Hi all,
I'm reaching out for some advice on what I should do to manage my debts. I'm 30 years old and I live in a city paying rent. I do not own property. I'm single. I don't have any dependents.
I was the first person to go to college in my family and my family was not financially savvy or well off. I have not received any financial advice or assistance from my family and although they cosigned my loans, none of us knew what we were doing at the time. Student loan payments were kind of rough so I basically used my income and credit cards to live in my 20s (BAD IDEA KIDS!).
I started a new job last month making $50,000 a year. It's time to buckle down and stop playing around.
Situation:
Income:
50,000 / year
Debts:
Student loans:
Federal - Subsidized - 1500 - 3.28% - Pay 30 / mo
Federal - Subsidized - 2000 - 3.28% - Pay 40 / mo
Federal - Subsidized - 3800 - 6.8% - Pay 75 / mo
Federal - Subsidized - 3800 - 6.8% - Pay 75 / mo
Private - 9763 - 5.25% - Pay 70 / mo
Private - 9609 - 4.25 - Pay 60 / mo
Private - 12500 - 10.75% - Pay 130 / mo
Private - 10794 - 6% - Pay 80 /mo
Total Student Loan: 53766
Total Monthly Payment: 560 / mo
Credit Card:
Balance - 24,263.33
Rate - 15.49%
Approx Monthly Payment: 750 / mo
Personal Loan:
Balance - 7,061.92
Rate - 10.5%
Approx Monthly Payment 350 / mo
Rent/Utilities:
1000 / month
Not including food/recreation etc.
What would you recommend I do? My student loans are through Navient. 1. I was considering consolidating all of my student loans, but the interest rate on the new balance might actually lead to a higher monthly payment. 2. The personal loan was an old credit card that I was able to roll into a personal loan at a much lower interest rate and no growth. 3. Emergencies and life occurred which led to racking up the same "Paid off" credit card up to its total balance of 24263. (Car accident, dental work, medical bills)
I'm really looking for solid advice here. Should I try consolidating all debts into 1 fixed monthly payment? I feel absolutely lost. I've been staying relatively afloat for some time but I feel like I'm not where close to being able to start a family or buy a house any time soon. Thanks for any assistance.
Submitted April 20, 2018 at 04:06PM by 2muchplaid https://ift.tt/2K2Ge3h
