Hello everyone, I have been a long time personal finance lurker. I've been slowly improving upon my money habits and have finally stopped using my Credit Card altogether. I have quite a bit of debt, but I have somewhat of a plan. I am faced with the following situation, and I keep feeling like I'm throwing money at all of them or haphazardly instead of focusing on one debt at a time. I guess I'm confused in what order to tackle which problem.
Income monthly after taxes: Work $2,000/mo Side work ~$300/mo Uber ~$400-500/mo
Work is my bill payer, I use side work and Uber to pay extra expenses, vehicle taxes, maintenance, registration, dental cleanings, and other misc expenses, so exclude that from income.
Total financial obligations: Student Loan $23,027 Car Loan @ 9.79% - $9,641 Credit Card @ 16.9% - $13,000 Personal Loan @ 18% - $2,800
I still manage to save a little each month and am building an emergency fund albeit slowly, I pay $260 a month on student loans on the Standard plan to avoid long-term higher interest. CC interest is the killer right now, and I just opened an account with Chase Slate @ $2,000 and plan to transfer $1,900 off my high interest card so I can focus fire on the high interest CC.
My question, which debts should I be paying minimum on, and which one should I focus extra income on? The personal loan has the highest interest, but due to the balance it's only $1.1 a day, vs my car loan which is $2.57 a day and it's at only ~9% interest. This is the part that has me confused is where to put my money.
Submitted March 29, 2018 at 10:27AM by LifeintheMatrix https://ift.tt/2GRO7al
