Got a bonus and considering using it to pay off my Citi loan, which would free up $364 monthly for other debts. My Synchrony balance is at 0% interest, and I have another $10k coming in late November. I’d like to start tackling my HELOC (used for a pool), but with the interest rates, I’m leaning toward clearing the credit cards first.
How did you put together such a clear breakdown? I’m definitely gonna take some notes!
Tru said:
How did you put together such a clear breakdown? I’m definitely gonna take some notes!
Probably a spreadsheet? You should list income and expenses too, just to get the full picture.
Tru said:
How did you put together such a clear breakdown? I’m definitely gonna take some notes!
Yeah, just an Excel sheet
Nice on the bonus! I’d organize the debts by interest rates from high to low and pay off as much as possible starting from the top. Maybe go PayPal > Disney > Sam’s Club > Synchrony, and whatever’s left goes to Citi. Then if you get more cash later, finish Citi. High-interest accounts first save you the most.
@Tan
Mostly agree, but didn’t the poster say Synchrony’s still at 0% for now? Maybe pay down Citi a bit before hitting Synchrony.
If it were me, I’d go for the smallest balances first to knock out a few debts right away. Then I’d take those freed-up payments and hit BOA hard, while making minimum payments to GTE and Citi. Once BOA’s gone, focus on GTE, and save Citi for last.
@Oakley
Think I should hold off on any 0% balance transfers?
Ainsley said:
@Oakley
Think I should hold off on any 0% balance transfers?
Yeah, I’d wait on those.
Have you thought about debt consolidation? It could get you a lower interest rate and let you pay off more each month.
Did you really add in the kids’ piggy bank money? 
Tatum said:
Did you really add in the kids’ piggy bank money?
Haha, yeah, it might even be more than I counted!
With no monthly income/expenses listed, I’m assuming you’re breaking even right now. Any idea what those 0% interest rates jump to when they end? Like, Discover goes up to 27% soon, right?
I learned a long time ago: pay the lowest balance off first and roll the payment forward. Tracking interest rates just kept me paying forever. So for a bit, cut back on extras. No eating out, no pricey coffee, packed lunches, and keep it simple at home. It’s not exciting, but seeing those payments shrink feels good.
Here’s what I’d suggest month by month:
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11/1 Pay Citi $14k with $247 extra from the bank. That’s $364 off every month.
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12/1 GTE - $10k (plus any extra from payments on Disney, PP).
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1/1 You’ll have around $610 more each month.
Repeat until only the big ones are left. With a steady plan, you’ll pay them off faster than you’d think.