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Frequent Contributor
sankofa
Posts: 374
Registered: ‎04-03-2007

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!!  :smileyindifferent:  
 
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
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007

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.  :smileyvery-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
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

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.  :smileyvery-happy:


OMG..... :smileyhappy:
 

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

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.  :smileyvery-happy:


never stops me :smileyhappy:
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Frequent Contributor
sankofa
Posts: 374
Registered: ‎04-03-2007

Re: Tuscani, Noah, et al

Yep, we know this is a lot of debt!!!  :smileysad:
 
If you don't want to help, it's ok.
 
SandyK
 
 
Moderator Emeritus
masdeocho
Posts: 2,050
Registered: ‎04-17-2007

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
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

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
sankofa
Posts: 374
Registered: ‎04-03-2007

Re: Tuscani, Noah, et al

 
Bank of America reverts to 7.9% and Wamu reverts to 9.9%
 
SandyK
Frequent Contributor
sankofa
Posts: 374
Registered: ‎04-03-2007

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! :smileyhappy:
 
We have a good income.  I just took out too many cards...(you think?) :smileyindifferent:   
 
SandyK
 
 
Moderator Emeritus
masdeocho
Posts: 2,050
Registered: ‎04-17-2007

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!!  :smileyindifferent:  
 
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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