Best Way to Eliminate Debt?

[Harvey26]

Looking for best way to elimnate all credit card debt.

#1: BOFA: 4.9K @ 11.24% (8K limit)

#2: NFCU GO REWARDS: 4.2K @ 18% (9K limit)

#3 NFCU FLAGSHIP: 4.4K @ 16.24% (10.5K Limit)

#4 Discover: 5.4K @ 0% until Sept. then 17.24% also a 1.9K BT on there 0% for 12months. (6.9K Limit)

#5 Amex BCP: 4.8K @ 0% until Jan. 2018. then 23.99% (10K limit)

#6 Blispay: 1.7K @ 0% until Sept. then Whatever the go to is on the card (5.8K limit)

#7 Macys Amex: $570 @25.24% (18K Limit)

#8 Virginia Credit Union: 3.5K @ 4.99% for 24 months. (5K limit)

Credit Scores Range from 670-690 Depending on Bureau. AAOA Approx 2 years. Inqs. 100 on each CR. 

Pretty Sure BTs. Are out of the Question. Unless I find an amazing CU. 

Just Need A Good Attack Plan. 

[Anonymous]

Have you called NFCU and asked them if they could lower your rate?  Maybe they could change you to a non rewards card with a lower rate.  Obviously pay the Macy's card off and never use it again.   

[Harvey26]

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@Anonymous wrote:

Have you called NFCU and asked them if they could lower your rate?  Maybe they could change you to a non rewards card with a lower rate.  Obviously pay the Macy's card off and never use it again.   

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Payments on NFCU Cards are mangaible.. But they kind of ticked me off. So really trying to just pay them off and be done with them. 

[Anonymous]

What does your income look like? Fixed expenses? How much can you pay per month?

[Harvey26]

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@Anonymous wrote:

What does your income look like? Fixed expenses? How much can you pay per month?

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52K in income. 

Fixed expenses: 600 VW Credit Lease, 284 Car Insurance. Trying to cut out all extra expenses.

Could Pay At least 1-2K per month towards them. 

Also Looking to Probably pick up some Part-time to kind of help things along. 

[Anonymous]

First thing you need is to strip your spending down to the bare bone, literally.  Your VW is probably your biggest wasteful spending, get rid of it and get yourself a reliable used car for $3k, this will also lower your insurance to double digits for liability only, I found a 2004 VW Jetta 1.8T (76000 miles) for one of my nephews 2 years ago for $2800 and it's still running great today.  That is the first thing I would do if I was in your situation. 

[Anonymous]

I started to write a post before I really dug in, but things are a little worse than I assumed. 

1) you spend 20% of your annual gross income on your car before fuel cost. This is brutal. How much time left on the lease?

2) 1k per month would bump your debt payments to 40% of gross. This can be (barely) manageable, but 1k a month is going to be very slow with your debt load. 

3) 2k per month would put you at 60% of gross. If you're not living rent free, this doesn't seem workable. 

The biggest issue is your spending, though I don't know what put you here. The car is a serious problem, and the fact that you didn't cut back sooner is a problem too. The good news is that there is a way out. Start with a serious budget, one that takes into account all spending and leaves you with your possible debt payment. Don't reduce this payment if at all possible. No more debt for now, but you need to look up and work the snowball method with one important caveat: pay off Macy's followed immediately by any 0% debt that will back charge interest if not payed in full. From there, snowball. 

I wish I could help more currently, but I can't build my normal spreadsheet while I'm out of town on mobile. I think you should look up a snowball debt calculator and see what different budgets do to the total time and money paid. 

A second job or side gig could help a lot, especially if you can net 1k a month. 

[Anonymous]

Honestly OP, it could be a lot worse.  It looks like you're at about $30k in CC debt.  Throwing 1k-2k a month at that will go a long way.  Take the mid point, $1500/mo.  You could eliminate that debt in about 2 years if that's all you threw at it.  I'm sure you want to beat that time frame, though, so some of the suggestions offered above are solid to help you cut it down faster.

Start with your highest interest rate card and pay it off.  Once you do, move on to the next highest.  Repeat the process.  Constantly request APR reductions from your creditors.  Most will probably deny you, but some may approve your request.  It looks like your aggregate utilization right now is around 41% give or take, which isn't horrible.  Once you get your aggregate utilization down to under 30% or so, you could apply for a Chase Slate or similar BT card and move your debt over to that card, eliminating the interest for the remainder of your payoff period.  I'd think you'd be able to do this within about 6 months, so you'd only be paying interest for the next 6 months and then wouldn't have to pay any for the next year and a half once you move the balance to a BT card.

[Anonymous]

Ouch... that car payment is killing you. Try to sell it if you're not upside down (even with a lease, most lenders will let you sell it), and buy a cheap used car for cash. If you're in the Richmond area (I see VACU on your profile) there's a public auto auction every Friday that has drivable cars for less than $1000. Then with an extra $600+ in your monthly budget you can attack the credit cards.

[HeavenOhio]

I'd tackle Blispay first. If you don't pay it off by the time the promo ends, you'll be charged interest from the time the charge posted. Then I'd tackle Macy's because the balance is small and the interest is high.

OP, what are your priorities? Do you want to pay the least amount you possibly can, maximize scoring, or zero out as many balances as you can?