I racked up a bit of debt over a short period of time and I desperately need some help. Currently, I earn about $2000 a month and I have a house payment of $750 ($1500 total for mortgage/electric/sewer, split between my girlfriend and I) On top of that I have about $135 in subscriptions (gym membership, software, Spotify, etc.), and $200 a month on gas/parking for work. With everything totaled up (including minimum payments on my credit cards), I'm spending $1290 of my $2000 monthly paycheck (not including groceries, or anything like that)
I only got my first credit card just over a year ago. I was naive and liked being able to buy expensive things and now I'm stuck in this situation. My credit score is currently 660 - it was 740 about a year ago.
I have four credit cards, here's how they break down:
| Card 1 | Card 2 | Card 3 | Card 4 | |
|---|---|---|---|---|
| APR | 0% | 11.49% | 17.74% | 19.99% |
| Owe | $1079.24 | $1895 | $3818.43 | $3696.64 |
| Limit | $2000 | $3000 | $6000 | $3746 |
| Minimum Payment | $25 | $25 | $69 | $86 |
| Used For | Subscriptions/Gas | Daily Expenses | Fun | Fun |
I started by canceling some of my subscriptions and managed to now save an extra $47. Some subscriptions I have to keep for work, and others I'm locked into an annual contract (but have already set them to expire when my contract is over) I'm looking around the house for things I can sell and have made about $600 from that.
Should I start by focusing on the card with the highest APR and make minimum payments on the other cards, look into getting a personal loan, or something else? Basically, now that I've gotten my head out of my ass and am thinking clearly, I need some help figuring out what my next move(s) should be.
Submitted September 04, 2018 at 11:39AM by cavinvdpoel https://ift.tt/2LVOIJf
