Before I start I’d like to ask that everyone keep the judgement to a minimum, please!
Anyways, I’ve just moved in with my dad and asked if he wanted want sit and do a budget together, as he’s been mentioning lately that he needs to start saving money.Wrote all of his debts, bills and income and was shocked at the number.
So he’s got a total of 34k in credit card debt across 5 cards, with interest rates 29.99 & 31.99%.
Did the math and he makes enough money to pay his living expenses and minimums of credit cards and have almost 1.2k left over to throw at debt…But his interest rates are so high. If I’m understanding correctly, if he pays all his minimums for this month, next month I’m thinking his debt total will be 12k more than this month??
PLEASE tell me I’m miscalculating/misunderstanding how APR works. And if that’s accurate, would debt consolidation even be an option worth considering?
Submitted August 20, 2023 at 02:39AM by 0verthinking0tter https://ift.tt/vOhJbEX
