I know that i have to change my lifsstyle and i am working on it.I just got a raise which i have not included in this income (I would use it for a savings acct, it is not that much anyway, about $40 after taxes). I am looking for advice on which cards to pay off first. I was thinking of paying off my Citicard and B of A card and balance transfering the smaller balances onto those cards. The Target card doesnt accept BT so thats not an option.

Advice??

I get paid $1,000 on the 15th and 30th AFTER taxes so my income is $2,000 a month. I currently owe the following:

(balance owed/CL minimum payment)

Bank of America: Mastercard
APR: 21.9%
Balance$2258/3000 Minimum $70-80

Chase: Visa
APR: 19%
Balance: $500/500 minimum $35

Gap Card
APR: 21.9%
Balance: $1,700/1750 minimum $90

CapOne: Visa
APR: 19%
Balance: $750/750 minimum $50

Target: Visa
APR: 24.9%
Balance: $3889/4000 minimum $125

Bill Me Later
APR:???
Balance: $1,115/?? minimum $15

Macys
APR: 21%
Balance: 1259/1300 minimum $45

Discover
APR: 24.9%
Balance: 2838/3000 minimum $90

Dell
APR: 21.9%
Balance: $1500/2500 minimum $65

Debt to Family
Balance: $3k minimum $50

Citi Mastercard
APR: 13%
Balance: 2370/2300 minimum $40

Car Payment
$269 monthly

Insurance
$400 quarterly

Cell Phone (mine and moms phone)
$160

Added note that cell phone includes mothers bill too

IgotSunshine said:Citi Mastercard
Balance: 2370/2300 minimum $40I'd definitely pay this down below the limit ASAP.
What are the interest rates on your cards? The usual strategy is pay the minimums on all accounts while directing any additional money to the higher APR card. You can add a twist by paying down a card that will/may allow a lower interest rate BT after it is paid off.

Also, what type of insurance is that? Is it all car insurance required for your loan or can you cut that down.
Finally, ditch the cell phone or trade down to a plan where you aren't paying $160 a month.

Read the following thread CAREFULLY: IBJANKY

Wow !! Which card you should pay first is not decided based on balance/credit line, but instead on the APR% for each card. Do you know those (if so, please include them)? You need to start by paying the ones with the highest interest rate. Do you have any assets? anyway of consolidating all this debt?

First of all, that cell phone bill is way too high. Move to a barebones plan, and use the extra money to pay off your credit cards. Put any extra money you have toward your higher APR balances first. Don't sign up for any new cards. It's going to take a while to pay off the debt; theres no quick fix.

theman2 said:IgotSunshine said:Citi Mastercard
Balance: 2370/2300 minimum $40I'd definitely pay this down below the limit ASAP.
What are the interest rates on your cards? The usual strategy is pay the minimums on all accounts while directing any additional money to the higher APR card. You can add a twist by paying down a card that will/may allow a lower interest rate BT after it is paid off.

Also, what type of insurance is that? Is it all car insurance required for your loan or can you cut that down.
Finally, ditch the cell phone or trade down to a plan where you aren't paying $160 a month.

I'm on my parents insurance so i do not think i can get it lowered. i have only been driving for 1 year but it should go down now that i just hit 25.

kamalktk said:IgotSunshine said:I am looking for advice on which cards to pay off first.

Highest interest rate first.

IgotSunshine said: Cell Phone: $160
WTF?

I pay my phone and my mother's phone. I also used to pay my sisters phone too but i cut that off. i am working up the nerve to tell my mom to pay her own bill.

IgotSunshine said:I know that i have to change my lifsstyle and i am working on it.I just got a raise which i have not included in this income (I would use it for a savings acct, it is not that much anyway, about $40 after taxes). I am looking for advice on which cards to pay off first. I was thinking of paying off my Citicard and B of A card and balance transfering the smaller balances onto those cards. The Target card doesnt accept BT so thats not an option.

Advice??

I get paid $1,000 biweekly AFTER taxes so my income is $2,000 a month. I currently owe the following:

(balance owed/CL minimum payment)

Bank of America: Mastercard
Balance$2258/3000 Minimum $70-80

Chase: Visa
Balance: $500/500 minimum $35

Gap Card
Balance: $1,700/1750 minimum $90

CapOne: Visa
Balance: $750/750 minimum $50

Target: Visa
Balance: $3889/4000 minimum $125

Bill Me Later
Balance: $1,115/?? minimum $15

Macys
Balance: 1259/1300 minimum $45

Discover
Balance: 2838/3000 minimum $90

Dell
Balance: $1500/2500 minimum $65

Debt to Family
Balance: $3k minimum $50

Citi Mastercard
Balance: 2370/2300 minimum $40

Car Payment
$269 monthly

Insurance
$400 quarterly

Cell Phone
$160

Only advice is to stop talking on the phone so much and start paying off the smallest card, one by one or by highest interest first. You pretty much maxed out every card so I suggest you take them all out of your wallet and bury them in your back yard or something because it looks like self conrol is an issue.

So far you got

- $595 in minimum payments for cc's
- $1248 total per month spending.

First off. forget about savings and transfering any balances. There is no room for you to do anything.
Second you need to reduce your phonebill at least $100
Third. See if you can get your family to let you hold off for a few months on paying that debt back.

Some would say to pay off the CC with the highest interest rate first but I don't think it will help you since you probably will feel like you aren't paying off any debt. Your best bet would be knocking each cc down one by one.

Pay off the Chase card first. You should be able to do this in 2 months or so if you don't spend on anything besides car, insurance and cc payments. At least when you pay of one card you'll feel like your actually getting yourself out of debt. It helps you build momentum and feel good about yourself this way. This is my best advice.

Goodluck

AnimEva said:i agree with the cell phone problem. $160 is a lot and this definitely needs to be lowered to around 30-40. also u should state ur interest rates. Usually Store cards are extremely high on interest rates so I suggest u pay those off first. But I would need to know ur Interest rates for each card to be definite

My interest rates range from 13%-24%. My next step is to try get them lowered, i dont know how successful i will be on that. My credit score is 644 btw (as of last nite) i think that factors into the interest rate?

"Debt to Family Balance: $3k minimum $50" ... that made me laugh for some reason.

the conventional advice of paying off the highest interest rate debt first is completely legitimate, especially from a mathematical point of view. but if i were you i would pay off my family first, then pay off the smallest balance and snowball it from there. (please look up the concept if you're not familiar). you WILL pay more interest, but probably not by much. the real value to the approach is mental. its very satisfying and motivating to see balances go to zero. it seems clear that you should close your accounts once paid off as you clearly tend to max your cards. with all that said, based on watching suzy orman, people like you usually have some kind of issue in their life causing them to spend like this that needs to be worked out.