I feel quite ashamed of my financial situation, but I need to keep moving forward. Here’s a breakdown:
Debt Overview:
This is perhaps one of the few instances in which I would advise against reconsolidating. I believe that paying them off one at a time might be quicker. If it were up to me, I would remove the M1, chase, BE1, BE2, and so on. Just quit taking more pills; it’s not as horrible as it appears at the moment.
But if I’m granted a loan with an APR of 10-12%, I’ll be able to pay it off much faster.
You’re taking an interest rate of 11%. Considering the modest salary of both the co-signers and yourself, that seems really low to me. Select the option that will enable you to pay it off the quickest and, in the end, the cheapest.
Give it a shot, and hopefully, it works out. My main concern with reconsolidating is that you’re just transferring someone else’s problem to yourself. If you got into this situation, it means you’re also capable of getting out of it.
Debt is mentally draining and stressful, and taking on someone else’s debt only makes it worse.
Given your income, you can pay this off quickly while keeping your issues separate. To me, it’s clear: pay off each debt one by one and use any extra $200 a month to accelerate the process.
If things get worse or you face new problems, bankruptcy is an option that doesn’t involve affecting someone else.
Oh, I assure you. I wasn’t always this way, but life moved swiftly and I ended up in this mess. I promise not to go into it again.
I know how to live within my means, and my family is strong and will help me get out of this issue; I will repay them later. Tomorrow, I will try to get accepted. After that, I will tackle it with all of my might.
Close the Chase credit card and work to lower the interest rate on the first best egg loan, is my advise. To pay off the debt more quickly, take the $1450 that is still outstanding and raise your monthly payments. Wishing you luck.
It’s not at all horrible where we are.
Use as much money as you can to pay off the loans with the highest interest rates first. Pay the bare minimum for anything else.
Pay off the card with the highest interest rate first, then go on to the one with the next highest interest rate. Rinse, repeat.
Compared to a loan at 11% if you let it run for its entire term, say 60 months, doing this will probably result in lower interest payments.
If feasible, might take into account switching to interest-free credit card transfers.
First step. Spend no more. Step two. Cut up all of your cards. Step three is a lower lifestyle level, such as sharing a couch or living at home. Step 4: Try to obtain a reduced interest rate by paying off the highest interest first. Step Five. Reduce it to zero.