About to start, need advice
Date: Thu, 06/10/2010 - 16:44
I've received word that I won't be getting laid off this year, so I've decided it's time to start saving and try to settle my credit card debts. I'm 100% current right now, but my minimum payments + my car payment + rent is basically eating up most of my income.
a. Sears Citi Mastercard: 23.75% APR; $9000 balance; currently on 9.9% hardship until mid 2011
b. Shell Citi: 9.24% APR; $6500 balance, on 0% hardship until August 2010
c. BofA: 6% APR, payment plan, $5900 balance
d. BofA UPromise: 9.32%APR; $5000 balance
e. Barclay's: 29.99%APR; $1000 balance
f. American Express: 17.24%APR; $3300 balance
g. Citi Universal Card: 13.27%APR; $6000 balance, on 0% hardship until August 2010)
h. Chase: on payment plan; 6% interest; $2200 balance
i. TargetVisa: 22.99%APR; $1000 balance
j. CapitalOne: 17.9%APR; $500 balance
Any thoughts on how to proceed -- especially the order and timing? I have ZERO savings now, but make $70k/year + have no family so I should be able to start saving soon -- does the fact that I have a stable government job hurt my chances of a settlement? I'm thinking about trying to settle Sears Citi first, stay current on everything else until I've saved up around $4K, then start defaulting on Amex and maybe Citi. Has anyone had luck settling with Sears? I'm not sure if I can even settle Barclays or Capital One given that they are such small balances -- should I just try and pay those off ASAP, or settle first on everything else and pay those off on the back end?
Any thoughts are greatly appreciated.
a. Sears Citi Mastercard: 23.75% APR; $9000 balance; currently on 9.9% hardship until mid 2011
b. Shell Citi: 9.24% APR; $6500 balance, on 0% hardship until August 2010
c. BofA: 6% APR, payment plan, $5900 balance
d. BofA UPromise: 9.32%APR; $5000 balance
e. Barclay's: 29.99%APR; $1000 balance
f. American Express: 17.24%APR; $3300 balance
g. Citi Universal Card: 13.27%APR; $6000 balance, on 0% hardship until August 2010)
h. Chase: on payment plan; 6% interest; $2200 balance
i. TargetVisa: 22.99%APR; $1000 balance
j. CapitalOne: 17.9%APR; $500 balance
Any thoughts on how to proceed -- especially the order and timing? I have ZERO savings now, but make $70k/year + have no family so I should be able to start saving soon -- does the fact that I have a stable government job hurt my chances of a settlement? I'm thinking about trying to settle Sears Citi first, stay current on everything else until I've saved up around $4K, then start defaulting on Amex and maybe Citi. Has anyone had luck settling with Sears? I'm not sure if I can even settle Barclays or Capital One given that they are such small balances -- should I just try and pay those off ASAP, or settle first on everything else and pay those off on the back end?
Any thoughts are greatly appreciated.
You are so typical of many Americans! Here is a plan! Start with
You are so typical of many Americans! Here is a plan!
Start with Capital One and pay them off first! That is your smallest balance! Then on to Barclays! That is your next largest with a huge interest rate! Now you have the money to increase your payment amount the the next one and up the ladder! In other words get rid of the smallest and apply the money you were paying to the next largest! This method has been proven to worK! It will take about two years! It sounds like a long time but thats not as long as it took to get you where you are today! Get to work!
Capital one and Citibank are ones most likely to sue...so get th
Capital one and Citibank are ones most likely to sue...so get the other ones out of the way first.
