What Would You Do?

[SmartCookie]

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Timothy wrote:
Even if you take SC's advice and move some of this amount your savings is going to be small overall-

I do disagree to just move debt around vs paying it off-
Saving $ is just as important as having a debt elimination plan.

You did not mention if any of these have BT fees.

What I am saying is more $ need to be going to the principal to have a reasonable chance of getting your head back above water.

I am also saying you are lucky to not have been rate jacked by BofA.

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Timothy I'm definitely on board with you.  I'm suggesting BTs to cut interest and make the payments go farther as part of a massive debt reduction plan and not just to keep up with min payments. 

kino1161 this is definitely going to be a long process but it can be done.  Timothy paid down 50k... that's not at all an easy feat to accomplish inside of a year. 

[Anonymous]

SC- Yes save the $ on interest to make the $ go further-

My point was that OP needs to put more than 700 to the payments or it will take forever for it go away.

I am still amazed how fast you crunch these BT scenarios.

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@SmartCookie wrote:

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@Anonymous wrote:
Even if you take SC's advice and move some of this amount your savings is going to be small overall-

I do disagree to just move debt around vs paying it off-
Saving $ is just as important as having a debt elimination plan.

You did not mention if any of these have BT fees.

What I am saying is more $ need to be going to the principal to have a reasonable chance of getting your head back above water.

I am also saying you are lucky to not have been rate jacked by BofA.

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Timothy I'm definitely on board with you. I'm suggesting BTs to cut interest and make the payments go farther as part of a massive debt reduction plan and not just to keep up with min payments.

kino1161 this is definitely going to be a long process but it can be done. Timothy paid down 50k... that's not at all an easy feat to accomplish inside of a year.

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[Anonymous]

Is there a limit on the number of BTs you can do to pay off an account?

[SmartCookie]

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kino1161 wrote:

Is there a limit on the number of BTs you can do to pay off an account?

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Absolutely not.  The thing is to do them smartly as each one you do, you will pay the BT fee.  BT fees usually cap out... so you want to get the most bang for your buck and attempt to just do it once if possible, but just out of cost concerns.

[SmartCookie]

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Timothy wrote:
SC- Yes save the $ on interest to make the $ go further-

My point was that OP needs to put more than 700 to the payments or it will take forever for it go away.

I am still amazed how fast you crunch these BT scenarios.

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Your point is very,very significant.  What is it...$22,700 before monthly interest and (hopefully no) new charges.  Even at 0 interest that would be close to 3 years to pay off.  Must increase inflow and decrease outflow.

What was your gameplan in doing the 50k paydown?

[Anonymous]

Plan started with Year end bonus going right to the cards 30K towards the cards/debt 10K for other stuff including getting my SL's caught up.

Dw and I called each creditor and asked them to reduce APR's
Used MS money's Debt Eliminator and tightened up the budget- paid off highest APR first- snowballed the payments, niether of us had CL's to do any BT's or scores to open new CL's until recently.

I only had $1500 of this CC debt.

Now have 2k going into savings every month.

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@SmartCookie wrote:

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@Anonymous wrote:
SC- Yes save the $ on interest to make the $ go further-

My point was that OP needs to put more than 700 to the payments or it will take forever for it go away.

I am still amazed how fast you crunch these BT scenarios.

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Your point is very,very significant. What is it...$22,700 before monthly interest and (hopefully no) new charges. Even at 0 interest that would be close to 3 years to pay off. Must increase inflow and decrease outflow.

What was your gameplan in doing the 50k paydown?

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[SmartCookie]

 

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Timothy wrote:
Plan started with Year end bonus going right to the cards 30K towards the cards/debt 10K for other stuff including getting my SL's caught up.

Dw and I called each creditor and asked them to reduce APR's
Used MS money's Debt Eliminator and tightened up the budget- paid off highest APR first- snowballed the payments, niether of us had CL's to do any BT's or scores to open new CL's until recently.

I only had $1500 of this CC debt.

Now have 2k going into savings every month.

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Wow.... hope you two celebrated when you got caught up.  Definitely called for a bottle of champagne.

That's really amazing... especially to do it so rapidly.  2k savings each month now is very sweet... that's some inspiration!   Congrats Timothy. 

kino1161 had you also tried to see if anyone would give you a regular APR reduction?  That's a good idea.

[Anonymous]

No, I haven't, but I will.  Thanks!

[Anonymous]

I seem to have the best APRs that I can get right now.

Is paying $500 per mo to the BoA Loan and $100 ea to Discover and Amex a smart idea?

Message Edited by kino1161 on 12-18-2007 04:30 AM

[Anonymous]

http://www.bankrate.com/brm/popcalc2.asp?unroundedPayment=440.26514222317746&loanAmount=12900.00&nrOfYears=3.00&nrOfMonths=36&interestRate=13.90&startMonth=11&startDay=18&startYear=2007&monthlyPayment=440.27&monthlyAdditional=60&yearlyAdditional=0&yearlyAdditionalMonth=11&oneAdditional=0&oneAdditionalMonth=11&oneAdditionalYear=2007&paidOffDate=Dec+18%2C+2010&showAmort=Show%2FRecalculate+Amortization+Table&web=brm&svyList=&loanAmount=12900%2C+12900%2C+300001&state=&market=&product=1&points=1&pType=f&refi=0&pct=0&pctList=0&zip=0&channel=mortgage&stateList=&marketList=0&refiList=0&txtloanAmount=300%2C001.00&productList=1_f_5

Paying $500 a month at 13.9 towards a 12.9K loan will take 31 months to pay off and cost you 2512 in interest.

I say to do the BT's SC suggested (2 a month so you don't get killed by the fees) and find a way to put $1000 a month towards this debt.