Have a bit of cc debt. Need help strategizing

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hwturner
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Have a bit of cc debt. Need help strategizing

Postby hwturner » Wed Mar 26, 2014 5:44 pm

I find myself in a bit of debt for numerous reasons, none of which justify my situation. None the less, I find myself trying to fix the problem and would like some perspective from you guys. I really don't care about how this effects my credit score all that much. My goal is to pay it down as quickly and as efficiently as possible.

Here is where I currently stand.

1. Amex BCE $1,900/$2,000 0% until 1/1/14
2. Discover $3,850/$3,500 0% Until 1/1/14
3. Chase $4,850/$5,200 0% until 1/1/14

4. NFCU Platinum $7,350/$14,500 7.99%
5. NFCU Flagship $5,900/ $8,500 16.95%

I never use the Platinum card. It was obtained using my wife's credit (hence the rate) and my idea was to put any emergency expense or balance I couldn't pay off on that card. It's since spiraled out of control but you get the point.

The NFCU cards regularly have 0% balance transfer offers. Usually once or twice a year for 12 months or so. I am very confident I will be able to take advantage of one of those offers around the end of the 0% offers expiring at the beginning of the year.

My plan is to try and pay down the Flagship card with the highest rate as much as possible to make room for the eventual BT of the 0% when they expire. It's just so tempting to try and attack the smaller cards first. If I can't pay down the NFCU cards after the BT of the 0% cards, I would try and do another BT if possible but that would be 20 months away at least.

Ultimately I want to pay this off and free up cash as I have student loans I want to get to. I don't have a large sum of cash I can throw down but my wife and I do receive two extra paychecks a year each due to bi-weekly pay schedules.

What do you guys think?

(I don't mean to be rude, but please refrain from any credit card debt speeches. I know why i'm here and I know where I screwed up. Just looking for some perspective)

Thanks everyone!
NFCU Visa Signature Flagship $8.5k
Home Depot Consumer Card $2.5k
PNC Bank Card(AU) $2.5k
AMEX BCE $2.5k
Discover IT $3.5k
Chase Slate $5.4k


Experian: 771
Transunion: 715
Equifax: 680 (as of 08/01/2013)


MemberSince99
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Postby MemberSince99 » Wed Mar 26, 2014 6:24 pm

What???? How could you do that, that's almost a terrorist act against credit do have any idea what they do to people who screw up as badly as you have????


Just kidding. No speeches or preaching here.


Yeah pay that down, it's gotta be rough to live with and I can guarantee it's killing your score. You will probably find most lenders unwilling to extend you new credit as well but frankly at this point that's a good thing so you don't get in deeper.


Not sure why the top three cards say 0% through 1/1/14, that's almost 3 months ago now. I'm assuming you mean 1/1/15.


Money wise you are better off paying off the Flagship. Once you do that consider paying off the Amex first then the Chase. the 7.99% is as good as you'll find and your about 50% on that one seems almost tolerable compared to most of the others. Amex is known not to like long term balance carrying and I imagine Chase probably isn't wild about this so you might want to look at them after Amex. And I would pay Discover at least under the limit, you are over the limit on that thing if your numbers are right and that doesn't look good at all.


Yep you got your work cut out for you good luck I hope you get that whittled down.

linuxmachine
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Location: los angeles

Postby linuxmachine » Wed Mar 26, 2014 8:31 pm

Might sound counter-intuitive, but see if you can get approved for the Slate and BT whatever you can from the flagship over to that card. Slate's 0% APR lasts about 15 months and has no transfer fee. Don't worry about the ding from the hard pull as it looks like you wont be taking on any more debt anytime soon anyways.

Besides that, focus on that Flagship first. I would consider paying the Platinum next, and then BT over the balances from the other cards to the Platinum when the 0% APR resets, or close to that date (whenever the 0% BT is available).

Although.. if you feel this debt is overbearing, you could always consider a debt management plan, and get into agreement with the banks to allow you to pay off your debt in exchange for lower rates and waived fees. I guess you'll have to determine how much of this debt you can pay down by next year. You got close to 24k in debt. What are your personal expectations on paying this off, and over how long?



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