Hello all,
It’s tax season! 30 year old male living with parents. I had 10k in credit card debt and it is now lowered to 4K due to my income tax. Used it all towards my debt. Now I’m left with the final stretch. I was never too financially responsible, although I'm proud that I have never overdrafted my checking account. Credit card debt came from when my Dad was diagnosed with cancer and I had to back a lot of the expenses due to him not working. He's cancer free now and I want to tackle this debt. However, I don’t make too much money. About 28k a year in Los Angeles. I took a pay cut down from 45k - 50k a year cause I just could not handle retail management anymore. I pay some mortgage cause I like to help my parents out, phone, internet, you know... the basic home "needs". APR is about 27% and I had just gotten off the phone with Chase prior to posting to see if they would budge on the rate. No, they won't. My FAKO score is currently at 740 (credit karma) and I just checked FICO for one branch and it's at 659. Huge difference.
I have 2 plans of attack for these last 4 grand of debt and I need your guys' help to see if these are even viable.
1: Keep paying off the 27% APR card as aggressively as I can with the little I have left over from bills. OR 2: Balance transfer the 4k into a card with 12-18 months of 0% financing and 3% balance transfer fee and pay that off as aggressively as I can.
I'm trying to minimize the damage on my credit score, both FICO and FAKO. I know a credit inquiry will drop it down some points but with the eventual clearing of debt, I'm hoping it would wash.
Are any of these a good idea? Or do you guys have other suggestions to be debt free on this new year?
Submitted April 06, 2018 at 12:22AM by Andyt0y https://ift.tt/2H0hH00
