- Gold Member
- Posts: 25
- Joined: Fri Sep 06, 2013 4:51 pm
- Location: southeast
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)
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
Equifax: 680 (as of 08/01/2013)