Sorry for the novel! This is one of my first ever reddit posts and I hope this community can provide some advice. I’m 25, make $65k a year, only $3k in savings, 401k has $16k in it. Student loan debt and car debt and my savings would be much more and significantly more manageable if I hadn’t screwed around and racked up $10k in CC debt in my early 20s (only just recently got it down to around $8k, it’s the only CC I have). I was an irresponsible idiot who ignored it for way too long and recently I’ve finally begun to tackle it head on. It’s honestly embarrassing, but it is what it is. I want to buy a house in the future, maybe even get married to my girlfriend, but this damn CC debt has been really setting me back. I’ve buckled down and stopped using the CC completely, only using my debit card and budgeting much better. It’s been difficult to try and balance paying the CC and saving at the same time, because I want to make more progress toward saving, but I also want to get rid of this CC debt. Currently the CC balance is $8,167.71 with an APR of 18%. My last statement I paid about $138 in interest, and thousands of dollars more interest before then. I’ve read online that the best moves to stop the interest and get it paid completely is to either get a personal loan, or transfer the balance to one of those 0% interest for x months credit cards. I’m more inclined to transferring the balance to get it paid off within the 0% interest period, even 3% interest on a personal loan wouldn’t be as ideal I don’t think. I’m already consistently paying $700/month toward the CC, and depending on which course of action I choose, I’ll adjust accordingly if need be. Which do you guys think I should do? Any help or input would be appreciated!
Submitted May 17, 2019 at 11:25AM by whoawhatamidoing http://bit.ly/2Eeu9GQ
