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I♡C&R. 2 kids; Thornton, CO, United States 25114 posts
18th Mar '13
Quoting Pusherman:" Then you're in a good spot. Bankruptcy will ruin it. The way it works is they will consolidate for a ... [snip!] ... your balances to a new card with a lower interest rate and higher CL? A lot of credit companies will work with you on that. "


Smart idea! Thanks!

Emily Dickinson 18 kids; Indiana 57831 posts
18th Mar '13

<blockquote><b>Quoting I♡C is TTC#2.:</b>" I'll probably go with that and work hard towards it and try cutting some corners where I can as far as other stuff. If people say $25,000 isn't worth bankruptcy, I won't do it."</blockquote>




It really isn't.



If you really follow his plan, the debt will e paid off in no time. We are not wealthy but we paid off $12K in a year!

ILOVEWINE Due April 24; 2 kids; Sweden 10814 posts
18th Mar '13

<blockquote><b>Quoting I♡C is TTC#2.:</b>" So if the payments are $25 right now on a few, you think they'll go up?"</blockquote>




Depends on what you of card it is and if you keep using it and only make minimum payments it will go up. And if you are only making a 25$ payment, you need to up it to at least 100$.

I♡C&R. 2 kids; Thornton, CO, United States 25114 posts
18th Mar '13
Quoting shes*almost*one!:" that is nothing... im shocked you want to file BR for that"

Okay, cool. I also know where you guys live, expenses are WAY different. Here in CO, that's a tough amount, but if it's doable, I'm going to work hard on it and keep things the way they are.

user banned Due November 7 (boy); 1 child; Dayton, Ohio 26853 posts
18th Mar '13
Quoting ILOVEWINE:" <blockquote><b>Quoting I♡C is TTC#2.:</b>" Yep, I'm going to see about that. ... [snip!] ... unless you are in collections and have absoulty no way of repaying your debt. Start making better choices with your spending."


I just bought the 'The Total Money Makeover: A Proven Plan for Financial Fitness, I hope I love it! We want to start SAVING!

user banned 2 kids; Silly, Belgium 6539 posts
18th Mar '13
Quoting I♡C is TTC#2.:" So if the payments are $25 right now on a few, you think they'll go up?"


I think with balances that low on your store cards, you should just pay them off ASAP. Cut back all extra spending on either things and aim to have them paid off by the end of this year, them close them. MAYBE keep your home depot and target lines open. Do minimum payments on your 10k card until the others are paid off. In the mean time, cut it so you don't use it. After the store cards are paid off, up your monthly payments on the 10k card. Like I said I can do a projection for you if you give me your interest rates and tell you exactly how much you will have to pay each month in order to have it paid off within 3 years or 5 years or whatever your goal is.

The Dandelion Rapist 18 kids; New Mexico 6885 posts
18th Mar '13
Quoting I♡C is TTC#2.:" Okay, cool. I also know where you guys live, expenses are WAY different. Here in CO, that's a tough amount, but if it's doable, I'm going to work hard on it and keep things the way they are."



Good luck OP. I hope everything works out for you.

I♡C&R. 2 kids; Thornton, CO, United States 25114 posts
18th Mar '13
Quoting The Dandelion Rapist:" If you don't mind my asking, how much are your credit card monthly payments altogether? We had to ... [snip!] ... about 300/month. Once consolidated though, we now pay 160/month. We didn't have to put anything up for collateral though. "

And all the places we called, we did. But, I didn't try a credit card company either so that might be an option.



I pay $250 to one.
$25
$25
$84
$42 to another.

I♡C&R. 2 kids; Thornton, CO, United States 25114 posts
18th Mar '13
Quoting Pusherman:" Don't add anything new to the cards. :S IMO, keep your oldest credit line open, make minimum payments. ... [snip!] ... fast as possible and close most of them. What's your interest rate on the 10k one? I can do a projection for you, if you like."

I know it's lower than the store ones. I'm not even sure as horrible as that sounds. :(



I need to figure things out, I know I do. My goal is Dave Ramsey...but that'd mean starting with little ones like store ones and working my way up to that bigger one which I BELIEVE is 19%?? It's low, I know that.

The Dandelion Rapist 18 kids; New Mexico 6885 posts
18th Mar '13
Quoting I♡C is TTC#2.:" And all the places we called, we did. But, I didn't try a credit card company either so that might be an option. I pay $250 to one. $25 $25 $84 $42 to another."



Let me find out what company my husband went with for the consolidation. He is at work so it might take me a few minutes.

I♡C&R. 2 kids; Thornton, CO, United States 25114 posts
18th Mar '13
Quoting The Dandelion Rapist:" Good luck OP. I hope everything works out for you."

Thank you. I have faith in myself. I just needed some positive words, I guess. :)

I♡C&R. 2 kids; Thornton, CO, United States 25114 posts
18th Mar '13
Quoting The Dandelion Rapist:" Let me find out what company my husband went with for the consolidation. He is at work so it might take me a few minutes."

No rushes. Thanks. :)

user banned 2 kids; Silly, Belgium 6539 posts
18th Mar '13
Quoting I♡C is TTC#2.:" And all the places we called, we did. But, I didn't try a credit card company either so that might be an option. I pay $250 to one. $25 $25 $84 $42 to another."


I just want to explain something to you really quick.



Credit is evaluated based on a number of things. Average age of credit, oldest account, debt to income ratio, payments made on time are some of the biggies.



The reason store cards are harmful is because unless you do a lot of shopping there, it's not worth it. You either end up maxing them out in a single trip or two, then taking ages to pay them off, or they sit there carrying a $0 balance. Lenders like to see you carrying about a 10% utilization on your cards. If there's $0 balance, they aren't making money off you. That's why I say close them, but only keep the ones you regularly use, at least monthly. Make a purchase on them at least once a month them pay it off at the end of the month to avoid interest.



At the same time, though, they don't like to see you close accounts, but I think in your case you should close at least 2-3 of them, because they aren't worth it in the long run, even with the minor discounts you may get as a cardholder, and they seem like they wouldn't be used regularly enough to justify it dragging your credit score down.

I♡C&R. 2 kids; Thornton, CO, United States 25114 posts
18th Mar '13
Quoting Pusherman:" I just want to explain something to you really quick. Credit is evaluated based on a number of things. ... [snip!] ... get as a cardholder, and they seem like they wouldn't be used regularly enough to justify it dragging your credit score down."

Thank you. All of that really helps. I do appreciate it. :)

user banned 2 kids; Silly, Belgium 6539 posts
18th Mar '13
Quoting I♡C is TTC#2.:" I know it's lower than the store ones. I'm not even sure as horrible as that sounds. :( I need to figure ... [snip!] ... with little ones like store ones and working my way up to that bigger one which I BELIEVE is 19%?? It's low, I know that."


19% isn't really low... That's on par with credit rebuilder cards like capital one. I do think you should pay off the little ones first, get them out of the way so you can focus on your big one. It only makes sense.