Posted by rochester on December 26, 2007, 9:15 pm
Due to circumstances of my own doing, I have a bad problem with credit
card debt.
Sparing the details, the company I worked for went under in 2002, I
worked on my own and made little money for three years, and the job I
got after that, though promsing, involves a long ramp-up curve; my
best earnings are ahead of me.
Right now, here are my circumstances:
- Three bank credit cards with a total indebtedness of roughly $70k,
and monthly payments of about $2,200
- A fourth bank card on which I make all of my purchases and pay off
in full every month
- A 30k personal loan from Capital One with a $500 monthly payment
- House fully mortgaged, no equity to tap, interest rate about 6.5%,
18 years left on a 20-year mortgage
- car loan of $450 a month
The interest rates on my cards are all high - basically 19-29%.
My wife and I together earn about $10k a month, and I expect this
amount will begin to increase late to mid 2008. But I'm just dying
under the weight of these cards. I applied to Cap One earlier this
month for a balance transfer on one of my cards, hoping to cut the
interest rate, but I was turned down because of a combination of my
income and the fact that my debt-carrying cards are close to maxed.
What are some good ways that I can cut these monthly payments? Or
more accurately, maintain the monthly payments but have more money go
to pay down the balance and less money go to interest? My wife and I
both have FICO scores in the 700-740 range - not bluest of blue chip
for credit, but still very good.
Posted by Sev on December 26, 2007, 10:23 pm
On Dec 26, 9:15�pm, roches...@myaddress.rr.com wrote:
> Due to circumstances of my own doing, I have a bad problem with credit
> card debt.
> Sparing the details, the company I worked for went under in 2002, I
> worked on my own and made little money for three years, and the job I
> got after that, though promsing, involves a long ramp-up curve; my
> best earnings are ahead of me.
> Right now, here are my circumstances:
> - Three bank credit cards with a total indebtedness of roughly $70k,
> and monthly payments of about $2,200
> - A fourth bank card on which I make all of my purchases and pay off
> in full every month
> - A 30k personal loan from Capital One with a $500 monthly payment
> - House fully mortgaged, no equity to tap, interest rate about 6.5%,
> 18 years left on a 20-year mortgage
> - car loan of $450 a month
> The interest rates on my cards are all high - basically 19-29%.
> My wife and I together earn about $10k a month, and I expect this
> amount will begin to increase late to mid 2008. �But I'm just dying
> under the weight of these cards. �I applied to Cap One earlier this
> month for a balance transfer on one of my cards, hoping to cut the
> interest rate, but I was turned down because of a combination of my
> income and the fact that my debt-carrying cards are close to maxed.
> What are some good ways that I can cut these monthly payments? �Or
> more accurately, maintain the monthly payments but have more money go
> to pay down the balance and less money go to interest? �My wife and I
> both have FICO scores in the 700-740 range - not bluest of blue chip
> for credit, but still very good.
You applied one place and were turned down? Try a few more- no
reason to pay those interest rates. Though you are pretty maxed out,
and credit is getting tighter, you still ought to find something
better.
Posted by Shawn Hirn on December 27, 2007, 5:19 am
In article
> On Dec 26, 9:15?pm, roches...@myaddress.rr.com wrote:
> > Due to circumstances of my own doing, I have a bad problem with credit
> > card debt.
> >
> > Sparing the details, the company I worked for went under in 2002, I
> > worked on my own and made little money for three years, and the job I
> > got after that, though promsing, involves a long ramp-up curve; my
> > best earnings are ahead of me.
> >
> > Right now, here are my circumstances:
> >
> > - Three bank credit cards with a total indebtedness of roughly $70k,
> > and monthly payments of about $2,200
> > - A fourth bank card on which I make all of my purchases and pay off
> > in full every month
> > - A 30k personal loan from Capital One with a $500 monthly payment
> > - House fully mortgaged, no equity to tap, interest rate about 6.5%,
> > 18 years left on a 20-year mortgage
> > - car loan of $450 a month
> >
> > The interest rates on my cards are all high - basically 19-29%.
> >
> > My wife and I together earn about $10k a month, and I expect this
> > amount will begin to increase late to mid 2008. ?But I'm just dying
> > under the weight of these cards. ?I applied to Cap One earlier this
> > month for a balance transfer on one of my cards, hoping to cut the
> > interest rate, but I was turned down because of a combination of my
> > income and the fact that my debt-carrying cards are close to maxed.
> >
> > What are some good ways that I can cut these monthly payments? ?Or
> > more accurately, maintain the monthly payments but have more money go
> > to pay down the balance and less money go to interest? ?My wife and I
> > both have FICO scores in the 700-740 range - not bluest of blue chip
> > for credit, but still very good.
