28 years old, 36,215.33 total debt. Debt breakdown and income breakdown in thread. Any suggestions where to start?
Hello! I am going to make this as short and to the point as possible, as to get a plan rolling immediately! My monthly income in $2,700. My monthly bills total $1612.97. $500 for rent. $300 on a Discover card payment, which has a balance of $13,500. I know, it is frightening. $223.26 on a car payment, which has a balance of 6,330.43. 161.61 on a personal loan which has a balance of 2805.74. $80 a month on another credit card, which has a balance of $961.15. School loan payments of $135.00, with a balance of $12,235.72. $57 for phone. $30 internet. $20 gym. Needless to say, I feel in over my head. I have $3000 currently saved, and have paid my rent for March. The highest interest rate is on the Discover. The lowest on the school loans. I know the debt snowball versus the debt avalanche techniques. I really think getting down the Discover ASAP is what I should be doing while making minimum payments on everything else. I know this is somewhat of a dire situation, and that is why I’m reaching out for help. I got into this situation by spending with no regard on a lot of small things that I didn’t need. It adds up over time…and got me into a spot where now I am afraid to really purchase anything. My car loan, personal loan, and the smaller credit card balance are all through my credit union, where I also deposit all of my cash. Thank you all in advance for any advice. I have stopped using the credit cards as well.