Need solution for $30K credit card debt in multiple cards.

[Anonymous]

Thanks again everyone for the replies.

I receive slightly less than $2,200 per bi-weekly paycheck.

J.

[Anonymous]

Hi TheCeditGame,

Thanks for the thorough step by step guide. I really appreciate it. It all make sense to me. However I don't really have the extra $3K each month to solve this. The most I can allocate each month is probably $1K or slightly less. Do you think loan will be better for this situation or ...? 

Thanks.

J.

[Anonymous]

IMO, its best to apply for a personal loan or 0% APR balance transfer card. See if you prequalify for Discover, Citi Simplicity etc. Also, try to pay your balance down each week.. or biweekly with your paycheck first and whatever's left from your paycheck you save. I was in the same boat as you with a little less debt at 15K at the start of 2017 and now I'm debt free with excellent scores. You can do it

[Anonymous]

Good advice on all the above. I have a lot less revolving debt, fortunately, on a very solid revolving-credit total of over $43k, but one of my resolutions for 2018 (if I can keep it ) is to start reducing it. Successfully apped for a new 0% BT card (Cap 1 QS Rewards Visa) with a better APR than my older cards, so I'm planning to transfer at least one balance to that card once I get it and figure out how to do it right, as well as transfer my remaining secured-card balance to a lower-interest card, then close it out and use the deposit to pay down/pay off at least one other card.  Good luck!

[Anonymous]

You say you can't put $3000 a month towards but but can put $1000 -- are you sure about the "can't" part?

If you have things like cable TV or restaurant/dining budgets, slice those to $0 until you're paid off.  New clothes or entertainment slice to $0.  Downgrade your phone service, too.

More folks build debt in nickels and dimes because the small things add up really quickly.

I'd suggest doing my reverse budget going back 6 months on ALL statements and highlighting everything non-essential and then erasing that from future statements by not spending it.  I bet if you reverse budget you'll find you can put $2000 a month towards your debt!

[Anonymous]

As ABCD said cut back on any extras.  Cut the cord on television, internet, cell phone plan.  A $30K signature loan @ 15-18% for debt consolidation is a horrible idea.  It would be $713-$760 per month for 5 years and no room to wiggle.  Another trap of a signature loan is it allows cardholders the ability to run up more debt.

[Anonymous]

Hi,

If you allocate $350, $350 monthly for the 18% CC, and $300 for the 17%, and $75 for the no interest CC. You will pay all the card by May 2020. You will end up paying $6095.25 in interest which is roughly 20% over the three years which equals 6% annualy. So, unless if you can find a personal loan which APR is 5% over 3 YEARS, then paying it off monthly is your best shot.

Heres an excel showing the plan to pay:

[Anonymous]

$350 For 21 Months Interest  $1,087.50

$450 For 29 Months Interest $3,139.50

$300 for 21 Months Interest $885.00

$160 for 30 Months Interest $983.34

[JaeJae12]

Just want to remind you that you should put the cards away for now, so you don't spend more on them...and use cash only if possible.

[SouthJamaica]

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@Anonymous wrote:

Hi TheCeditGame,

Thanks for the thorough step by step guide. I really appreciate it. It all make sense to me. However I don't really have the extra $3K each month to solve this. The most I can allocate each month is probably $1K or slightly less. Do you think loan will be better for this situation or ...? 

Thanks.

J.

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IMHO the only kind of loan that would help, rather than hurt, your situation would be a credit union loan.