@vpae wrote:
@kobe2012 wrote:@I cut my cards and kept 1 or 2 cards. In my head bankruptcy is the only way but I wouldn't go that route. I worked so hard on my credit but what's the point if I'm back on where I was @.... Frustrating
No worries! Without rent, I think you're still in good shape and far from bankruptcy, just have to be diligent around paying your debt down and not adding any more to it. Create a budget if you don't have one already, find out how much money you have left over each month after the minimum payments and other expenses, sort by interest rate and then you'll have a plan to pay it all down.
I agree. Without the rent payment you should be able to make a sizeable dent (maybe even more than the 50%) in these in about a year.
Since you didn't provide interest rates, I assumed they were all the same. Two cards have low balances, I would pay them off completely. Two cards can easily be paid to under 30% util which will help. Then there are a couple of cards that are reporting as being close to maxed out. I would pay these down until they are at least 85% paid off. I assumed SLATE was 0% card, so I made this lowest priority. Once you're out of the red zones with cards close to their limits I would focus on the highest APR cards. Assuming interest charges average $200 a month over the next 12 months if you pay $1,500 towards your debt without incurring any new debt you will pay off $15,600 of your balances. If you can afford to put a bit more like $1,700/mo that will fall even quicker and you will pay less interest.
I would avoid putting NEW charges on any of these cards because then you are paying interest on the new transactions. You can also pick one card to pay off completely, use it for your daily transactions and then PIF every month before the statement cuts.
| CARD | BAL | LIMIT | UTIL % | Comments |
| AMEX: | 150 | 1,000 | 15% | |
| CHEVRON: | 100 | 5,000 | 2% | |
| WALMART: | 3,700 | 8,000 | 46% | (Get to under 30%) |
| GAP: | 2,300 | 5,000 | 46% | (Get to under 30%) |
| CSP: | 4,800 | 5,000 | 96% | (Get to under 85-89%) |
| MARRIOTT: | 4,500 | 5,000 | 90% | (Get to under 85-89%) |
| BARCLAY: | 3,600 | 4,000 | 90% | (Get to under 85-89%) |
| CAPONE: | 2,000 | 2,500 | 80% | |
| CAPONE: | 3,200 | 4,000 | 80% | |
| DISCOVER: | 1,600 | 1,900 | 84% | |
| CITI: | 1,700 | 2,000 | 85% | |
| SLATE: | 2,000 | 3,000 | 67% | 0% Card? |
| CU LOAN | 4,600 | 5,000 | 92% | |
| 34,250 | 51,400 | 67% | ||
NFCU nCashRewards VISA - $20,000 | NFCU nRewards $10,000
@myjourney wrote:Great group of help and people
http://ficoforums.myfico.com/t5/Credit-Cards/The-GREAT-CC-Payoff-Challenge/td-p/2689987
OP, I think if you stick to a strict budget you'll be able to pay off all your debt and avoid bankruptcy. I'd recommend paying the smallest balances off first, then focus on one of the bigger balances at a time. Starting with the ones with highest APRs. And definitely check out the Payoff thread, you'll get really great help there. I know it seems impossible right now, but you can do this. Best of luck to you! 
Thanks everyone!! this is why I love this forum! I am just afraid I won't be able to sacrifice my lifestyle to pay off my debt... I spend $500 a week alone on food.. but I will try to spend less starting tomorrow. Lesson learned, never buy anything you can't afford.. 
Starting Score: MYFICO 12/30/15 -TU: 481, EQ:561, EX:532 - BK7 DISCHARGED 12/2015 - Current: 09/01/2016 TU:642 EQ: 651 EX: 646
@kobe2012 wrote:Thanks everyone!! this is why I love this forum! I am just afraid I won't be able to sacrifice my lifestyle to pay off my debt... I spend $500 a week alone on food.. but I will try to spend less starting tomorrow. Lesson learned, never buy anything you can't afford..
Do your best to buy in bulk ....Costco Sams Walmart etc etc
I will try... it's just my gf and I do fine dining at least 3-4 times a week... it would suck if I won't be able to take her out as often..
@azguy13 wrote:
@kobe2012 wrote:I will try... it's just my gf and I do fine dining at least 3-4 times a week... it would suck if I won't be able to take her out as often..
I completely understand why it is upsetting to cut back on stuff like that but if you do not, you are doing far more harm to yourself. Also, keep in mind, if you do not adjust your lifestyle even after you get out of this debt then it will just happen again. This is not a temporary thing, it is a lifestyle change.
^^^^^^^BTW, I am not judging at all, none of us are ^^^^^^^^^^
thx creditwatcher... I was reading your post and we are in the same boat.. I wish you the best of luck as well... hopefully we will see our balances go down soon ....