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One thing the OP mentioned in the first post was credit scores. IMO, credit scores are the least of his worry. Don't consider scores at all and simply focus on chipping away at that revolving debt. Better scores will come from doing exactly that.
As far as the income vs expenses discussion, the OP stated he has $3k in monthly expenses. He listed out a few set expenses, which looked like they came to $2100. I would assume the other $900 are things that could potentially be reduced a little (cell phone, cable, etc) but who knows how much. His monthly take home is about $4700. That means he has $1700 left that he could throw toward revolving debt, possibly a little more if he can reduce some of the $900 in monthly expenses. I wouldn't expect him to be able to come up with more than $2k, so using the $3k/mo number from the previous page is quite unrealistic.
I do think that several people have provided great advice with respect to paying down the individual cards.
Also make sure to contact the banks to see if they have 0% promotion or any other promotion on the APR for all of the four cards.
Omar
@blondy250 wrote:There is no way a person making 75,000 a year takes home 6K a month. After taxes maybe 4K a month, OP please share your monthly take home if possible, other then that the previous payoff suggestions hold a lot of merit.
Careful with assumptions. I earn(ed) $56500 a year and it's all non-taxable income. Frankly, I've been somewhat shocked to learn that NO revolving credit takes that into consideration for their approve/dissaprove decisions (same with FICO too!). Clearing $56500 per year isn't that much diferent than $70000 before taxes in many cases. SHRUG!
I quite literally used the numbers given in the OP. All yall bagging my math is a bit much considering they changed the numbers later.
They said they had 70k divide by 12 to get just under 6k. Subtract the stated 2100 in expenses and 3k becomes rather conservative.
Just whatever use all you have available and pay down.
@Anonymous wrote:I quite literally used the numbers given in the OP. All yall bagging my math is a bit much considering they changed the numbers later.
They said they had 70k divide by 12 to get just under 6k. Subtract the stated 2100 in expenses and 3k becomes rather conservative.
Just whatever use all you have available and pay down.
Lol, your math was good. Not sure why everyone is so offended. Your plan is great, OP can adjust numbers based off take home pay.
@Anonymous wrote:Many unsecured loans will be over 18%. Do you own a home that could qualify for a Heloc? Anything of value you can sell?
What is your income and list of expenses. This may be a long paydown
I would never put unsecured debt into your mortage.