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Moderator Emeritus
Posts: 7,326
Registered: ‎06-18-2007
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!

Hi schoolbus kid, I use to be just like you. Until I found that I was paying way too much out every month. Now I only carry 1 debit card for everything unless I am shopping for something. Say i want to buy a pair of pants for my son. I will go only to the store where I think will have what I want. I carry 1 CC with me. I do not look at anything else and run for the exit after I get them. I stay out of the mall & all stores except the grocery & drug store.

 

I keep all our CCs in an enevolpe at home & never take them out unless I intend to use them. In order to keep them active I will go buy a few candy bars about every 6 months and then PIF after the statement comes out.

 

It helps to pay when the statment appears instead of just before the due date. Even if you pay half & then half before the due date. This cuts out a lot of the intrest. You will see the total amount owed go down much faster. Remember you pay intrest every day not just once a month.

Moderator Emerita
Posts: 3,091
Registered: ‎08-09-2008

Re: Too Many Credit Cards With Balances! A lil Overwhelming!

Hi SBK!

 

Can you post the APRs for each card? Do you currently have a steady source of income? If so, how much $$$ will you be able to dedicate to repayment by pay period, or by month? I think the additional information will help fine tune the advice that you might get for consideration. Because you're so close to all of your limits, it'll really help to know which cards will need to most immediate attention in a snowball approach. You might be better off forgoing the more instant gratification of having some cards PIF'd, if high APRs due to ratejacking (from being maxed out) is going to cost you more $$$ than you can afford to pay to keep you under your limits while you work on this.

 

As tough as it is to get a 1st job these days, maybe it's time to start looking for something part time, at least temporarily to help you get these paid down faster. That might not be an option for your individual situation, but it's just a thought. The interest is probably drowning you, and I don't want you to have to pay a dime more than you absolutely have to at this point.

 

You also mentioned that you have to give your Mom $500 of your tax return. Is there any way that you'd be able to negotiate keeping that money so you can apply it to your debt? If not, hopefully you can make some deep cutbacks and apply the savings to the balances. Really make a challenge of it for yourself, question & requestion your every potential purchase, not matter how basic it is. If it is not an absolute necessity, walk away from the purchase. Just say no to fast food, movies, starbucks, drinks, etc... even if you only spend a little on these things. Don't spend it at all. When you think you've cut out all of the frill, take a 2nd look and cut some more. That is officially money that you need to repay this debt.

 

If you've got things that you can return, return them. If you've got something to sale, sell it. Gift money, refunds, you name it, apply it to this debt.

 

You will get there. You will! Make it your business to be free of credit card debt, and don't take your eyes off of that goal. If you stumble, get up and redouble your efforts. It can be very difficult to break the cycle, but with your complete committment, it can and will be done! Smiley Happy

-------------------------------------------


Friendly, Supportive & Respectful


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Established Contributor
Posts: 739
Registered: ‎06-30-2007
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!

With chase  I know people weary autopay , normaly with making changes to it is a hassel ., not with chase

 

you set it up online and cancel any time , setup minium payment and recice that amount or more before due they won't do an autopayment that if set for the statement balance any moines recived before the duedate is deducted from the autopayment  amount.

 

People say "Only apply for credit you NEED"

I say "apply for credit you have PRATICAL use of"

I don't have AMEX card because I don't want a card that suffers from PMS
Valued Contributor
Posts: 1,934
Registered: ‎10-23-2007
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!


shalane85 wrote:

Hey dont get discouraged from the critisim. If you have $700 to pay towards cc, first single out the higher % cards and the cc with small cl. It will help your overall utility to have a couple of cards with a 0 balance so I would do the following.

 

Cap 1-1100/1037

Cap 1-1100/1050

Chase BP-1700/1593

Chase-200/180 pay this balance to 0

Kay-1000/858

Truliant FCU-1500/1460

Walmart-700/622 use the remaining 520 and pay this down, leaving you with $102 balance

Bank of the Carolinas-1000/980

Macys-100/65

 

 

That leaves you with 5 cc with balances instead of 7. Get on a monthly budget and pay above your minumum payment every month on time. Whats your minimum payment on these 5 cards?

