- April 15, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Situation: Debts and Minimum Payments
Card 1: $4,645 debt, 21.24% APR, Minimum due averages about $128 a month and interest accrued averages to about $82 a month.
Card 2: $34,313 debt, 20.49% APR, Minimum due averages about $1200 a month and interest accrued averages to about $556 a month.
Given the high debt amounts and minimum payments, I am struggling to manage my finances effectively. I need to keep a minimum of $1,500 on hand for emergencies, especially considering my self-employment income fluctuates.
## Dilemma: Paying Off Debt Strategy
Should I focus on paying off the smaller debt on Card 1 and closing it, or should I prioritize reducing the higher balance on Card 2 to lower the monthly minimum due? This decision is crucial for my financial stability and long-term planning.
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## Future Plans: Career Switch and Increased Income
I am considering a career switch to become a pharmacy tech, which will potentially increase my income in the future. However, this transition may not happen until next year, delaying the financial relief I am seeking.
## Decision Made: Paying Off Card 1
After seeking advice and considering my options, I have decided to pay off the debt on Card 1 and have already made the payment. This proactive step will help alleviate some financial burden and set me on the path towards financial stability.
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****** just grabbed a
On the plus side the higher interest is the lower amount, so kicking that out frees up monthly cash and knocks out the higher interest rate.
But got damn:
>Card 2: $34,313 debt, 20.49% APR, Minimum due averages about $1200 a month and interest accrued averages to about $556 a month.
Can you balance transfer to a 0%/low % card? You’ll take the hit now, but $34k @20.5% adds up.quickly. it’s almost $600 In interest the first month
Do you need a new car?
Pay off the $4645 and then pay an extra $2600 to card 2. Take the extra 128 and however much the 1200 gets reduced by and apply it card 2. You save about 2K you need and all the extra payments go to card 2. Depending on your credit I would try to get a balance transfer card or see if card1 will give you a lower APR if you transfer some of card 2 over. I had 15K on a card with 27% APR (due to out of pocket medical and pet emergencies). I transferred 5K from that card to another card I have that has 17% APR. Then the remaining 10K to a 0% APR card and saves me hundreds of dollars a month with interest.
Pay off card 1 asap and put about $3000 down on card 2. I’ll reiterate everyone else, quit spending money you don’t have.
Pay off card one. Don’t use it again. Cut it up. Then put as much as you are comfortable putting on the next debt.
This is presuming you don’t need another car. Simply Put, Stop spending money you don’t have. These interest rates are an emergency & are killing you.
Card one to free up cash flow. Its not much but every bit helps