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
