Hey all. So just as the title said, I fell into the credit card trap and a few cards after another I accrued some unfortunate debt (currently about 18,000$ in total).
Thankfully I've been able to clinch a decent position working at Tesla. I'd like to hear if the plan I'm about to detail is ideal for getting rid of this debt timely, but also increasing my savings account.
Current State of Financials:
Savings - Almost nonexistent... Been living paycheck to paycheck before getting to where I'm at now. You can see why I'd like to get this up at the same time.
Income per month AFTER taxes - About $4800
Rent - $1600
Food, utilities, and other bills (this includes CC payments) - $800
Total est living expenses (Rent + other bills): About $2400 per month
Income after all monthly expenses: $2400 ($4800-$2400).
Planned CC payment: $1200 a month?
This would allow me to pay off all debt in about 15 months. This excludes any extra cash I may run into through other means. Money from taxes would go towards this, and any bonuses, overtime, or raises from work can allow me to increase the amount of money I'd throw at this.
As I pay off each card I'd also reduce my monthly expenses, which compounds in itself.
What do you guys think? This debt has plagued me the past few years and I just want to get rid of it. The stress and headache it's given me has finally hit a tipping point. Any help is appreciated.
Submitted October 23, 2018 at 11:42PM by Roriah https://ift.tt/2Cz5jS0
