Hi all,
I'm coming off several months of unexpected unemployment and unfortunately racked up a lot of debt during this time. The good news is now I've found a job and start work again in the new year! But there is this crushing debt problem and I'm very scared.
After bills (not including payments towards the CC debt) I'm taking home around $1,000 to $1,300 a month. I've budgeted to allow myself to save 6% of my paycheck into a 401k but my company only matches 2.5%. I also budgeted an additional 6% for a Roth IRA in addition to the 401k.
I need to attack this but I'm not sure where I should start. Here are my debts:
- Cap One Quicksilver: $7,000 @25.9% APR - $11k limit
- Cap One Venture: $10,000 @23.99% APR - $20k limit
- Bank of America Travel Rewards: $11,000 @0% until July 2019 (Maxed out)
- Amazon Store Card: $2,000 @ 26.99% *Paypal CC: $2,500 @ 19.99% - $3k limit
Total debt: $32,500
My credit score is 722, with no late payments in the past 4 years
Would a debt consolidation loan for everything except what is in the BoA Travel Rewards card be advisable? You guys are so great and I have seen so many wonderful success stories based on the advice of this community. Any suggestions are appreciated and please let me know if there are any other details that would help formulate a plan!
Thank you!
Submitted December 25, 2017 at 12:21AM by TheSlowClimb http://ift.tt/2D8DDQP
