Please reveiw my Debt to help develop a plan of attack

[CredithelpPlease]

A friend sugested this site, they said this community of people are will to help me achieve debt  succes to here iam,what im doing isnt currenlty working, i need a plan to make all of this debt go away, so any input you may have i would be thankful for.

Monthly Income 2400

Savings                 -10%

Total                  2160

Credit/Debit                                                                                                                                                                                       

Company          MMP          Balance

Fingerhut          26.00          380.97

Captital one      54.00          1366.54  

Capital one       32.00          825.41

HSBC               22.00         1096.21

Dell                   90.00         3120.37

Walmart            21.00         326.87

Kohols              22.00         583.03

Medical             14.00         268.00

HSN                  27.00        671.00

Car                   478.00      8860.00

First Premire     40.00        650.00

Total             826.00           18145.00

Living expens

Water                48.00

Electric/gas     128.00

Rent               775.00

Direct TV      77.00

ADT              40.00

Gym              10.00

Total   1078.00

[09Lexie]

Welcome to the forum.

1. First, stop charging and stick to a budget. You must be paying interest which is a big no-no.
2. Assuming the medical bill isn't charging you interest, start with Walmart and pay the balance down. If the medical is charging you interest, pay it off first
3. Are you able to refi your car? If so, I would look into getting those pyts way down
4. DirectTV and the gym are luxuries that you cannot afford. The extra $87 a month can be used to either your medical or Walmart accounts. After you've paid off one, work on the next.
5. If you've been a customer in good standing, I would ask for APR reductions, even if they only give you a temp reduction, the time to ask is now

I'm sure others will have ideas as well.

[Necromancer]

---

@CredithelpPlease wrote:

A friend sugested this site, they said this community of people are will to help me achieve debt  succes to here iam,what im doing isnt currenlty working, i need a plan to make all of this debt go away, so any input you may have i would be thankful for.

Monthly Income 2400

Savings                 -10%

Total                  2160

Credit/Debit                                                                                                                                                                                       

Company          MMP          Balance

Fingerhut          26.00          380.97

Captital one      54.00          1366.54  

Capital one       32.00          825.41

HSBC               22.00         1096.21

Dell                   90.00         3120.37

Walmart            21.00         326.87

Kohols              22.00         583.03

Medical             14.00         268.00

HSN                  27.00        671.00

Car                   478.00      8860.00

First Premire     40.00        650.00

Total             826.00           18145.00

Living expens

Water                48.00

Electric/gas     128.00

Rent               775.00

Direct TV      77.00

ADT              40.00

Gym              10.00

Total   1078.00

---

 I would cut the gym, direct tv and if adt isn't under contract I would cut them.  Then trim the savings to 5%.  I wouldn't stop saving altogether.  Then pay the medical first followed by walmart then continue with the cc that have the smallest balances to get your debt down the quickest.

---

[user5387]

One idea might be to go to a local CU, and see if they will give you a consolidation loan that covers everything, including the auto loan.

As part of such an approach, you might want to volunteer to close your CCs, and use debit/prepaid cards only for the next few years.

[CredithelpPlease]

 i just would like to thank everyone for the vaulable input, i think my first plan is to refi my car, and see what happens and pay off the medical bill first then the wal mart and so on

[bichonmom]

Saving money at a low interest rate, when you're paying probably 20% and more on those cards just doesn't make any sense. I would not only stop saving and put that towards the debt each monnth, but I'd also look at taking at least some of your current savings and applying it towards the highest rate balances.

Looking for a debt-consolidation loan with your local credit union is a good idea Some are more lenient than others, but in general they are a lot more willing to work with you than banks are.

Depending on your util and FICO, you might qualify for a 0% BT card. Someof them send you checks, so you can write a check to yourself and pay off the balances from your checking acct. Then you just need to work on paying off the BT, but at least you're not accruing interest eveyy month, which is a killer.

You should also take a look at your recent credit report, which you can also get here or a free copy once a year at annualcreditreport.com. You need to look at all 3 CRAs - Equifax, Experian and Trans Union, because they're not always the same. I would do this *before* you have any CU pull your CR so you know what's on there beforehand.

If you post your stats: utilization (total you owe divided by your total CLs) and your AAOA, your FICO (which you can get with a free trial here on myfico.com), you might be able to get some advice about options to consolidate and possibly get a 0% BT.

[chwebb1]

I completely agree with everything everyone has said about cancelling DirectTV, the gym, and ADT. I would also seriously consider cutting the savings and using some of it to pay down some of your higher interest rate balances. What are your credit lines though? Is there any way you could combine some of this debt onto fewer cards to decrease your minimum payment (If your higher CL cards have a lower interest rate)? Also, as others have said, I would look into debt consolidation, and possibly getting a second job. Further, you could sell some things that you have to help pay down debt. You could do this via Ebay or Craigslist. Also, while some say to pay down lower balances first, I would personally pay off higher interest rate cards/accounts first so that you have more money to throw at the other debt once your higher interest rate accounts are paid. Also, if you don't trust yourself to not get into this situation again, I would close your accounts as you pay them off. While it won't be good for your UTIL on your FICO score, it will prevent you from getting into debt again. 

[staifokuzed]

First thing you should is hug your friend.  There is a lot of good people on this forum.  The first thing I noticed on your list was the FIrst Premier.  Are you paying any fees to keep that open?  If u are that would be the first plan of attack.  Second would be maybe some more income/selling items.  Food delivery this time of year tends to pick up through winter/cold.  Also a strict budget would also be a top priority.  As far as savings goes S@#* Happens so if it does a reserve is good to have.  Others suggested it and I am going to as well. Visit a credit Union Tomorrow.  I would take all statements and pay stubs also vehicle documents.  The worst they can say is no and if they do you just ask again "Recon" (Reconsider their decision)!  If it is still no its not the end.  You have a workable situation.  You can tackle this debt.  When u pay off your first card come tell us.  We will celebrate with you and give u a big CONGRATS or the like.  Welcome to the forum and bet wishes to you.  

[compassion101]

You didn't include things like gas and food. You need a more detailed breakdown of where your money goes and then create a budget to see where you can cut back and how much you can pay towards debt a month.

I'd suggest not getting rid of the gym unless you don't go. Everyone needs fun time and for $10/month it provides alot of recreation time very inexpensively.

The 10% you use for savings, savings is secondary to paying off high CC debt. So send that $240 to pay off bills.

Consider other options or a car. My wife and I pay $435 a month on cars and make considerably more in income. I know it seems important to you perhaps, but it's secondary to getting out of debt. In my 20s I drove a Porsche and I was deep in debt. Now I have a ten year old Hyundai and no car payment. We pay on my wie's Prius, but save a ton on gas as she travels alot for work.

Get that budget set and come back post with the details.

It's great that you are making an effort to take care of this. Good luck!

[user5387]

One thing that you might do would be to experiment with an installment loan calculator.

For example, if the principal amount of $18145 is put into such a calculator, with a 36-month term and 12% APR, then the monthly payment turns out to be $603, which is substantially less than the $826 that is currently being paid.