Hey everyone,
I need some serious advice/tips regarding consolidating my credit card debt. I am 22 y/o and just graduated college in the spring. With the job market the way it is I haven't been able to find a job in the field I went to school for and am currently working as an Amazon delivery driver making ~$30k a year (if you're wondering, the job it sucks but I'm grateful to have it right now). I also make ~$10k selling sports memorabilia and textbooks online. My parents weren't in the picture growing up so I never got the financial guidance I needed or learned money management skills. And honestly at this point, I'm too embarrassed and ashamed to ask one of my friend's parents for advice at this point.
I currently have about $11,000 in credit card debt spread across five credit cards and my credit score is 615 with 80% utilization. With private student loan repayment coming up very soon and monthly car payment, I am wondering if anyone has any tips or advice on consolidation and my situation as a whole. Here's a breakdown:
Credit Card #1 - Discover Student
Debt: $5,890.90
APR: 21.99%
Minimum Payment: $121.00
Credit Card #2 - Bank of America Travel
Debt: $938.20
APR: 20.99%
Minimum Payment: $25.00
Credit Card #3 - eBay MasterCard
Debt: $4,236.60
APR: 19.99%
Minimum Payment: $105.00
Credit Card #4 - Amazon
Debt: $0.00 (never use)
APR: 27.49%
Credit Card #5 - Macy's
Debt: $0.00 (never use)
APR: 26.74%
Monthly Bills:
Total Minimum Payments: $251.00
Student Loans: $918.88
Monthly Car Payment: $330.49
Car Insurance: $181.26
Rent: $300.00
Grand Total: $1,981.63
Amazon Monthly Income: $1,760.00
Online Sales Monthly Income: ~$835.00 (varies)
Income Total: $2595.00
Once again, I greatly appreciate anyone who can comment with any advice, tips, or recommendations. I have stopped using my credit cards completely and am committed to budgeting and taking care of my finances moving forward. Last thing, I just applied for a credit card consolidation loan through Upstart and was offered a 29.03% APR with $428.12 monthly payments. I plan on declining that since that APR is higher than all five of my credit cards and so is the monthly payments.
THANK YOU!
Submitted December 09, 2020 at 09:17PM by textbooksMA https://ift.tt/3gtnTwQ
