Hello,
I am currently a college student with 3 semesters left, and I would like to start taking the steps to pay down my debts now and repair my credit score so I can be a step forward in life. Credit is low 600s, so a balance transfer is not possible. Neither is a consolidation loan, but I think this amount of debt is a bit too low to justify a consolidation loan.
Current Debt
Discover - $460(20% APR)
Capital One - $1500 (23% APR)
Paypal Credit - $593
TOTAL - $2,553
Bills
Phone bill - $180(this is split between me and my sister, but sometimes she can't always pay on time and I cover it. I always get the money, eventually)
Cable/Internet - $66
Rent - $275(split with my dad)
Minimum Card Payments(Monthly) - $50(CO), $35(Discover), $100(Paypal Credit)
Total - $706/mo
Income
Job(Weekends only, 18 credit hours) - $576(before taxes)/mo
Cryptocurrency Mining - $540/mo(sometimes more, sometimes a bit less. This is an average over the past 3 months)
Total - $1,116/mo
Currently, my phone/cable/discover/CO is paid all the way up until february, and I am receiving a $500 deposit from cryptocurrency mining in my bank account tomorrow, 200 of which I am throwing at the paypal and the other $300 I plan on keeping for access codes for college classes in the spring. I also have a small paycheck($80-100) when I go back to college after winter break from my job waiting for me. I quit drinking and smoking, and have taken up lifting weights as an outlet for stress and boredom. I would like to pay off this debt ASAP, and have no problem cutting out some fun things to focus on school. About time I started trying my hardest anyway.
What would be the best plan of action to start cutting this down? I would like to have this paid off by June 2018, and then, I am cutting up my credit cards. It is clear to me I can not be responsible with them, but I may keep the capital one just for emergencies(frozen, in my parent's possession). I have also began the process of PERMANENTLY shutting down the paypal credit line once it's paid off. It has no benefit to my credit, so why should I basically keep a $900 line of credit open that is just a pitfall?
Thank you for reading.
Submitted December 27, 2017 at 03:05AM by Ruger412 http://ift.tt/2BGszKG
