Excessive CC Debt What are my options?

[Anonymous]

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@Anonymous wrote:
Honestly I think if we had until December we could pay it off, all 3 cards. I know a lot of people don't develop a game plan and end up drowning in debt but that's not the case here.

I honestly believe that our business will work, we have no overhead, we get our inventory overseas at really low pricing and sell wholesale to other stores locally. If we strike out at 10 stores there's another 100 waiting it takes time and perseverance.

Our game plan is to make $500 payments ($400 split between CU/Chase then $100 to BOA) a month starting next month towards this. Which should put a dent in it then if all goes well by the end of summer if all goes well make a one large payment to PIF.

That's the game plan

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The NFCU BT promo expires 3/1/2017.  I recommend that you wait until the last week of February then BT all 3 cards onto that.  You'll be left with one payment, so no confusion as to what gets paid first.  Yes, you give up a few months at 0%, but you give yourself a full 12 months at 2.99%, with a reasonable rate thereafter.  This puts you in a great place for the best case scenario, in which everything goes according to plan, but more importantly hedges your bets in case the opposite happens.  PLUS - there is the off chance that after you pay off your other cards, one of those lenders could run a 0% promo which will allow you to transfer any residual back should you need to.

It's a win-win.  Best of luck!

[rmduhon]

+1 for TygerHawke

[joltdude]

There is one caveat with the NFCU BT transfer method...... do realize that NFCU requires a higher percentage min payment than other banks... forget the exact number ... (as in if you end up making just the minimum, it would be a larger amount required than many other banks for the same balance)... But even if poo hits fan, you wouldnt end up just paying minimums.... I hope

[fltireguy]

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@Anonymous wrote:
Honestly I think if we had until December we could pay it off, all 3 cards. I know a lot of people don't develop a game plan and end up drowning in debt but that's not the case here.

I honestly believe that our business will work, we have no overhead, we get our inventory overseas at really low pricing and sell wholesale to other stores locally. If we strike out at 10 stores there's another 100 waiting it takes time and perseverance.

Our game plan is to make $500 payments ($400 split between CU/Chase then $100 to BOA) a month starting next month towards this. Which should put a dent in it then if all goes well by the end of summer if all goes well make a one large payment to PIF.

That's the game plan

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Just curious..

 Have you made any sales yet, or are you just starting from the ground up, at this point.?

If you are starting from the ground up, and laying out the money for the inventory up front, and do not have any definite orders, I personally think that you are taking one

ENORMOUS risk using both you and your SO's credit, and putting everything on credit cards, as it appears that you are doing. I would agree with the poster that said that you should seek out a lender that will help you with everything, as opposed to the current method! In the unlikely event that something does not work out as planned, you both will spend  at least the next 7 years rebuilding from that. I do wish you the best of luck though, however, please be careful! It just looks like you are getting in deeper and deeper at this point, based on your previous posts

If you use one lender, and things go south, you will have ONE baddie and collection, etc.. If you use 7 credit cards and same happens, you will have 7 to clean up... Just my thoughts....

[Anonymous]

Joltdude - We will consider that but we would be losing 5-6 months on the 0% for BOA so we will need to strongly consider that option.

Fltireguy - Yes we are building from the ground up. We are ordering inventory from warehouses overseas are insanely low pricing. For example: we buy a phone charger for a Samsung for $0.40 resell it to local businesses for $2-$3 (depending on the business) and they in turn resell it to consumers for $8-10. That's a Win Win. If worse comes to worse we sell for $1-$1.50 at the absolute slowest case scenario and still make a good profit.

We are being very cautious and use a maximum of 10% of our Business Credit which currently is $16,000 so have no more than $1,600 out until things get rolling.
As far as if we have clients yet no but my cousin is a manager at a local retail store and they are interested in our products she is presenting them to her district manager today and throughout this week we are going from business to business marketing our products.

Having up to $1,600 out with a 0% APR until October isn't that crazy IMHO as I said before we are being cautious not overbuying.

We don't need cash though we like the rewards the sign up promos and all that is that bad? We have 0 overhead for the business it's being run from our home we don't need a warehouse or anything which is a plus.

[rmduhon]

Take into consideration the fact that NFCU might not have the BT offer when the BoA 0% runs out.

[Anonymous]

What is Navy's minimum payment on the BT does anyone know? My current CU's is 2% of the balance.

[Anonymous]

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@Anonymous wrote:

I think you already know what you want to do and are just wanting anyone to tell you to go that route. I think it is dangerous to rely on balance transfers and to keep moving the balances around from card to card. The balances you are carrying are the real issue, the interest is a sympton not the root cause of your financial situation. Many people have said to cut expenses/increase income. What's the game plan to pay them off? Best of luck in whatever you decide to do to stay ahead of this. 

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+1

[Anonymous]

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@fltireguy wrote:

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@Anonymous wrote:
Honestly I think if we had until December we could pay it off, all 3 cards. I know a lot of people don't develop a game plan and end up drowning in debt but that's not the case here.

I honestly believe that our business will work, we have no overhead, we get our inventory overseas at really low pricing and sell wholesale to other stores locally. If we strike out at 10 stores there's another 100 waiting it takes time and perseverance.

Our game plan is to make $500 payments ($400 split between CU/Chase then $100 to BOA) a month starting next month towards this. Which should put a dent in it then if all goes well by the end of summer if all goes well make a one large payment to PIF.

That's the game plan

---

Just curious..

 Have you made any sales yet, or are you just starting from the ground up, at this point.?

If you are starting from the ground up, and laying out the money for the inventory up front, and do not have any definite orders, I personally think that you are taking one

ENORMOUS risk using both you and your SO's credit, and putting everything on credit cards, as it appears that you are doing. I would agree with the poster that said that you should seek out a lender that will help you with everything, as opposed to the current method! In the unlikely event that something does not work out as planned, you both will spend  at least the next 7 years rebuilding from that. I do wish you the best of luck though, however, please be careful! It just looks like you are getting in deeper and deeper at this point, based on your previous posts

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+1 fitireguy

[Anonymous]

Bump