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dpk55 | I have about $9800 in debt. What/How should I pay down first? |
With my savings and tax return, I have about $2000 to use to help reduce my debt, which is as follows:
$2500 to a collection agency for money I owe to my university. There is no interest rate (one time $500 fee was added), but the item appears as a debt owed on credit reports.
$1431 Federal Unsubsidized Stafford Student Loan at 6.97%
$2667 Federal Stafford Student Loan at 6.97%
Credit Card with $580 balance at 8.74%
Two other Credit Cards with $2000 balance and 0% interest
My plan is to put the $2000 towards the collection account, and only owe about $500 after that payment. Then apply for a new credit card with 0% interest for one year and transfer the balance from my card with an 8.74% interest rate. Does this make sense, or should I focus on reducing as much credit card debt as possible before worrying about the collection account? |
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clark_addison
 |
I recently read this book "The Total Money Makeover" which is still on the NY Times Best Seller list. The author details a debt repayment plan that focuses on the smaller debts first without regard for interest rates. His point is that you need some small wins to keep motivated and get bought into the behavioural changes needed to drive down debt. He suggests that you get current with all your creditors and set up a budget to make minimum payments on all but one debt. Pay everything you can against that smallest debt. Once that one is paid off, cross it off the list and throw everything you were paying there towards the next debt.
I dont agree with everything the author proposes because he advocates a spartan lifestyle until you are debt free. Hey, you gotta live life too.
A couple items to note. The collection account doesn't necessarily go away just because you've paid it off. It stays on your credit report and just ages. I would make a deal with the collection agency that you would pay accelerated payments to them in return for them removing the entry from your credit report. Get it in writing.
Also the credit scoring is a little whacked in that it calculates debt ratios for every line of credit you have and dings you for having any credit card run up to the limit rather than simply giving you a score for the total debt ratio compared to total credit limit. Keep that in mind when paying down the credit cards. |
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Greg S
 |
Revolving debt is typically a bad idea.
You are just moving the problem around not fixing it. You should make a payment plan for the collection money you owe to the Uni. Then what you are going to do is pay the minimum balance on everything except your lowest debt, you are going to put every penny (not credit card) towards it. So in your case pay things off in this order
1) $580 @ 8.74%
2) $1,431 @ 6.97%
3) $2,000 @ 0.0%
4) $2,000 @ 0.0%
5) $2,500 @ 0.0%
6) $2,667 @ 6.97%
The get rid of all of your credit cards except for one. |
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Paula M
 |
Clear out the $2K credit cards w/ zero interest....why?....well you still have to make a minimum payment on those.....free up those two monthly payments....
Here's the thing.....if I were you, I pay minimums on everything left....and focus on the smallest balance first!!!....Once you have a real victory under your belt....you may stay motivated to clear out the next one....
Sure, you could apply for another card, start moving your debts from point A to point B ....and a year from now.....some new crisis will prevent you from meeting your goals...and alas can't make the payoff...and the free year...shoots up to 28%...
Your overall debt amount is SOOOO small compared to many, that you shouldn't focus on which interest rate is better, moving stuff around.....pay it off....six months of delivery pizzas and you could be DONE....
My favorite saying...."some people keep their student loans around like....pets"......don't do that... |
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crustysob
 |
I agree with the first response, but want to strongly encourage you to quit using credit cards unless absolutely necessary. The credit card companies monitor your credit and your interest rate will increase right along with your debt.
If you demonstrate great self discipline you can get out from under the credit burden. Good luck! |
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iamthe_a
|
The credit card of $580 and the Federal at $1431.. that's 2 debt wiped out.. and then cut up the credit card.. then start working on the other debts... it's good that you're at leas now working on it. |
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Jennifer
 |
Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://urlhawk.com/4ys |
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Debt Guru
|
I don't think you will get a credit card with a 0% interest rate offer given that there is a collections account showing on your credit. Have you checked your score lately?
Collection firms do accept less than the totla shown, as you have stated in the question itself, $500 fee seems a little steep for a $2000 debt. I would definitely negotiate with them for a much lower settlement. Start with 30% and then work your way up.
If you do succeed in lowering the balance, then use any leftover amount to pay of the other credit cards that you have. |
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wilderwriter
|
Try to negotiate with the collection agency. See if they'll take $600 les than the total, if you give them it all at once. Use the $600 to pay off the highest-interest credit card. |
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Big Sky 23
|
Put the full amount toward the balance with the collections agency (to help your credit), but do not open a new credit card. You should be trying to repair your credit using the tools you have, and opening a new credit card will hurt your credit.
See if you can transfer the $580 balance on one credit card onto the two cards with 0% interest, if there is room. Otherwise focus on paying off the rest of the collections agency balance as soon as you can, then the $580 credit card.
Then pay off your debts by interest rate, closing them as you go. |
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Cheliebean
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I would follow your plan exactly. The sooner you can get that collection agency to start rolling off your credit report the better. I think you have a very good plan. |
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Cherry Joe
|
There are some articles on how How to Get Out of Debt , How to Stop Debt Collector, Free Credit Card Debt, if you are interest to get further information, you can take a look at http://debt-solution-reduction-relief.blogspot.com |
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