Hi all,
I've searched up and down and didn't see anything close to my situation with my specifics. Similarly, because this situation is, I think, unique, I figured I would post here to see if anyone can help me out.
Currently, I have about $20k in debt on a single credit card- thats the only debt I have. I have been paying roughly $400 month on the card to try an pay it off, but somehow it seems like the balance stays right at $20k regardless of what I do- the interest seems to be the culprit in this (the APR on the card says "12.15% [Prime + 7.65%]"). It feels like a two steps forward one step back kinda deal.
I do have about $20K in mutual funds at the moment and as I am sure most of you would agree with, there is absolutely no way I should cash that out to pay the debt...or should I? The idea being that once the debt is paid, I can replenish my mutual fund so I won't keep gaining interest and actually pay the card off? I also thought about trying to transfer the balance to another credit card with an 0% APR to start and try to aggressively pay it off. The problem with this is that with other bills, etc. I have enough to put some away in savings and then some for me.
My credit score sucks right now at just over 600 due to some medical bills I am fighting at the moment.
I REALLY just want to get this debt paid off and move on from it, I feel like its been years like this and I am throwing my money away.
If anyone has advice, or more questions to clarify, please ask- I am begging you and want this to be done with! I am 35 and planning to move across the country at the end of the year with my partner to start a family and would like to knock off as much debt as possible.
Thank you in advance!
Submitted January 19, 2018 at 09:01AM by robbel http://ift.tt/2rn2iAi
