Hey Reddit,
I recently came into some money (~10k) and need help figuring out what to pay off and when to pay it off. I climbed into a hole of debt and luckily should be able to climb my way back out of it with both my monthly income and a few grand of the monies. I have no savings so I’d like to save $7500 leaving me with $2500 to figure out my debt with plus any extra I have for the month until I am finally out of the hole I dug myself into. So, here’s the breakdown:
~$2000ish - Monthly income
$1252 - Required expenses (Rent, utilities, food, gas, etc)
Leaving me with about $748 extra a month.
I currently owe:
$950 - CapitalOne Balance
$1300 - Payday Loan 1
$1131 - Payday Loan 2
$686.07 - Payday Loan 3
$500 - Parking Tickets
~$19k - Student Loans
So far I have barely been able to make the minimum on my Capital One card and student loans due to the Payday loans I took out (Definitely learned from my mistakes with those). My credit score plummeted (505) due to the fact that I haven’t been able to make a payment on my student loans since June. I recently applied for income based repayment and if approved will get my payment from $108 a month to $56 a month. As of right now, I owe about $800 for a minimum payment on my student loans.
I guess what I need to figure out is what I should be paying and when in order to get my credit score up and so I’m not letting the Payday loans accumulate too much interest. Thanks in advance, Reddit. :D
Submitted October 31, 2018 at 11:00PM by JustALesbean https://ift.tt/2EWqbp4
