Sorry if this sounds very repetitive to other posts, but I know this community is great, so I am hoping to get some advice.
Here's my breakdown:
Income:
+$2537/mo.
+Paid biweekly.
Savings:
+401k company matched: $26,000 - contributing the minimum for company match.
Expenses:
+Rent: $550
+Internet: $60
+Gas:$40
+Food:$300
+Total Expenses: $1050
Debt:
+Car: $409/mo, $9252.11 balance at 4.25% (409 total. 209 to the dealership and 200 to my aunt since she helped me down the ar)
+CC1: $153/mo, $6677 balance at 16.24%
+CC2: $100/mo, $3089 balance at $17.49%
+CC3: $46/mo, $1889 balance at $19.24%
+CC4: $500/mo, $6476 balance at 20.49%
+CC5: $300/mo, $4023 balance at 21.24%
+Student loans: $222/mo, $17,222 balance at 6%
+Lasik: $133/mo, $3200 balance at 0%
+Total Debt: $1232
I've inputted this into a spreadsheet,and hope to pay this all within 2 years. Even so, I do get overwhelmed and frustrated because its a lot. I've considered opening another 0% balance credit card, and I'm aware that I need to stop spending on that card once I transfer over or else I'd end up right back where I started. Other than that, are there any other options?
Also to note, I am planning on going back to school within another year or two, and know I should pay off my debt before doing so. In the long run, I consider this an investment since I will be making more, but wanted to add this in case this was needed.
*EDIT: Sorry, I meant to specify that I am hoping to pay off just the CC debt in 2 years. There's absolutely no way I can pay off everything with what I make within that amount time. Apologies for the confusion.
Submitted May 01, 2017 at 10:48AM by halpthrowmeow http://ift.tt/2qpqBcj