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Frequent Contributor
Posts: 374
Registered: ‎04-03-2007
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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
Super Contributor
Posts: 8,197
Registered: ‎03-25-2007
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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
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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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
 

 
Moderator Emeritus
Posts: 2,050
Registered: ‎04-17-2007
0

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
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Frequent Contributor
Posts: 374
Registered: ‎04-03-2007
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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
 
 
Moderator Emeritus
Posts: 2,050
Registered: ‎04-17-2007
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Re: Tuscani, Noah, et al

B of A, and WAMU -- what rate do they revert to after 0% ends?
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

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.
Frequent Contributor
Posts: 374
Registered: ‎04-03-2007
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Re: Tuscani, Noah, et al

 
Bank of America reverts to 7.9% and Wamu reverts to 9.9%
 
SandyK
Frequent Contributor
Posts: 374
Registered: ‎04-03-2007
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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
 
 
Moderator Emeritus
Posts: 2,050
Registered: ‎04-17-2007
0

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!
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
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