Card Debt Question

[Anonymous]

Alright Alright. I know I know. I am not in a great place right now.

So I did a credit debt consolidation loan with a bank for about 8,000. The rest I transferred to 0% interest card for a year to figure out what I am going to do with my life which equals to $5000. 

With my current budgeting I have worked in that I can pay the minimum on my card and the payment set forth by the bank on my loan. But now I am freaking out and stressed. I almost want to just put the other 5000 on a different bank loan but don't know how the bank would look into that. I basically need a sugar daddy...

What do others do? How do you deal with a lump sum of debt that you can't possible pay off quick and will probably have to transfer between balance transfer cards every year after year for roughly 5 years??

[Mantis350]

What does your current credit file look like?  Are there any baddies?  How many cards do you have?  any BK? What is your current UTIL?  let the BT ride on the 0% until the intro period is up and then look into another consol loan or something with low to zero interest (another BT).  If you have the offers available to you then by all means use them to your advantage.  Chip away at the debt and continue with your plan.  Sounds like you are already starting on a decent plan. 

[Anonymous]

Score: 745

No baddies

Chase Freedom 110/6500, Capital one 300/3500, Discover (BT Card) 5000/6500, Kohls 0/700, REI 0/9000, Sunglass Hut 0/1500, Ashley 0/4500 Utilization =5 %? 

Bank Loan 7500/8500

Whats a bk? 

[Mantis350]

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@Anonymous wrote:

Score: 745

No baddies

Chase Freedom 110/6500, Capital one 300/3500, Discover (BT Card) 5000/6500, Kohls 0/700, REI 0/9000 Utilization =5 %? 

Bank Loan 7500/8500

Whats a bk? 

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BK = bankruptcy.  You look like you're in a good place creditwise.  What is the rate on the bank loan?  how many inqs do you have on your reports?  Is that score a FICO or FAKO?  You could look into some other good BT cards like the Slate or possibly just a basic Wells Fargo Visa.  Your situation really isn't too bad.  Debt sucks but that should be manageable. 

[Anonymous]

No BK

Rate on the bank loan is 8% I believe

Score is FICO provided free by my discover card

Have 8 inq, 4-5 falling off this year

[boosnark]

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@Anonymous wrote:

Alright Alright. I know I know. I am not in a great place right now.

So I did a credit debt consolidation loan with a bank for about 8,000. The rest I transferred to 0% interest card for a year to figure out what I am going to do with my life which equals to $5000. 

With my current budgeting I have worked in that I can pay the minimum on my card and the payment set forth by the bank on my loan. But now I am freaking out and stressed. I almost want to just put the other 5000 on a different bank loan but don't know how the bank would look into that. I basically need a sugar daddy...

What do others do? How do you deal with a lump sum of debt that you can't possible pay off quick and will probably have to transfer between balance transfer cards every year after year for roughly 5 years??

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Not quite sure I am following this. You took out a debt consolidation loan presumably so that the bank can pay off all your current creditors (credit cards) with the aim of giving you one low monthly payment that you can afford? At least that is how it should work. Why would you want to get another loan for the original 5000 debt? Am I reading this incorrectly?

[Mantis350]

Just do the math to find out how much interest you are paying each month on that bank loan vs the principle and then decide if you want to pull the trigger to get another BT card.  Will you be able to pay the Discover off before the intro period ends?  I did basically the same thing only I never went for the bank loan.  I just appped for a couple of BT cards and used those.

[Anonymous]

boosnark- Went to the bank for just 8500. I have the discover card interest free for another year so I didn't put that in it.