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NewbietoFinance

Advice needed.

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So after a long string of home repairs, College for the kid, and a range of stupid decisions (This might be the largest portion) we are very over utilized on our credit. about 74% total, and many cards near or at max (90% +)....

 

 

So in deciding how to tackle this lovely problem, I have a few approaches i am thinking of.

 

 

Debt Avalanche - Obviously if possible, the best choice, getting rid of the high interest debts first. NOT sure i have the patience.

 

Debt Snowball - Psychologically more satisfying, and even if slower, at least making headway. This also leads into the last option I have thought of.

 

 

I thought i read somewhere that for creditors it is important to see cards under 79% and 49% respectively. Right now I can't get a new card or 0% BT offer on cards i have any room on. My thought here is if i get enough cards below these thresholds, it might open up some BT options to further reduce the interest paid, and let me get control of the cards faster.

 

 

Thoughts?

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So after a long string of home repairs, College for the kid, and a range of stupid decisions (This might be the largest portion) we are very over utilized on our credit. about 74% total, and many cards near or at max (90% +)....

 

 

So in deciding how to tackle this lovely problem, I have a few approaches i am thinking of.

 

 

Debt Avalanche - Obviously if possible, the best choice, getting rid of the high interest debts first. NOT sure i have the patience.

 

Debt Snowball - Psychologically more satisfying, and even if slower, at least making headway. This also leads into the last option I have thought of.

 

 

I thought i read somewhere that for creditors it is important to see cards under 79% and 49% respectively. Right now I can't get a new card or 0% BT offer on cards i have any room on. My thought here is if i get enough cards below these thresholds, it might open up some BT options to further reduce the interest paid, and let me get control of the cards faster.

 

 

Thoughts?

 

 

I don't know what could be more psychologically satisfying than the method that saves the most money.

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So after a long string of home repairs, College for the kid, and a range of stupid decisions (This might be the largest portion) we are very over utilized on our credit. about 74% total, and many cards near or at max (90% +)....

 

 

So in deciding how to tackle this lovely problem, I have a few approaches i am thinking of.

 

 

Debt Avalanche - Obviously if possible, the best choice, getting rid of the high interest debts first. NOT sure i have the patience.

 

Debt Snowball - Psychologically more satisfying, and even if slower, at least making headway. This also leads into the last option I have thought of.

 

 

I thought i read somewhere that for creditors it is important to see cards under 79% and 49% respectively. Right now I can't get a new card or 0% BT offer on cards i have any room on. My thought here is if i get enough cards below these thresholds, it might open up some BT options to further reduce the interest paid, and let me get control of the cards faster.

 

 

Thoughts?

 

 

I don't know what could be more psychologically satisfying than the method that saves the most money.

 

 

+1000

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So after a long string of home repairs, College for the kid, and a range of stupid decisions (This might be the largest portion) we are very over utilized on our credit. about 74% total, and many cards near or at max (90% +)....

 

 

So in deciding how to tackle this lovely problem, I have a few approaches i am thinking of.

 

 

Debt Avalanche - Obviously if possible, the best choice, getting rid of the high interest debts first. NOT sure i have the patience.

 

Debt Snowball - Psychologically more satisfying, and even if slower, at least making headway. This also leads into the last option I have thought of.

 

 

I thought i read somewhere that for creditors it is important to see cards under 79% and 49% respectively. Right now I can't get a new card or 0% BT offer on cards i have any room on. My thought here is if i get enough cards below these thresholds, it might open up some BT options to further reduce the interest paid, and let me get control of the cards faster.

 

 

Thoughts?

 

Looking at your sig.....you already have a Ch 7 BK under your belt. A lot of us here have made stupid decisions. A few here are on their second and third credit rebuild.

 

Buckle down and get those cards paid off. They key to credit is to use it for the rewards benefits and NEVER pay credit card interest. You can do it, hang in there.

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Probably gonna take this weekend, thanks to the hurricane, and sort my cards out to start the avalanche.

 

Updates?

 

 

And... Happy Birthday! :wave:

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Probably gonna take this weekend, thanks to the hurricane, and sort my cards out to start the avalanche.

 

Updates?

 

 

And... Happy Birthday! :wave:

 

 

 

Thanks! Well, as luck would have it. the day after i posted this, i woke up to water in my house. So I have been dealing with that! But i have started the process. just a little slower than i would have liked... thanks #Harvey

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Probably gonna take this weekend, thanks to the hurricane, and sort my cards out to start the avalanche.

 

Updates?

 

 

And... Happy Birthday! :wave:

 

Thanks! Well, as luck would have it. the day after i posted this, i woke up to water in my house. So I have been dealing with that! But i have started the process. just a little slower than i would have liked... thanks #Harvey

 

Ugh... sorry to hear that. You sound like you have high spirits, nonetheless. I have no doubt that you will achieve your goals.

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