I’m a 29-year-old academic who has gone from making 15/hr to 120k/yr. I have nearly 100k in defaulted debt and don’t know where to start fixing it all.
I just signed a contract for a job that gives 120k/yr up from my job that paid $15/hr. I have about 70k in student debt, 10k in medical debt, 10k in credit card debt, all of which have defaulted, since I have never made enough to make regular payments.
Now that I will have the resources to pay these debts off, where should I start? Savings? Repayment? Consolidation?
I know very little about this and would love some info on how to adjust to this new income level in the most efficient way.