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OK folks...I really need your credit brainpower and advice...

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Valued Contributor

Re: OK folks...I really need your credit brainpower and advice...

Do you have a budget?

 

The first thing you need to figure out is if you make more than you spend.  If yes, then you can go ahead with those strategies that lower your APR and pay off cards etc.

 

If you do not make more than you spend, then you have a different problem altogether.  It wouldn't matter what you do with your cards, the balances will never go down.  If this is the case for you, you have two very straightforward alternatives.  Spend less or make more.  I'm assuming that like most people, if you could make more you'd already be doing it, so the only solution would be to spend less.

 

Which gets back to the original point.  How much do you spend each month and is it more or less than you make each month?  If you don't know the answer you need a budget.

Message 11 of 12
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Established Contributor

Re: OK folks...I really need your credit brainpower and advice...

Sit down, and write down your monthly spending on a piece of paper.

 

Include your fixed costs, and non fixed costs.

See if you can lower your fixed costs. An example would be cutting cable, and only keep necessities.

 

Now figure out a way to minimize the non fixed costs as much as possible, and now include the (minimum payment x 3) as a fixed cost.

 

And hammer it down in your mind that you should not get any 'luxury item,' and focus on paying your debt monthly. IF you can afford more than 3x the min, go ahead. and focus on paying down the higher APR card first, regardless of amount on other cards, and obviously other cards pay minimum or else you will get the collections coming after you lol

 

 

 


Total Credit Line- $89,300| Personal- $78,650 | Biz- $5,650
Current Score [F9]: EX-721 || TU-759 || EQ-768 || AAoA-2yrs7mo || uti- 1% || 100% payment history || 9 inq
Message 12 of 12
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