@huntersimp wrote:I now make enough to pay this down over time.
I've paid off $20k in debt in the last 8 months. Most of this was accrued when my business was not so good.
Its not an emergency. But, I appreciate the comment.
Op, paying down $20k in 8 months is excellent, and that alone makes me look at this from the opposite side of the box. Before I comment and throw out my opinion / personal choice of what I would do... as my own disclaimer - it would be prudent to have a general idea of your income / DTI. Being that I don't, just take this as a general opinion without full factual basis:
In reality, all of the accounts you listed have higher intereset rates than your Capital One Venture card. By paying off the Venture, sure you're getting initial relief and knocking off the largest debt, however, you're still left with a # of high interest cards that don't help near as much as having the lower interest / larger balance Venture card in the end. Some say you'll easily rebound, but it can take years to get back to a 20k limit. Again, YMMV so this depends in income. Also, by just cutting out the Venture card you in fact will lose about 50% of your utilization, and yes that would be quite a crunch unless everything was at AZEO. My 2 cents is that if you already paid off 20k in 8 months, then you should be able to afford at a minimum, $1500/month toward this goal.
Month 1
Pay Off:
- Walmart (24.65%) - $620 limit $280 balance
- Merrick Bank (27.2%) - $2800 limit $740 balance
- *Continue a min on the other cards this month
Month 2
Pay Off:
- Cap One Rewards (21.55%) - $1500 limit $280 balance
- Barclay Apple (28.74%) - $850 limit $530 balance (Barclays is balance chasing his one)
- *Continue a min on the other cards this month
Month 3
Pay Off All or Part of:
- Barclay Rewards (25.74%)- $3800 limit $2150 balance (This is being transferred to Mercury Mastercard)
- * Continue a min on the other cards this month, split this payment into another month if needbe
Month 4
Pay Off Half of:
- Cap One Quicksilver (21.74%) - $7600 limit $3600 balance
- * Continue a min on the other cards this month, split this payment into another month if needbe
Month 5
Pay Rest of:
- Cap One Quicksilver (21.74%) - $7600 limit $1800 balance
- * Continue a min on the other cards this month, split this payment into another month if needbe
Month 6 - 10
Pay off at least $1500+ per month on:
- Avant Personal Loan (35%) - $7k balance
Month 11 - ##
Within another 8+ Months paying at least $1500 on the below you'll be in great shape:
- Cap One Venture (19.65%) - $20k limit $17k balance (Should be a bit less by now having paid min)
I'm no accountant, but going by what you've provided, and cutting out going to fancy dinners and vacations for 1 year, I'd call this year and a half plan pretty darn doable. Again, my 2 cents.
I'd try looking at a couple More CUs
(+102) | 
(+106) | 
(+151)
If you are paying an extra $2500 per month towards CCs you will be out of this mess soon. No need to change everything up. I would pay 5x your minimum payment on everything first. Then pay off the lowest balances in order of lowest to highest next each month. Make sure to save $500 or so in cash each month for emergencies so you are not cash flow poor.
I would not bother with the loan to save 5% apr with those requirements.
Do you not ever get any 0% offers from Cap One?
If so, you write yourself a check and pay even more towards each cc including the 0% one.
YMMV, but would not be worth it to me to get personal loan for 5% less and less flexibility especially with your disposible income.
GL!
