Ok so long story short, i suck with money and despite making a good wage ive amassed 40k in cc debt. I'm currently getting paid my salary to take a class at work, but the class makes it impossible to work over time for the next year. If i don't work over time im making only minimum payments on my cc, so for the next 12-14 months i'll only making minimum payments on this pile of debt. After this class is done i'll be making close to 200k a year and should have no problem paying them down as long as i don't spend. My question is, i was offered a debt consolidation loan of 25000 at 22.49% for 5 years with a payment of 690 a month. The credit cards i would pay off would end up costing about the same per month, but 22.49% seems very high, it is higher than my credit cards. So is it better to take out a high interest loan to pay off my cards or just keep making the minimum payments on my credit cards until i can work more to pay them off. Oh and the debt consolidation loan is thru payoff.
Submitted December 18, 2018 at 08:21AM by suckinwithmoney https://ift.tt/2SZ77c5
