A few months back I was in a car wreck that totaled my car. The other driver was at-fault and I suffered some moderate spinal injuries (3 bulging disks), the insurance company issued about 4k for the car payout, which I used to put on a down payment on a very nice car I’ve wanted for a long time. Due to the back pain, I filed a personal injury settlement.
I just now got my official payout amount that the insurance would pay, which was about 35k but after medical bills and lawyer fees, I’ll have about $14,440.00 left.
I have $20,489.27 worth of overall debt. This is including $17,497.44 of auto loan debt. Credit cards and misc. debt like my phone are $2,993.64 in total.
So my real question is this: what debt should I pay off first? The dealership I bought my car from doesn’t refinance but my monthly payments are pretty high (around $359/month) so I want to get them down but I’m not sure the best way to manage this money.
Edit: I just recently moved and have been managing my finances fairly poorly. I have no savings and no emergency fund. I was looking at this as a sort of restart button. Interest rate on the car is 9% and on my credit cards about 24.99%.
Submitted September 14, 2021 at 09:05AM by SnooSeagulls2767 https://ift.tt/3zb5yfM
