Need help paying down my debt!

Anonymous · ‎02-04-2017

2198/3200 - BOA Platinum Plus (balance of 1168 is on 0% promo till may 23 and the remaining balance is on 0% until December 23 then apr will be 23.24%)
542//3000 - Discover - 0% apr till July then it goes up to 22.24%
1763/2000 - BOA Better Awards Balance - 0% Apr till Februray 18. 2018 then 16.49% APR
1100/2000 - BOA cash rewards - 0% APR till February 14, 2018
424/6500 - Quicksilver - 15% Apr for 7 months then 23% (I'm not paying interest on this because I only charge my bills to this now then i pay it back right away therefore negating any interest charges but still needs to be paid down eventually)

I have a 1000$ I can currently throw at a card. How should I go about paying this?

Also I have 2 BT offers for discover. 4.99% for 18 months no fee and 0% for 12 months with 3% fee. I project I'll get these same two offers consistently.

I have about 600$ monthly I can throw on the cards combined in addition to the 1000 I currently have now

redpat · ‎02-04-2017

@Anonymous wrote:
2198/3200 - Pay bal in May and 1030/10 = 103 per monthBOA Platinum Plus (balance of 1168 is on 0% promo till may 23 and the remaining balance is on 0% until December 23 then apr will be 23.24%)
542//3000 - 542/5 = 108.40 per month Discover - 0% apr till July then it goes up to 22.24%
1763/2000 - 1763/12 = 146.92 per month BOA Better Awards Balance - 0% Apr till Februray 18. 2018 then 16.49% APR
1100/2000 - 1100/12 = 91.67 per monthBOA cash rewards - 0% APR till February 14, 2018
424/6500 - payoff Quicksilver - 15% Apr for 7 months then 23% (I'm not paying interest on this because I only charge my bills to this now then i pay it back right away therefore negating any interest charges but still needs to be paid down eventually)

I have a 1000$ I can currently throw at a card. How should I go about paying this?

Also I have 2 BT offers for discover. 4.99% for 18 months no fee and 0% for 12 months with 3% fee. I project I'll get these same two offers consistently.

I have about 600$ monthly I can throw on the cards combined in addition to the 1000 I currently have now

Your balances are what I charge a month, lol!

See in red. What's the problem, most are at 0%? The red is $449.99 per month that leaves you 150.01 per month plus your $1,000 to pay QS and BOA. Now if you only have $600 a month and that's just not extra, don't use your cards anymore you are over your head.

Personal Cards: Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BBP

Anonymous · ‎02-04-2017

so no debt avalanche or snow ball method?

K-in-Boston · ‎02-04-2017

If they're all at 0%, no real need for snow ball or avalanche method. Certainly continue to PIF on that CapOne. You didn't mention whether your $1000 was in addition to the PIF balance on the CapOne. Regardless, you have about $5000 in balances left after the $1000 now. I would pay off the Discover immediately and pay as much as you can on the Platinum Plus then transfer the remainder of that balance to Discover - pay the 3% fee to take the 0% offer if you really can pay $600 a month towards the balances. Make near the minimums on the Discover and Cash Rewards cards while throwing the bulk of that $600/mo on the Better Balance Rewards to get the utilization down. After that's paid off, go after the remainder of the Cash Rewards card. Then pay off what's left on the Discover. You should have them all paid off by November or December, assuming that $600/mo isn't being used to PIF on the CapOne card every month. Buit you know what? Life happens! If you still haven't paid off that Discover (should have until March with 12 month offer), you now have 3 empty BOA accounts that should have BT offers. Best of luck!

Creditplz · ‎02-04-2017

I agree with Redpat.. not much to do, you've simply overspent, try using one or two cards only.

MrsCHX · ‎02-05-2017

Pay off the card with interest and the $500 balance with promo expiring soonest.

$600/mo will have the December promo card paid off in May. The other 2 will be $0 4 months later. No need to complicate matters!!

If you don't have cash reserves feel free to spread the payments on the last two a little longer and put some money in savings.

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Anonymous · ‎02-05-2017

0% aren't worth stressing over. As far as doing monthly projections I would try to have them done at 9 or 10 payments in case something comes up along the way.