Calculate out the balance transfer fee as an APR. It'll probably work out to roughly 3% fee = 8% APR or something like that. Cheaper than a 20% loan.

So if you have 2x 10k balances, and you reduced your 401k contribution by $10k a year that means you are on track to tackle half the debt this year, and with 0% sure you are paying a fee but the majority of your payment goes to the balance. Sounds good, you are on the right track. Sometimes it's best to look at the big picture.

Don't mistake the situation, you still are bad with money if you make $125k (plus whatever your wife makes) and you are scrambling trying to pay this off by rolling 0% offers. This is a valid strategy, but, it seems like you would be better served dedicating income to pay this off, or at least have that amount on the side earning 5% ready to pay off whenever you want, but if you're only putting 10k into your 401k, it doesn't seem like you've prepared to pay this off at all, ever. Dangerous

The better option is to go over your budget and find more money to throw at the cards until the debt is gone. One more transfer can buy time but you need to use the time well.

If you absolutely have to stop contributing to 401k to pay this, that’s an option, but seriously figure out your money situation. Even in SF >100k should let you pay off your debts, and 1k per month should still mean it’s gone in under two years even if you do nothing else.

10k this year, the 6yrs prior I was doing 100% contribution (18k -> 19k -> 20k, etc. as the years progressed). So my 401 is doing OK with roughly 180k in the account.

Yeah, I agree I am still bad with money. But I was way worse a few years ago so I'm trying to look at the current turnaround and have made major progress.

You clearly suck managing debt and credit so your best move is to create a budget for yourself, pause your 401k for a few months and do whatever you freaking can to pay down the debt.

Uh make a monthly budget and cut out anything that's not essential. Cut out any luxuries. Maybe rent a cheaper place.

The savings goes to paying down the debts.

You dont deserve any of those luxuries now because you already enjoyed $20k of them over the last several years.

Take whatever rate you can get, but really you need to get serious on paying them down. You can do it.

To say you are bad with money while making >$100k and still have debt (besides a mortgage) is an underestimate.

Do yourself a reality check and you’ll see much of your spending aren’t really necessities. The only thing I can see that makes sense is if you have to pay child support and alimony.

My advice is do one more roll to another card and just shift all your income that you can to pay this off.

My man, if the 0% interest rates on cards thign was working, you would not still have all that CC debt! Getting new cards is just delayign hte invetible. Pay off your debts and do it without losing from your 401k.

Get a second job or something.

Would really need to see a full budget breakdown in order to say if there might be better options for you. You only mention a $1500 rent and $1000 payment towards cards. Your monthly net income is likely in the ballpark of $7200/month, depending on taxes/insurance/etc. If that's the case, where is the remaining $4700 or so going?

I would really like to avoid stopping my 401 contribution. But yes I agree it's an option at the end if I don't want the addtl stress.

And yes, currently plan is throwing the 1k/mo at this until it goes down. I am also actively looking at cutting more to throw at the CCs. Bettering myself is an active process...

So I do this once every 15-18 months with a new card. I have been carrying about 25k at 0 interest for 15 years. In the end, I spend $0 on interest and cc companies pay me to use their card (for this, I usually get like a $200 bonus plus the $400 on purchases- always get those rewards. Add to my regular rewards, I make about $1500/yr). Plus, the balance actually seems to help my credit score (still low overall percentage of cc “use” so holding the balance doesn’t hurt)

The secret is not to use the balance transfer…unless no fees but that’s rare now. So get the new card a few months before the old one and use it for every possible purchase. You use it until it’s maxed, cash your rewards, the money you would have normally used goes to pay your expenses pays off the old card(s). Then you just pay the min as long as interest is zero. Rinse and repeat.

Simply find the best rewards and longest 0% on the credit card compare site. I don’t even need to carry a balance, but it’s not hard to manage and I’d take out as many loans as possible at 0%. Not many options tho!

If I were in your shoes, I would:

1. Begin budgeting everything and watch every dollar coming in and going out of your checking account. This will help identify areas of optional spend, the sooner you increase the amount of $ going to debt, the sooner the bleeding stops.
2. Do not stop contributing to your 401k to the degree you're securing a match. Every other penny, go after the debt.
3. I'd absolutely move to a lower interest option card if I was able.
4. I'd stop using the cards AT ALL, until the debt was gone. I'd be concerned my habits would have be using the cards for routine unbeudgeted spend while trying to pay it down, which goes against the intent to get rid of high cost consumer debt.
5. I'd make Step one my new religion.

Cheers and wishing you the very best.

Wait until the last free month of 0% APR and assess then do a consolidation loan. Rates will probably be lower by then anyways.

Pay down any extra you can, find a 3% balance transfer, and make a plan to actually pay down to 0 during the promo term.

You should be able to find a card that will give you a 150-200 bonus to offset the transfer fee.

stop contributing to your 401k and pay them off. then rip up those cards. your on time out.

Pause your 401k contributions and divert everything to the debt. You need to get a second hob or a side hustle.

To me, going to debt for one day of fun (i.e. a wedding) to suffer for months/years paying for it is never a good idea! Your wife needs to help and get a second job!

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