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Hello,

I am a 29 year old male in the US with a full time job. Due to a combination of increasing cost of living, unforeseen expenditures (usually in the form of vet bills for an elderly cat) and my own poor financial decisions I have 6500 in credit card debt on a card that will begin accruing interest next month. With credit card interest rates as high as they are should I take out a loan at a lower rate, pay off the cc, then pay off the loan over 4 years? The 6500 is all principal amount. No interest has been applied to it. Here is a breakdown of my expenses per month.

Income-3555 US take home

Expenditures

rent-1455

union dues-110

gamepass-15

phone-45

rental insurence-13

package receiving service-9 (hard to explain but its necessary)

internet-45

HBOmax-18

401k-100 (I have a pension plan through my union, this is my 401k from previous employer I still pay some into)

gym-10

power-120 in summer, usually around 35 in winter

spotify-11

gas-28 on average

Total expenditures-1979 assuming high power bill.

Edit: This list does not include daily expenditures such as food and disposables. I also spend about 150 a month or so on food/medications for my cat.

Does this sound like a good plan?



Submitted August 10, 2023 at 11:37PM by cxjoshuax21x https://ift.tt/OR1nMq4

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