 

 My minimum payments for Chase BP-$95, Cap 1-$26 Cap 2-$28, Walmart-$28, Macys-$5, Bank of the Carolinas-$20 (this is a line of credit) and kay jewelers-$65

 

 Depending on what it is pay $50 a month to each card, or more if you can afford it. STOP using the cc because you will soon drown yourself in debt. I'm young too so I understand how easy it is to get into this situation but you have to focus and stick to your goal---to pay these cards off.


I have stopped using most of them, i can pay my Chase Rewards(200 limit) card off outside of my refund money!

Valued Contributor
Posts: 1,934
Registered: ‎10-23-2007
0

Re: Too Many Credit Cards With Balances! A lil Overwhelming!

[ Edited ]

LilMirth wrote:

Hi SBK!

 

Can you post the APRs for each card?I know Cap 1 accounts are around 14&15%, Chase BP and Chase Rewards is at 22%, Truliant FCU is at 8.1%, I will have to check on the others dont know them right off! 

 

Do you currently have a steady source of income?Yes i am paid monthly, well i would have about 200 extra if i didnt have to pay my sister car payment, i signed for her a car but its in my name only, so i pay it so it wont be late!

 

 If so, how much $$$ will you be able to dedicate to repayment by pay period, or by month?  I think the additional information will help fine tune the advice that you might get for consideration. Because you're so close to all of your limits, it'll really help to know which cards will need to most immediate attention in a snowball approach. You might be better off forgoing the more instant gratification of having some cards PIF'd, if high APRs due to ratejacking (from being maxed out) is going to cost you more $$$ than you can afford to pay to keep you under your limits while you work on this.

 

As tough as it is to get a 1st job these days, maybe it's time to start looking for something part time, at least temporarily to help you get these paid down faster. That might not be an option for your individual situation, but it's just a thought. The interest is probably drowning you, and I don't want you to have to pay a dime more than you absolutely have to at this point.

 

You also mentioned that you have to give your Mom $500 of your tax return. Is there any way that you'd be able to negotiate keeping that money so you can apply it to your debt? Yea she's going to let me keep it i asked her!

 

If not, hopefully you can make some deep cutbacks and apply the savings to the balances. Really make a challenge of it for yourself, question & requestion your every potential purchase, not matter how basic it is. If it is not an absolute necessity, walk away from the purchase. Just say no to fast food (this is a biggie. LOL), movies, starbucks, drinks, etc... even if you only spend a little on these things. Don't spend it at all. When you think you've cut out all of the frill, take a 2nd look and cut some more. That is officially money that you need to repay this debt.

 

If you've got things that you can return, return them. If you've got something to sale, sell it. Gift money, refunds, you name it, apply it to this debt. I thought about selling my 05 Pathfinder, i currently owe 13976, i could probably sell it for about 14.5-15k! It has 28k miles.

I use to rebuild computers, i have about three around here that i could probably sell, but i wouldnt get alot out of them though, theyre kind of old!

 

You will get there. You will! Make it your business to be free of credit card debt, and don't take your eyes off of that goal. If you stumble, get up and redouble your efforts. It can be very difficult to break the cycle, but with your complete committment, it can and will be done! Smiley Happy

 

I am vowing my finances and time to become debt free again, i am very proud of the improvements i have made thus far, i love to see the balances go down doesnt matter how big or small of payment is being made, just as long as i know they are getting down!


 

Message Edited by Schoolbuskid on 03-06-2009 08:03 PM
Valued Contributor
Posts: 1,934
Registered: ‎10-23-2007
0

Re: Too Many Credit Cards With Balances! A lil Overwhelming!


rbbyrbsn wrote:

With chase  I know people weary autopay , normaly with making changes to it is a hassel ., not with chase

I have thought about the autopay with chase, but i pay them soon as i am paid.  Which is the first of everymonth, and my chase cards arent due until the 4th and 13th of each month!

you set it up online and cancel any time , setup minium payment and recice that amount or more before due they won't do an autopayment that if set for the statement balance any moines recived before the duedate is deducted from the autopayment  amount.

 

 I Dont really understand what you mean!?!?

 


 

Established Contributor
Posts: 832
Registered: ‎03-20-2008

Re: Too Many Credit Cards With Balances! A lil Overwhelming!


Schoolbuskid wrote:

 

 

Do you currently have a steady source of income?Yes i am paid monthly, well i would have about 200 extra if i didnt have to pay my sister car payment, i signed for her a car but its in my name only, so i pay it so it wont be late!

