Excessive CC Debt What are my options?

[Anonymous]

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Matt4200 wrote:
Bump

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The endless BUMP's reek of desperation.

Just pick up the phone and call NAVY.

1-888-842-6328

.

[Anonymous]

Why bump? Every angle has been covered.....in 4 pages. 

[Anonymous]

Lol using a "bump" does indicate I'm desperate for an answer I don't disagree. I would rather ask someone with experience than try to explain everything to a CSR and probably get transferred around.

I was just on hold for over an hour with BOA I really am not in the mood to deal with any financial institution today...which is the cause for the "bump" I'm sorry if that in some way offends you.

[Anonymous]

I'm not offended, but it doesn't make sense. 

If you truly want an answer, the institution can provide that. I'm not knocking the advice here, I've received lots of smart advice here. But it is advice.....and sometimes speculation and many times based off of someone else's experience with a different profile than yours. 

Youve received a lot of well thought out input and options on this matter, but none of it will absolutely dictate your outcome. At some point you will need to talk to the bank. 

[Anonymous]

I would rather have a general idea now and not have to deal with the bank for a month.

[Anonymous]

@Matt4200, I'm sorry to hear the news.

I have to say (having felt like I was backed in a corner financially more than once in the past) that there actually is some really good news here for you. Possibly even great news IMHO. I can imagine that the debt feels excessive, but it's only $12K. To me, that's a totally manageable amount. The second piece of good news is that you have your SO in the new business with you.

Personally, I'm with TygerHawke. I would transfer it all to NFCU before the offer expires and in the meantime, consider how quickly you can retire this debt if one  of you takes a part time job until the dust settles. Taking home $250 a week part time is totally manageable and that extra $1000 a month will knock out the debt no matter what else happens by the end of the 2.99% promo period. Being in the new business with your SO guarantees that there will always be someone available for details regarding the new business.

It's a tough place to be right now but 30 days from now you can really feel like you've got control of this. A part-time gig saved my rear several times and I realized that I didn't have to love it, I just had to do it. 

You have worked so hard on building your credit my friend. I know you can flip this around and fast!! Then you can concentrate on building this great new business without the weight on your shoulders.

Chapter 7: Discharged November 2015
Total Revolving Credit Lines January 2016: $2600
Total Revolving Credit Lines January 2017: $148K
11/15 Fico 8: EQ-585, TU-550, EX- 551
01/17 Fico 8: EQ-695, TU-703, EX-673
Advantis CU Siggy Visa $25K, NFCU Cash Rewards Visa $4600> $22K, NFCU CLOC $15K, NFCU Go Rewards Visa $5,500, PenFed Promise Visa $10,500, PenFed Platinum Rewards Siggy Visa $5500, Redi+ Siggy Visa $5K, SPGVisa $4,500>$5250, Cap One Platinum $2K>$4K, Cap One Quicksilver $3K, Good Sam Visa $1800, Discover $1800>$2K>$2300, Lowe's $6K>$17K, Overstock $7K>$7300>$7700, Evine $1K>$5K, HSN $3750, PenFed Thrifty $500, That's right...Credit One Visa is G-O-N-E!

[Anonymous]

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@Anonymous wrote:
Lol using a "bump" does indicate I'm desperate for an answer I don't disagree. I would rather ask someone with experience than try to explain everything to a CSR and probably get transferred around.

I was just on hold for over an hour with BOA I really am not in the mood to deal with any financial institution today...which is the cause for the "bump" I'm sorry if that in some way offends you.

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Which question? Is it the one about the credit card companies extending your current 0% promotions? If yes, you need to contact your creditors to get an answer. Good luck!

[Anonymous]

BeautifulBlaquePearl - The question about what the min payment is on BT it's usually a percentage of the amount owed but what percent 1,2,3,4? Just seeing if anyone who has done a BT with NFCU can let me know.

[EmmaGolden]

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@Anonymous wrote:
BeautifulBlaquePearl - The question about what the min payment is on BT it's usually a percentage of the amount owed but what percent 1,2,3,4? Just seeing if anyone who has done a BT with NFCU can let me know.

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Matt4200,

I did a BT with Navy on 12/31/16, took advantage of a 0% offer they extended. I BT'ed about $5350., my minium payment due Feb is $107.(2%), Of course I will be payiing at least triple or more to get it paid off by 1/18. Also, will only PIF any thing I charge on my now 0 balance cards, 

Hope this helps you.

[Anonymous]

Emma - Thanks for that info I appreciate it!

Does anyone know if you're able to transfer multiple balances over? Like if I had 2 or three cards I wanted to BT to NFCU could I do that?