Woohoooo party over there!!! 
Hi paturner, welcome to the forums and the challenge.
Its not a good idea in my opinion to use debt to payoff debt unless it is a balance transfer to get a better rate.
Please list your debts, interest rates, min payments, and how much you can pay each month. We will be better equipped to help you with this information
Keep in mind that this is not going to be quick, nor is it going to be simple. Getting out of debt takes harder work than you think.
With the help and motivation here, we can accomplish our goals.
Its not a good idea in my opinion to use debt to payoff debt unless it is a balance transfer to get a better rate.
Please list your debts, interest rates, min payments, and how much you can pay each month. We will be better equipped to help you with this information
Keep in mind that this is not going to be quick, nor is it going to be simple. Getting out of debt takes harder work than you think.
With the help and motivation here, we can accomplish our goals.
OFFICIAL GARDEN START DATE: 10-05-2014... TARGET GARDEN END DATE: 06-01-2016 Lets Git 'r' dun
Checking in from May... Since then I took in another $10,000 in debt ($6,000 for my sis's school and $4,000 for DH's car)... However, I am now working 2 jobs and I take home roughly $3,000 a month after taxes to pay debt... So I plan to knock off that $10,000 debt by end of the year.
Also, I plan to pay the new cards that have 0% promotional APR first: Discover IT, BoA, WF Amex.... That might sound odd, but I want to request CLI on these after I pay them off. Another reason is that I will probably pay for my sis's school again in Jan, not sure how much it will be.
Discover IT (opened 04/2014)
$1,450 / $1,500 - 0% APR until June 2015
BANK OF AMERICA (opened 05/2014)
$4,900 / $5,000 - 0% APR until May 2015
FIFTH THIRD BANK (opened 05/2014)
$2,900 / $3,000 - 0% APR until May 2015
WellsFargo Amex (opened 05/2014)
$2,400 / $2,500 - 0% APR until May 2015
BB&T
$6,850 / $7,000 - 9.15% APR
BB&T
$4,900 / $5,000 - 11.15% APR
CITI Simplicity
$1,800 / $2,000 - 12.99% APR
CHASE Slate
$2,790 / $3,000 - 14.24% APR
BEST BUY / CBNA
$280 / $4,600 - 0% APR -
DISCOVER (opened in 2009)
$2,930 / $3,000 - 13.29% APR
CAPITAL ONE
$250 / $300 - 0% APR
BARCLAY Rewards
$450 / $500 - 0% APR
PAYPAL MC
$1,000 / $2,000 - APR 22.90 %
TOTAL : roughly $30,000 / $41,000 or UTI 73%
My Plan: I get paid twice a month on the 15th and 30th
1) Pay $500 to Paypal by the due date (last month's statement is $670 and I already paid $300 two days ago)
2) Pay $300 to BB&T (min. payment $210 due by 10/19)
3) Pay $300 to Chase Slate
4) Then pay off CapOne and BarClay cards. Min. payment toward the other cards until the next paycheck.
@baller4life wrote:Hello all!!
Well after a successful year of rebuilding and adding 12 positive credit lines, I have now come to a place that I want to just focus on paying off cc debt and waiting till my last 2 baddies fall off my reports a year from now. This recent NASA frenzy(of which I was denied membership due to an old Chex entry) finally made me realize that I really need to stop trying to add lines to reduce utilization and just pay off the debt I currently carry. I'm giving myself a year to be totally cc debt free. So, that will be my one and only focus. My current overall util is 38%. My hope is to get that down to under 20% by year end.
Current Balances(Only carrying balances on 4 of 12 lines).
Bofa $8,824.43/$10,000
NFCU Cash $5,927.61/$10,000
NFCU Plat $4,481.50/$7,500
Discover $3,847.74/$7,000
Good luck to everyone on this quest to be debt free!!
Wow! Great plan and way to be self aware! Good luck on your journey, the GC and the great CC PO C is where I'll be hanging my hat for the forseeable future!The more the merrier in the garden!
Starting Score : 575 May, 2013
@Anonymous wrote:
Yes we can. I set up the 6 months goal because 6 months from now my one last Charge Off will fall off as it will hit its 7 years anniversary. So I'm gonna celebrate it big with all of my 0s balances.
That'll be a big day! Congrats!!!
@paturner wrote:Ok so I need some major help! frustrated and feeling defeated....I have approximately $20.000 in credit card debt and my minimuim payments are adding up to around $800 dollar a month. Since these are minimum payments my balances aren't going down much. Im drowing trying to pay these payments every month and my other bills. I don't really know what to do or how to get out of this mess. My score is suffereing because my utilization is so high so getting other cards are not an option unless would be store cards just to try and raise scores. Because the debt is unsecured probably can't get a consolidation loan. I have a house but don't think a second mortgage is an option at this point and definetly not for that amount. Looking for some help.
Start with taking a deep breath, you can do this! then sit down and right all of your debts and the interest rates they hold. For me, picking the smallest ones and getting them to zero was a big motivator just to see progress right away, but most people pick the one with the highest interest rate to pay above the minimum and go down the line adding the amount paid to the one above to the total of the next one. Freeze your reports and lock up your credit cards so you don't incur any more debt. Can you get a second job? How did this happen? Whatever you do, while you are figuring it out, don't stop your minimum payments!
@Pupeitmeister wrote:
Hi paturner, welcome to the forums and the challenge.
Its not a good idea in my opinion to use debt to payoff debt unless it is a balance transfer to get a better rate.
Please list your debts, interest rates, min payments, and how much you can pay each month. We will be better equipped to help you with this information
Keep in mind that this is not going to be quick, nor is it going to be simple. Getting out of debt takes harder work than you think.
With the help and motivation here, we can accomplish our goals.
well said!
Hey all
I had made significant progress paying off credit cards, and was down to just one, but maxxed them out to help my then bf. Bad idea on a lot of levels. Gonna be a lot of work to get things paid off, but really hoping to do that within a year.
Currently sitting on just shy of $8000 of debt.
I'll post a more detailed strategy later, but for now, I just needed to get here and post. Dunno if that makes sense but *shrug* Not procrastinating.
In the garden until debt is paid off and scores are up!
@Crisis wrote:Hey all
I had made significant progress paying off credit cards, and was down to just one, but maxxed them out to help my then bf. Bad idea on a lot of levels. Gonna be a lot of work to get things paid off, but really hoping to do that within a year.
Currently sitting on just shy of $8000 of debt.
I'll post a more detailed strategy later, but for now, I just needed to get here and post. Dunno if that makes sense but *shrug* Not procrastinating.
We are with you Crisis.. you can do this. 1 year goal accepted and being held accountable for.