 

------------------------------------------------------------------

Is there anyway your sister can get this car refinanced in her name so you are off the hook as far as cash flow goes? It would help you quite a bit in terms of being able to apply that money right away as opposed to waiting for her to pay you.

 

She does pay the car note back to you I hope. I find it commendable that you are helping your sister but in the end you don't want to hurt your situation.

 

I may have missed it but an you get a 2nd temporary job (walmart, McD's anything like that ) for maybe 3 months to get a few extra $$ to throw at these cards? A temp job at McD's may not be a bad idea if you are hooked on fast food, you'd get a free meal and your fast food fix. You make and save $$ this way.

 

 

 

 

 

 

 

Moderator Emerita
Posts: 3,091
Registered: ‎08-09-2008

Re: Too Many Credit Cards With Balances! A lil Overwhelming!

This is an excellent point, MsKiwi!

 

SBK, I could be wrong, but it sounds like some of your family may be profiting from your ability to obtain & maintain credit and leaving you to drown in it. Perhaps not intentionally or maliciously, but carelessly. If your sister has a car, then she should be paying for it. I understand that you pay it to make certain that it's paid on time given that you are financially responsible for it. But, that doesn't explain why you wouldn't have the sum of that car payment to put towards your debt, unless she isn't making regular, on time payments to YOU. With this being your sister, I can understand what kind of spot you're in (I've got siblings too...), but if it is the case that you're paying, and she's not, then you've got to take a deep breath, dig your heels in, and make some tough decisions; either she pays, on time & in full, or she can't afford to keep the car. Because, you can't afford to get her another one if her inability to pay contributes to the ruin of your credit.

 

I agree that it's commendable to help relatives and friends. Just don't let them 'help' you into financial ruin, okay? There is also a very fine line between 'helping' and 'enabling'. I can tell you this from hard learned experience.

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Valued Contributor
Posts: 1,934
Registered: ‎10-23-2007
0

Re: Too Many Credit Cards With Balances! A lil Overwhelming!


MsKiwi wrote:

Schoolbuskid wrote:

 

 

Do you currently have a steady source of income?Yes i am paid monthly, well i would have about 200 extra if i didnt have to pay my sister car payment, i signed for her a car but its in my name only, so i pay it so it wont be late!

 

------------------------------------------------------------------

Is there anyway your sister can get this car refinanced in her name so you are off the hook as far as cash flow goes? It would help you quite a bit in terms of being able to apply that money right away as opposed to waiting for her to pay you. Ha yea right, her credit is really bad, so theres no chance on that. Plus if it was put in her name she would probably end up losing the car for non-payment. She doesnt pay me on time but she eventually gets around to it. She paid me $500 backpay, and i used that money on some of these cards. 

 

She does pay the car note back to you I hope. I find it commendable that you are helping your sister but in the end you don't want to hurt your situation.

 

I may have missed it but an you get a 2nd temporary job (walmart, McD's anything like that ) for maybe 3 months to get a few extra $$ to throw at these cards? A temp job at McD's may not be a bad idea if you are hooked on fast food, you'd get a free meal and your fast food fix. You make and save $$ this way.

No i am not able to get a second job right now. My only other income is a $100 that i get for cleaning my church, and thats monthly!

 

 

 

 

 

 


 

Established Contributor
Posts: 739
Registered: ‎06-30-2007
0

Re: Too Many Credit Cards With Balances! A lil Overwhelming!

[ Edited ]

say you have a $100 with $10 minium payment if autopay is set to pay minium, anf you pay $10+ before the due date then they won't do autopay that month, because they already recive the minium or more, if set to pay full balance, and they recive $50 before the due the autopay amount would be $50

 


Schoolbuskid wrote:

rbbyrbsn wrote:

With chase  I know people weary autopay , normaly with making changes to it is a hassel ., not with chase

I have thought about the autopay with chase, but i pay them soon as i am paid.  Which is the first of everymonth, and my chase cards arent due until the 4th and 13th of each month!

you set it up online and cancel any time , setup minium payment and recice that amount or more before due they won't do an autopayment that if set for the statement balance any moines recived before the duedate is deducted from the autopayment  amount.

 

 I Dont really understand what you mean!?!?

 


 


 

 

Message Edited by rbbyrbsn on 03-07-2009 06:24 AM
People say "Only apply for credit you NEED"

I say "apply for credit you have PRATICAL use of"

I don't have AMEX card because I don't want a card that suffers from PMS
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