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Tuscani, Noah, et al

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Anonymous
Not applicable

Tuscani, Noah, et al

Below is our debt situation.   Credit Scores 696 TU - 715 EQ - 695 EX
 
Paid off our  car  and did home remodeling  with all this debt! Now we're trying to pay off our debt within 5 years. 
 
Any suggestions?  Another balance transfer card?  Or just leave alone and pay, pay, pay!!  Smiley Indifferent  
 
Company               Credit Limit                Int Rate        Available       Balance
 
Amex Clear            10,000                      4.99              5,011.85         4,988.15
 
Blue Cash              10,600                      2.99              7,170              3,430.00
 
Blue Amex             15,000                       4.99              8,077.75        6,922.25
 
Bank of Amer        11,100           -0- to 10/07               5,848.00        5,252.00
 
cap1                       3,500                       5.99              1,482.47         2,017.53
 
cap1                       1,600                       1.99              529.99            1,070.01
 
CitiDiamond          8,000             -0- life of loan           3,946.81         4.053.19
 
CitiDividend          4,000                      6.90                 3,962.25            37.75
 
CitiSimplicity         6,300                       6.90                3,232.65         3,067.35
 
HSBC                 15,000                       15.99              14,872.75          127.25
 
WAMU                  8,000         -0- until 1/08                  6,168.54        1,831.46
 
 
Totals:  Credit Limit:  93,100           Available:  60,303.06          Debt:  $32,796.94
Message 1 of 25
24 REPLIES 24
MidnightVoice
Super Contributor

Re: Tuscani, Noah, et al

I could answer that question, but in case I am accused of giving unwanted financial advice, I will refrain from so doing.  Smiley Very Happy
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 2 of 25
Tuscani
Moderator Emeritus

Re: Tuscani, Noah, et al



MidnightVoice wrote:
I could answer that question, but in case I am accused of giving unwanted financial advice, I will refrain from so doing.  Smiley Very Happy


OMG..... Smiley Happy
 

 
Message 3 of 25
Anonymous
Not applicable

Re: Tuscani, Noah, et al



MidnightVoice wrote:
I could answer that question, but in case I am accused of giving unwanted financial advice, I will refrain from so doing.  Smiley Very Happy


never stops me Smiley Happy
Message 4 of 25
Anonymous
Not applicable

Re: Tuscani, Noah, et al

Yep, we know this is a lot of debt!!!  Smiley Sad
 
If you don't want to help, it's ok.
 
SandyK
 
 
Message 5 of 25
Anonymous
Not applicable

Re: Tuscani, Noah, et al

B of A, and WAMU -- what rate do they revert to after 0% ends?
Message 6 of 25
Tuscani
Moderator Emeritus

Re: Tuscani, Noah, et al

Do you have any children to sell? What about investing in the lottery?
 
All kidding aside, how much equity do you have in your home. HELOC could be an option.
Message 7 of 25
Anonymous
Not applicable

Re: Tuscani, Noah, et al

 
Bank of America reverts to 7.9% and Wamu reverts to 9.9%
 
SandyK
Message 8 of 25
Anonymous
Not applicable

Re: Tuscani, Noah, et al

 
Tuscani,
 
Our children are grown!  (darn!).  Our home equity is around 60K.  With the remodeling that we have done, house has increased in value!  A good positive for sure! Smiley Happy
 
We have a good income.  I just took out too many cards...(you think?) Smiley Indifferent   
 
SandyK
 
 
Message 9 of 25
Anonymous
Not applicable

Re: Tuscani, Noah, et al



sankofa wrote:
Below is our debt situation.   Credit Scores 696 TU - 715 EQ - 695 EX
 
Paid off our  car  and did home remodeling  with all this debt! Now we're trying to pay off our debt within 5 years. 
 
Any suggestions?  Another balance transfer card?  Or just leave alone and pay, pay, pay!!  Smiley Indifferent  
 
Company               Credit Limit                Int Rate        Available       Balance
 
Amex Clear            10,000                      4.99              5,011.85         4,988.15
 
Blue Cash              10,600                      2.99              7,170              3,430.00
 
Blue Amex             15,000                       4.99              8,077.75        6,922.25
 
Bank of Amer        11,100           -0- to 10/07               5,848.00        5,252.00
 
cap1                       3,500                       5.99              1,482.47         2,017.53
 
cap1                       1,600                       1.99              529.99            1,070.01
 
CitiDiamond          8,000             -0- life of loan           3,946.81         4.053.19
 
CitiDividend          4,000                      6.90                 3,962.25            37.75
 
CitiSimplicity         6,300                       6.90                3,232.65         3,067.35
 
HSBC                 15,000                       15.99              14,872.75          127.25
 
WAMU                  8,000         -0- until 1/08                  6,168.54        1,831.46
 
 
Totals:  Credit Limit:  93,100           Available:  60,303.06          Debt:  $32,796.94


I vote for leave alone and pay, pay, pay.  HELOC is dangerous -- you trade unsecured debt for secured debt.  If you default on your CCs, you don't lose your house.
 
IMvery,very,veryHO, the first priorities would be roughly:
1. HSBC (highest interest rate plus annoying small balance)
2.  CitiSimpl (high interest rate plus high balance)
3.  Citi Div (high interest, annoying balance)
4.  In Oct., attack B of A
 
As for the rest, pay all based on what approach works for you.  Some favor the Dave Ramsey snowball approach -- you pay the smallest amount of the debts first so you have that warm fuzzy feeling from paying off debt.  Some favor paying the debts with the highest interest rates first so you pay less in the long run. Good luck!
Message 10 of 25
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