Hello all,
I need some general advice on how to approach my debts the best way possible. As I was doing my taxes, I realized how much I am paying in student loans interest and still owe the IRS on top of that. This year I paid 7.5k in interest. These are my debts. Also, I graduated 2.5 years ago from college so I am still trying to figure out my financials.
Private loan Total: 21k 10% APR - 400 monthly payments 4732 in interest this year. Estimated pay-off: Jan 2017
Fed loans Total: 39k -between 3 and 6.5% - roughly 250 monthly payments 2500 in interest this year
Other student loan Total: 4065 at 5% $50 monthly payment = min payment
Credit Card Total: 3100 at 16.74% apr Roughly payments of $150. A bit more than min payment
So my total debt is around 67k. I graduated 2 years ago and have a stable job that luckily provides me to pay all these loans. I have around 20k in 401k, 3k as emergency fund [I know is pretty low] and my net monthly income is 4.5k.
I have a quite expensive rent right now [2k including utilities] and other expenses for around 500 monthly. My rent is going to decrease in July as I am going to have a roommate so I will have extra money. I know little about personal finance and I had tried to educate myself but still overwhelmed with all the things I read. I just need a few recommendations to start a plan based on my case.
Thanks!
Submitted February 22, 2017 at 01:25AM by suarem11 http://ift.tt/2kKCevj
