- Centurion Member
- Posts: 260
- Joined: Fri Jun 07, 2013 9:46 am
- Location: Broward County FL
Since you've had them all for one year now, I doubt they are in the 0% intro period anymore (if you had one). If there are any cards that still have a 0% rate, do utilize the minimum monthly payment until that period ends. (And write it down and know when it does end!) Beware that once the 0% period ends you are responsible for paying interest on all purchases from the first day you began to carry your balance over!
Call your accounts and ask for a rate reduction or extension on your interest 0% period. Have you carried balances over in the past or is this your first time. Let them know! They can extend payment due dates and make adjustments to your interest charges.
From the sounds of it, you have anywhere between $4 to $6.5k in debt. I'm sure you can pay this off. Reduce and consolidate any debt you might have. Are any cards charging you an annual or service fee? Cancel them! Did you buy something that you no longer need or want before the death had occurred? (My condolences for you.) Return items that you no longer need and cancel services that you're not using.
Consider the order in which you are billed for each of your accounts, and what the charges total to and what they consist of. The most expensive charges are paid off first! If you bought an item for $300, and a pack of gum for $2, and you paid $250 off of your bill, that means you paid $250 of the $300 item. Banks know that this method can compound interest easily and is harder to pay off.
You can now begin paying off your debt in a manner that costs the least for you. Assume you will pay the minimum payment for all of the cards, or $50 for each. You can set something up in excel with the summation formula to see how much you will be paying off, and how much you will still owe. Now adjust the figures to determine how much you can pay off at this moment (it should be close to what's already in your checking account).
I don't suggest a debit card at all. Banks charge HUGE fees for over drafting. Ask your bank to decline transactions that would result in an overdraft if you do insist on using a debit card. If you do overdraft, tell them they should not have allowed it and to be credit back for the overage. Credit card interest is often a lot less than overdraft fees (from what my friends tell me)... You can also just use cash... How many pennies do you have sitting around your house? Lol. Spend them or deposit them!
American Express: Blue Cash Everyday (10k), Everyday, ; Discover It (7.3k) ; Target (2.1k)
Citi: Diamond (2k) ; Bank of America: Cash Rewards (2.6k) ; Capital One: Quicksilver (3k) , Sony ; Chase: Freedom (3.7k), Slate (3k), (Amazon) ; Barclay Ring ; Synchrony: Walmart MC, Amazon, Ebates