Please reveiw my Debt to help develop a plan of attack(not sure where to post this)

[CredithelpPlease]

A friend sugested this site, they said this community of people are will to help me achieve debt  succes to here iam,what im doing isnt currenlty working, i need a plan to make all of this debt go away, so any input you may have i would be thankful for.

Monthly Income 2400

Savings                 -10%

Total                  2160

Credit/Debit                                                                                                                                                                                       

Company          MMP          Balance

Fingerhut          26.00          380.97

Captital one      54.00          1366.54  

Capital one       32.00          825.41

HSBC               22.00         1096.21

Dell                   90.00         3120.37

Walmart            21.00         326.87

Kohols              22.00         583.03

Medical             14.00         268.00

HSN                  27.00        671.00

Car                   478.00      8860.00

First Premire     40.00        650.00

Total             826.00           18145.00

Living expens

Water                48.00

Electric/gas     128.00

Rent               775.00

Direct TV      77.00

ADT              40.00

Gym              10.00

Total   1078.00

[Laugh]

First off, cancel direct tv.
Second, stop saving and start using that 10% to pay off your debt.

Pay the essentials rent, water, electricity, and car payments.

Then tackle the card with the highest interest rate while paying the minimum for others.

Some individuals like to start with the small balance because its much easier to see progress. If you like to see progress, this is the path. It won't save you money, but it'll give you a great boost in confidence.

[Hooosier]

I can definitely understand how your current situation may be stressful with your finances.  Your current monthly payments are $1924, leaving only $236 remaining for gas, groceries, misc expenses so that's a tough spot to be in.  The first thing I notice with your payments is your car payment.  It seems awfully high for your income level - do you have options to reduce that payment?  Is the current interest rate high and perhaps you could refinance it reducing your monthly payment?  You may even consider selling the vehicle to get into something a little more affordable.  If it were me, something else I would consider is dipping into some of my savings to pay off some your debts to eliminate a few of the montly payments.  Do you have enough in savings that this would be an option?

[09Lexie]

To avoid confusion, please do not double post across multiple boards.

Please refer to this thread:

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Please-reveiw-my-Debt-to-help-develop-a-plan-...

[CredithelpPlease]

I dont have any savings, this my first time really wanting to attack my credit/debit for a better future , i just would like to thank everyone for the vaulable input

[RushXTC]

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@CredithelpPlease wrote:

I dont have any savings, this my first time really wanting to attack my credit/debit for a better future , i just would like to thank everyone for the vaulable input

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You mentioned -10% savings. That's why.

@Also, I'm doing the same thing @Laugh mentioned, Paying off smaller debts.

Create a list starting from highest debt to lowest then on all the big debts, Make minimum payment where the smaller debt send a huge chunk, When you're done with that small debt, Keep doing the same thing except take the minimum debt payment for that current debt and send what you were sending on the last smller debt, Until you're done paying everything off.

[maiden_girl]

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@CredithelpPlease wrote:

A friend sugested this site, they said this community of people are will to help me achieve debt  succes to here iam,what im doing isnt currenlty working, i need a plan to make all of this debt go away, so any input you may have i would be thankful for.

Monthly Income 2400

Savings                 -10%

Total                  2160

Credit/Debit                                                                                                                                                                                       

Company          MMP          Balance

Fingerhut          26.00          380.97

Captital one      54.00          1366.54  

Capital one       32.00          825.41

HSBC               22.00         1096.21

Dell                   90.00         3120.37

Walmart            21.00         326.87

Kohols              22.00         583.03

Medical             14.00         268.00

HSN                  27.00        671.00

Car                   478.00      8860.00

First Premire     40.00        650.00

Total             826.00           18145.00

Living expens

Water                48.00

Electric/gas     128.00

Rent               775.00

Direct TV      77.00

ADT              40.00

Gym              10.00

Total   1078.00

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Get rid of the Direct TV, ADT, and Gym memberships. These are unnecessary items at the moment and the money going towards these things can be used to tackle your debt. That's an extra 127 dollars you could be putting toward one of your smaller bills every month. At this point in the game, you can't afford to save that 10% either. Start using that to get rid of your debt.

Alot of people are going to say tackle your high interest debt first which financially speaking makes the most sense! However, you seem to be drowning in debt! I would suggest paying off the small balances, the $600s or less so you will have less monthly payments to be concerned about. Also consider a debt consolidation loan from Lending Club. An installment loan will help your UTL and you'll only have ONE payment to be concerned about. Stop using your credit cards and try not to fall behind. Good luck in your credit journey!

[LIGHTNIN]

Locking thread, due to similar thread found here.
 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Please-reveiw-my-Debt-to-help-develop-a-plan-...

Hi CredithelpPlease,

Please refrain from making duplicate threads,it only confuses everyone.

Thank You, Lightnin ~ myFICO Moderator