How have you all been lately? I haven't posted in a week or two. I am posting this to receive advice on eliminating my debt. My situaton: I net at least $1080 per month. I say at least because that does not inclyde my bonus, which can be anywhere from $0 to $300 extra per month. These are my monthy "static" bills, the bills that I will have for either a very long time or ones that never get paid off: $347 Car Payment $130 Car Insurance $30 Gas $30 Cell Phone So, if I had no revolving debt or additional installment debt, I would have about $537 a month in bills, which leaves me between $500 to $800 a month to get my car paid off quicker and to save money. However, here is my revolving debt: $977 @ 5.75% Fixed (Credit company I collect for) $370 @ 0% until December (Sears) $700 @ 14.65 Fixed (1st Financial) $1826 @ 0% until July 03 (Engagement Ring) I have $450 a month to spend on bills. The ring needs to be paid off before July 03 because I did one year 0% financing... so I need to pay about $260 per month on it to get it paid off at this point. That leaves me about $160 to spend on credit cards. Should I pay like $120 on Sears before the interest rate shoots up in December? How should I pay this stuff off quickest?
I think I'd pay off Sears since it's a small amount and it'll leave you one less thing to deal with. But, take the minimum payment {at least} that you were paying Sears and, apply that plus whatewer else you pay to the 14% card. Just make miniums on the 5.75% card and plow all you can into the 14% number. Once you get the higher interest card p[aid off, pay more on the remaining card.
I'd start chipping away at that 14.65% fixed first and then work on the 5.75% before I touched the 0%. I'd also curb my spending habbits for a bit untill I was able to lower that debt. And try to transfer my highter rate cards to 0% offers. Buy some time.
I wouldn't pay off the Sears at all...not right now. But in order to accurately answer your question, I think it is important to understand a bit more information. What will the interest rate on the Sears card become after the 0% financing offer has concluded? Is that 0% financing up UNTIL December or THROUGH December? In any case, why make anything but the minimum payment ($10 to $15 or so) on the Sears card until you have to...unless the upcoming interest rate is going to be outrageously high (>19%). If that's the case, pay that one off. If it is going to be in line with one of the other cards, pay the one with the highest balance down first, until you get below 15% utilization on that card and then start paying off the one with the next highest interest rate until you get below 15% utilization on it and so on. That's what I would do. Hawg Hanner
Yes...he is a collector. He has been upfront and honest since he came to the board. He just wants help like all of us.
I just have to know... If your creditors started calling you, CCollector, would YOU give THEM the post-dated checks if they pushed for them? -ingenue
Let the cc with your own company charge off. Call yourself and settle for 50% but when you talk to yourself violate a few laws of the fdcpa. Then sue your company for $1000. Use that money to pay off another cc or use towards your ring. Meanwhile, in your settlement letter make sure you offer the 50% settlement for deletion.
When do you plan on getting married CCollector? You are going to need way more than the $1080 a month (base pay) to survive and support your wife with these bills. You need to start with the ones with the highest interest. Curb spending and tighten your belt. I really wouldn't be so concerned with paying off the ring in exactly a year, because even if you do go over a few months, you will have more money in the end and more bills paid off. So, don't fret about the ring so much as those 14% interest amounts. So, I would pay off the 14% first.
This is easy. the smart financial thing to do is pay the highest interest rate card first... then the next highest... then the next highest. The savings from the interest you'd get stuck on double digit interest rates can then go to the ones coming off the 0 percent (if Sears is higher than the 5% your company is charging). also, you can try for other 0 percent b/t deals in the interim. Citi perhaps...so: Oct pay all you can on 14.65 1st fin Nov ditto Dec ditto In Dec...what rate will Sears go to? if it's highest.. pay that... if it's not... keep paying on the highest int rate... work your way down via interest rate. almost 15% is huge considering prime right now.. get out of that As for the peanut gallery... we've all had pretty viscious collection experiences. Regardless, you're coming here asking for help... and in my opinion... the derog comments are off base given your civil demeanor. If I were you... I'd change my id to something that will provoke less of a negative reaction... good luck.
Hey, Don't bash this guy. He is not here calling us all losers and he has been upfront and honest with all of us. Pay the highest interest rate stuff first and work your way down.
Oh come on, surely he has a sense of humor, and it was pretty funny. If you can't take a little fun being poked at you, then your pretty small.