>
> You applied one place and were turned down? Try a few more- no
> reason to pay those interest rates. Though you are pretty maxed out,
> and credit is getting tighter, you still ought to find something
> better.
The OP should shop around on http://www.bankrate.com
Posted by Gordon on December 26, 2007, 10:46 pm
rochester@myaddress.rr.com wrote in
> Due to circumstances of my own doing, I have a bad problem with credit
> card debt.
>
> Sparing the details, the company I worked for went under in 2002, I
> worked on my own and made little money for three years, and the job I
> got after that, though promsing, involves a long ramp-up curve; my
> best earnings are ahead of me.
>
> Right now, here are my circumstances:
>
> - Three bank credit cards with a total indebtedness of roughly $70k,
> and monthly payments of about $2,200
> - A fourth bank card on which I make all of my purchases and pay off
> in full every month
> - A 30k personal loan from Capital One with a $500 monthly payment
> - House fully mortgaged, no equity to tap, interest rate about 6.5%,
> 18 years left on a 20-year mortgage
> - car loan of $450 a month
>
> The interest rates on my cards are all high - basically 19-29%.
>
> My wife and I together earn about $10k a month, and I expect this
> amount will begin to increase late to mid 2008. But I'm just dying
> under the weight of these cards. I applied to Cap One earlier this
> month for a balance transfer on one of my cards, hoping to cut the
> interest rate, but I was turned down because of a combination of my
> income and the fact that my debt-carrying cards are close to maxed.
>
> What are some good ways that I can cut these monthly payments? Or
> more accurately, maintain the monthly payments but have more money go
> to pay down the balance and less money go to interest? My wife and I
> both have FICO scores in the 700-740 range - not bluest of blue chip
> for credit, but still very good.
See if you can get a debt consolidation loan from your bank. Then
arange to have the monthly payment directly deducted from your
bank account.
What are you spending the 10K per month on? I would love to be
making that much. To pay off your credit cards you should be
makeing more (much more) than the minimum monthly payment.
Is there any way you can free up about $1000.00 more per month
and apply it to your debt?
Posted by Gary Heston on December 26, 2007, 11:19 pm
>rochester@myaddress.rr.com wrote in
>> Due to circumstances of my own doing, I have a bad problem with credit
>> card debt.
[ ... ]
>> Right now, here are my circumstances:
>> - Three bank credit cards with a total indebtedness of roughly $70k,
>> and monthly payments of about $2,200
>> - A fourth bank card on which I make all of my purchases and pay off
>> in full every month
>> - A 30k personal loan from Capital One with a $500 monthly payment
>> - House fully mortgaged, no equity to tap, interest rate about 6.5%,
>> 18 years left on a 20-year mortgage
>> - car loan of $450 a month
[ ... ]
>What are you spending the 10K per month on? I would love to be
>making that much. To pay off your credit cards you should be
>makeing more (much more) than the minimum monthly payment.
Based upon his numbers above, $3150 plus a house payment are going
to debt service. If the $10K is gross income, they'll be lucky to
have $6500 left after taxes. Depending upon what their house payment
is, there may not be much left.
>Is there any way you can free up about $1000.00 more per month
>and apply it to your debt?
They could free up $450 by selling the new car and buying an older
used one. Any left over from selling the car can go to the highest
rate debt or be held as a reserve.
Gary
--
Gary Heston gheston@hiwaay.net http://www.thebreastcancersite.com/
Yoko Onos' former driver tried to extort $2M from her, threating to
"release embarassing recordings...". What, he has a copy of her album?
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> card debt.
> Sparing the details, the company I worked for went under in 2002, I
> worked on my own and made little money for three years, and the job I
> got after that, though promsing, involves a long ramp-up curve; my
> best earnings are ahead of me.
> Right now, here are my circumstances:
> - Three bank credit cards with a total indebtedness of roughly $70k,
> and monthly payments of about $2,200
> - A fourth bank card on which I make all of my purchases and pay off
> in full every month
> - A 30k personal loan from Capital One with a $500 monthly payment
> - House fully mortgaged, no equity to tap, interest rate about 6.5%,
> 18 years left on a 20-year mortgage
> - car loan of $450 a month
> The interest rates on my cards are all high - basically 19-29%.
> My wife and I together earn about $10k a month, and I expect this
> amount will begin to increase late to mid 2008. �But I'm just dying
> under the weight of these cards. �I applied to Cap One earlier this
> month for a balance transfer on one of my cards, hoping to cut the
> interest rate, but I was turned down because of a combination of my
> income and the fact that my debt-carrying cards are close to maxed.
> What are some good ways that I can cut these monthly payments? �Or
> more accurately, maintain the monthly payments but have more money go
> to pay down the balance and less money go to interest? �My wife and I
> both have FICO scores in the 700-740 range - not bluest of blue chip
> for credit, but still very good.