Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
Re: Help trying to get out of this stump!

If I had that (and I do :smileysad: ) I would focus on paying the debt off vs. transferring balances. If you transfer from one CC to another, you'd still have the same util and the same score. And lowering the min. payment shouldn't be your goal anyway. Paying the minimum would extend the payments out for decades. I'd take whatever steps are needed to decrease expenses and increase income and get on a written budget. Then I'd throw everything at my smallest balances first; that'll increase your scores much faster having those $0 balances and keep snowballing the debt until paid off.

 

I'd also skip the loan. I'd skip it because reshuffling debt won't mean that you are getting out of debt, which should be the goal. I'd also figure out why I got there in the first place, vs. PIF monthly, and take steps to correct that. IME, I lost over 50% of my income last year after a biz purchase. I should have cut up my CCs when I had the chance.