I am in need of some help and advice about my finances here, and reading this sub has helped me in more ways than I could imagine; so I wanted to reach out for some advice.
I'm 24, and I deferred my college loans for my first year until I got a steady job. On the interim, I took out a loan to get a certificate in order to nail down said steady job. I also have a car, which I'm paying for (so much regret there - don't get me started), and I have a credit card. My "savings"/secondary checking for my rainy day fund is $3535.31. My credit card has a balance of $2910.32 Certificate loan: $3418.43 Car: $3742.16
Thankfully, I now have a terrific job, which has provided me with an okay income (sufficient for someone my age), and I'd like to get this debt pieced away before I start making income-based student loan payments.
I know I should pay off the first thing that has the highest interest - so my credit card. I'm debating if I should pay it off entirely this month, and then pay off that certificate loan in $1,000 increments. However, that doesn't leave me with much leftover in my rainy day fund.
The car loan I'm not necessarily worried about. Oh and I also failed to mention I'm trying to go to law school this fall, so I'd like to boost my credit score.
I'm also wondering if I shouldn't jump the gun, and just make $500 payments to each of those two loans per month so I don't shoot myself in the foot as far as savings, rainy day needs, etc. I know I have a decent amount of debt, but I should also note that I graduated college with pretty much no credit, so I took on some debt to build it. (Adulthood.. not my favorite) Really any advice is beyond appreciated. Thanks in advance!!
Submitted March 02, 2017 at 09:49AM by Foops69 http://ift.tt/2lY1Dk0
