I am sitting on a large sum of debt at a young age and I have no idea how to get my financial house in order. I funded my whole college education and living expenses beyond my means for a few years with debt and am now paying the price. How can I dig myself out of this hole and develop financial discipline?
The good news is I recently moved back home, so my expenses have been reduced to debts due each month, my car payment, car insurance, gas, and food. My credit score dropped from 800-600. I am denied for debt consolidation loan for credit cards or for balance transfer fees.
Here are my debts:
- 25,600 Federal Student Loans (Currently on forebearance until 2019 october) - rates at 4-5%
- 33000 Credit Card Debt (65k credit lines) - rates from 15-20% right now
- 10000 Car Loan at 3.5% (2016 Jeep Cherokee)
Assets:
- 20k in 401k Account (13.5k contribution, 7.5k company match). My company matches 50% of my contributions up to IRS maximum- vests in 2.5 years.
- 5,000 in tech/gold/guns/
Income:
- 53,000 yearly salary - no state income tax
- 9500 bonus (yearly total (semi annual payout))
- $10,000-15000 Expected from R.E. income (have license for side business, may not make any money with it)
Any advice on how to get out of this debt hole and raise my credit score?
Submitted September 16, 2018 at 12:15AM by stonedvenus https://ift.tt/2NPd8ZG
