BT options for

[Anonymous]

Hi all,

Helping my significant other with some financial planning here.   Here situation is below.

Card 1 - 8800.00 Bal - 10K limit  14%

Card 2 - 8800.00 Bal - 20K limit  14%

Paying 500.00/month on each card.

Scores over 700 under 720

Will have 5K tax refund to put towards the effort

Looking to knock these out quickest way possible.   I suggested paying minimum on Card 2, do a BT on card 1 to 0% and  pay 750/month to kill it.  Then move to card 2... do another BT then hit it with 1K/month till gone. 

OR??  What about a CU loan for both?

OR?? do BT for Both and do that same plan?

Thoughts?

Suggestions on quickest way to pay these off??

[CreditInspired]

@Anonymous wrote:

Hi all,

Helping my significant other with some financial planning here.   Here situation is below.

Card 1 - 8800.00 Bal - 10K limit  14%

Card 2 - 8800.00 Bal - 20K limit  14%

Paying 500.00/month on each card.

Scores over 700 under 720

Will have 5K tax refund to put towards the effort

Looking to knock these out quickest way possible.   I suggested paying minimum on Card 2, do a BT on card 1 to 0% and  pay 750/month to kill it.  Then move to card 2... do another BT then hit it with 1K/month till gone. 

OR??  What about a CU loan for both?

OR?? do BT for Both and do that same plan?

Thoughts?

Suggestions on quickest way to pay these off??

---

Because of the high UT, it may be difficult to get a BT balance with a decent CL. It also depends on what the rest of SO credit profile look like. 

I suggest using the $5K to get card 1 below 48.9%. Yes, a personal loan at a much lower APR would definitely be a good idea depending on scores. 

[Anonymous]

First things first, fix their withholding so that they're not getting $5k tax refunds while paying 14% interest on debt.