you know you'll have to be accountable in the long run, which you clearly do.

 

The person who dumped on you so heavily a page or two back obviously has a very different worldview and view on debt. Which is fine. No problem. But heck, if we never allowed ourselves to indulge, we'd be a bunch of boring drudges. Also, as is clear in your case, sometimes we need a little momentary overindulgence to teach us why we don't really want to live that way.

 

Mind you, I'm not saying, "Hey, indulge, for there is no tomorrow!" But as you said yourself, you work hard for your money. Glad you enjoyed that game and those goodies. Now you get to enjoy improving your credit. :smileylol:

 

 


LS, crap happens! So you indulged your whims for a minute? Not the end of the world. You're in a bit more debt than you'd like, but haven't we all been there? If not, just keep living. At least you have a viable plan to correct your course. Perhaps the person who dumped on you should treat themselves to a want every now and again-they might be happier. Just my opinion. :smileytongue:

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New Contributor
stormb28
Posts: 104
Registered: ‎12-12-2012

Re: Need some gameplan advice for paying down my debt

Its pretty evident that some in this thread do not understand what dumping is. I do treat myself to wants when the situation allows it. I dont spend money I dont have. I dont just charge "wants" and let the chips "fall where they may" later and eat bologna sandwiches and ramen noodles for a month until I figure out how to correct my financial boo boos.

If ive built up disposable capital for a want, I charge it and promptly pay it off. No matter how you cut it, $18k cc debt screams "im living beyond my means and using credit as a bridge".

Now, some of can keep your head in the clouds and be "supportive" (borderline enabling), but ill give my candid opinion, no holds barred. With that said, I wish LS the best and hope he pays down the debt.
Established Member
RandomCreditDude
Posts: 41
Registered: ‎02-15-2013

Re: Need some gameplan advice for paying down my debt

LS, I gotta say, you need to do something and quick. I say this because I just read your previous post (Thanksgiving) where you said pretty much the exact same thing as you say in this one, except that the amount of debt at that time was over $10k; and I believe that you paid off half at that time.

 

Since Thanksgiving, therefore, you have run up $12-14K of debt, and are now worried about it.

 

I don't know what your income is like, but I will quote the immortal words of Mr. Micawber:

 

My other piece of advice, Copperfield, said Mr. Micawber, you know. Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery. The blossom is blighted, the leaf is withered, the god of day goes down upon the dreary scene, and and, in short, you are for ever floored. As I am!   

 


 Don't let that happen to you! You're young, and do NOT want a BK on your record. Fight the good fight! :smileyhappy:

 


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