I recently started a business and had to take on some debt in order to start it off. On a personal line of credit I currently have 3200 at 8.9% APR, and 1700 on a business card at 16.49%
In my savings, I have 5200~
Currently, every paycheck I dump a considerable amount into each account to reduce them as quickly as possible, ranging from 250-400 a paycheck from my day job, and then as able the occasional extra money dump, but that's not reliable currently.
In regards to other cards I have, those are paid off in full every month, as their usage isn't all that high and it's not a huge concern for me. I also pay 300 a month for rent (living with a parent so I'm fortunate in that regard.)
I've been trying to determine if it's worth paying off some, or all of the debt now from my savings, and then rebuilding it from whatever's left over. My BIGGEST pause would only be, MAYBE, that I have a trip coming up soon to Las Vegas to hang out with friends, but even then it's not for another six weeks, so it's still not something to exactly worry too much about.
EDIT: since two people have mentioned it already; my trip to Vegas is something I've been planning since last year, and something I've been looking forward to since then, and I have zero intention of cancelling it. It's not out of stubbornness or inability to not spend money, it's because I want to see my friends and enjoy their company.
Submitted August 27, 2023 at 10:39PM by itsamerp_01 https://ift.tt/9OTSRcj
