Discover It
Current balance: $614.10 out of $1,000.00
0% APR until 5/17/2023
Discover It Chrome
Current balance: $1,428.13 out of $1,500.00
APR 15.24%
Bank of America
Current balance: $2,120.98 out of $2,300.00
APR 15.24%
Citi Double Cash Card out of $11,100.00
Current Balance: $11,088.48
APR: 25.99%
Citi Rewards+ Card
Current Balance: $3,666.00 out of $3,880.00
APR: 0.0% until 02/09/2023
AMEX Bonvoy Brilliant
Current Balance: $3010.20 out of $3,100.00
APR: 26.99%
PNC
Current Balance: $581.63 out of $600.00 (used to be $5000 but they lowered my limit to $600 because I paid my entire due amount with points; the total balance was like $20 left. Never knew you couldn’t pay with JUST points.)
APR: 23.49%
Amazon Card
Current Balance: $1,633.43 out of $1658.00
APR 28.24%
Chase
Current Balance: $17.882.63 out of $17,900.00
APR 20.99%
Total balance: $42,025.58
I am 25 years old and will be 26 in a few months. Long story short, I have accumulated a mountain of debt. Last year I was very close to paying off my debt, however I quit my job and things turned downhill from there. I was in a rough spot mentally and emotionally, and was barely going to therapy and was testing different medications. Now, I am a lot happier and have moved to a nicer apartment with my girlfriend. We are both planning on going to medical school. She applied this year and is awaiting interviews at top 20 schools, and I am sure she will get in. I am going to be applying next year (May 2023) and would not matriculate until around August 2024.
I have a spending problem. I have had it ever since college. There were a lot of times where I would not have money for food while in college and asking my father for money was the biggest mental game ever. I understand that this is no excuse. I started off small applying for credit cards while in college and eventually worked my way up to nicer ones with better perks and higher limits. Unfortunately this was exacerbated my situation. I would take friends out, pay for both of our meals, and things like that. Now, it's less so friends and more so taking my girlfriend out and buying both of us meals. This of course, was my doing, and I should have known when to stop. I would never use my debit card, even when I had small debts. I always used my credit card because in my mind, I needed my debit card to pay off the balance of the credit card so I wouldn't miss a payment.
There has also been a small time where I allowed my girlfriend to use a few cards for food and other things, and I take full responsibility of this as well. I do not want her to carry the burden of having to pay me back. She is willing to help pay for my credit bills though.
I work in the hospital setting and make around $42k per year ($21/hr). I also have a side gig that helps me get around $200 extra per month. I do have a car note that is $350 per month. I am considering a second job as I get out of work relatively early (around 3 PM). I would like to try to get into real estate photography/drone photography as I have the necessary equipment and licenses needed. I just need to go out and create a portfolio and get out and do it. Before this, I was doing DoorDash (~$20/hr) delivery on the side, and also some Amazon Flex ($19/hr). I have also started to sell some of my personal items on Facebook Marketplace and calculate around $1,000 in extra money I can add to paying the credit cards.
My girlfriend also works (part-time) and makes around $1,700 per month. She has continued to help me with some payments and contributes around ~500 per month. I am very fortunate to be in this situation. I have never missed a payment and I have always paid my balance. My credit score used to be around 750, and now it is around 557, unfortunately.
Rent is around $1,200 and monthly expenses are around $500. This gives around $1,250 in spending power which I tackle towards my credit cards and car payments. This includes my $200 per month side gig. I have not included any money from my girlfriend in this calculation.
We will be moving in around May to wherever she gets accepted. Depending on the school, I might have the luxury of living rent-free and this could potentially help my situation in paying off the balance.
My idea is to tackle the card with the biggest balance first (Chase) as this one is charging interest up the ass. I would of course pay the other minimum balances on the other cards as well. I had it around $16,000 but had to buy new tires and also helped with my girlfriend's medical school application; so it is back to basically maxed again. Should I consider debt consolidation?
Thank you guys for your help.
Submitted October 03, 2022 at 11:43PM by Pastabake12345 https://ift.tt/twTmz1p
