I finished grad school in 2017, expecting/hoping/praying that I would get a job. I work in a profession where the median salary is $160,000 and fully hoped and planned to make somewhere between $100,000-$130,000, because I was not in the top 25% of my class. As it turned out I was unable to find a permanent job until a few months ago. I live in a major metropolitan city where nothing is cheap. I got by while in school on student loans and deferred payment of those loans for the first year. After living off credit cards for the better part of 10 months here is where I am at:
80K salary take home after taxes about $55000/yr or 1055 /wk.
Rent 1500/month (6 months left on lease)
other fixed costs about $120.00/month
CC debt 15K
student loans: 150K (payment will soon start around 500-600/month).
No transportation costs (work pays for public transport)
No insurance costs- my work also covers all insurance premiums.
Grocery budget- $65
Eating out including some lunch ($100-120 week)
Hovering around 700 credit score (high utilization average age of credit are the two biggest negative factors)
While not a math major, I know I am getting crushed with interest and it is piling up. I am able to put away (pay off debt of about $500-$1000 each month but it is not making a dent). I also recently incurred some terribly timed family emergencies that led to some expensive flights (but hey at least I got 3x points)
These are how I see my options:
- Continue to chip away at the mountain of CC bills
- Get a personal loan. Is this my best option? (I have shopped around and received offers around 11-13% ) [i.e. from MARCUS 72 month about $500/month @ 11.99%. Compares favorably to the 22% APR on the CC's.
- Buy lotto tickets /s
Please let me know your thoughts and if you have any advice with what I can do. I envision that my salary will increase in the next couple of years. I also do not want to wreck my credit score.
TL;DR: Thought I'd get a job, didn't for 10 months. Lived off credit cards and don't know what to do to pay them off. Please help!
Thank you
-throwawayJWd-k6A
EDIT: added more expenses
Submitted September 08, 2018 at 02:12AM by throwawayJWd-k6A https://ift.tt/2NqcDoJ
