03-07-2009 07:27 PM
SBK you sound like a fine young person who is truly trying to do the right thing. I wish there were a way to get you out from your sisters car debt, it would make your life easier.
Please don't take this wrong but as important as your family is to you, don't let them guilt you into saving them from their credit woes. Lilmirth gave a nice chart that may help show you how to work through this debt. Try to get out from under this and not put yourself further into debt by apping for anymore credit. And please don't get into anymore debt for your family since you are the one who appears to be responsible for a whole lot more than you should be.
I wish you well and keep us updated so we can help youto get out of debt. I will send up my best thoughts for you.
03-07-2009 08:21 PM
Speacial thanks to LilMirth, i appreciate how you took your time to create the chart. I appreciate everyone who has contributed to helping my situation. I believe i'll go with your plan, i really l ike it, the 20% drop in util, should gain me some points. As for my sister, i will talk to her about it. I am going to cut up the remainder of my cards, that way i will not be able to use them at all!
Hopefully the next update for you guys will be one of great progress. Thanks again!
Time to get to work!
03-07-2009 09:00 PM
I'm wishing you all the best in getting your debt down to zero, SBK! Just remember that mine was just one of many possibilities for tackling your debt. You may want to play around with the numbers, or take someone elses advice entirely. And, don't forget to give some consideration to a DMP, as Marty56 suggested a few posts back. If familial pressures are making it difficult for you to make and follow-through with a plan, I'd strongly encourage you to follow the sage advice of Marty56, and others, who have sought out reputable DMP organizations when they had a need and have had great success with becoming debt free.
Keep us posted on your progress no matter what you decide. You may get dozens of differing opinions on how best to approach this, but I'm sure that we all agree on one thing-- we all want to see you succeed.
Friendly, Supportive & Respectful
"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli
03-08-2009 04:17 PM
Reseaching new offers in light of economy: Chase/Wamu and Citi Platinum cards r offering 12mo 0%apr!! Balance transfer & take the opportunity to be rid of High Interest Rates!!
different levels of approval however the 6month option is still making an impact on ur buydown. My mother's rate 3.25% index (current) + 5.99%= 9.24% @ 13month!
03-08-2009 06:46 PM
I have a credit card snowball program in excel that I just love which might prove useful for SBK.
It has space for 5 credit cards (so you'll have to pay off a few because there's just no room for them , APR, teaser rates, balances, etc.
Can I upload that? I'm pretty new here and don't know if I can / how to upload an attachment.
03-09-2009 06:15 AM
As it was mentioned before, should i consolidate my two Cap 1 cards into one? I am just concerned that this will bring my minimum payment higher, i was just thinking about it and wanted to know your opinions!
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.