Parker said:
@Sky
I’m waiting on a raise right now. Once I know exactly how much I’m working with, I’ll figure out the bare minimum I need to live on and put the rest toward the debt.
Once you have your numbers, you’ll know how fast you can pay it off. I’d recommend the snowball method—start with the smallest debt and work your way up. It helps to see progress quickly.
Balance transfers saved me when I was in a similar situation. They really helped lower my interest rates.
Torin said:
Balance transfers saved me when I was in a similar situation. They really helped lower my interest rates.
Who would accept me with a credit score this low?
Torin said:
Balance transfers saved me when I was in a similar situation. They really helped lower my interest rates.
Who would accept me with a credit score this low?
Check with your current cards to see if they offer any transfer options. That might be your best bet for now.
Thanks for all the advice. I’ve identified a lot of spending habits I need to change. I’m hoping to get this under control in the next six months. I’ve got some bonuses coming up, and I’m going with the snowball method to tackle this.
Stop all unnecessary investments, like IRAs, except for your company’s 401(k) match. If your credit cards have annual fees, ask to downgrade to no-fee versions. Cook at home, take on a side job, or sell things you don’t use anymore. Research snowball or avalanche debt payoff methods online—they’re both effective.