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As fast as possible. Those interest rates are brutal.
Chief
Snowball approach. Pay the minimum on all cards, put all extra money into the highest interest rate. Pay off the highest one, move on to the second highest one, on and on until it’s done. Model it out so you have a target date, that will help mentally.
This is the correct answer. Worked for me, tho with much less principle
I'd say transfer the balance to a 0% interest credit card, figure out where your money is going, cut out all unnecessary expenses that aren't critical to survival and then throw your paycheck at it every. single. month.
Don't do this. This is just putting a band aid on a broken limb. You need to cut up your CC's and live on cash for atleast a couple months to get into the habit of only spending money that you have. You have a spending issue that you need to correct, not an interest issue. Use the snowball method to pay down this debt quick.
If you can pay off $20k in 6 months or less and you feel like you have the hang of it, then apply for a zero interest introductory rate if you're so inclined.
Rising Star
😮 how’d you accumulate the debt?
Did you have college paid for by your parents? If yes, and you came out of college with no debt but got into credit card debt, you need to re-evaluate yourself and your spending habits. Read some books on personal finance and money management. Transfer to a 0% interest cc and stop eating out, stop traveling, stop spending money going out with friends and put every dollar towards paying off your credit card to pay it off as fast as possible. You’re living at home now and during covid so you really have no excuse not to put 90-100% of your salary towards your cc bills
Rising Star
Do u have savings? Pay it in full if possible
Chief
What's your comp? What are the interest rates?
What do you usually smoke to accumulate so much debt?
Rising Star
1. Reduce the interest immediately - you could do this by transferring to a 0% interest card, taking out a lower interest personal line of credit and paying it off in full, or talk to bank/advisor about other refinancing options. Bottom line - try and get away from the current rate you’re paying ASAP.
2. Throw every cent at it. Reduce quality of life as much as you can to pay it off as quick as possible. Put your entire bonus on it and like every spare cent of every paycheck.
3. Once you’re out of it, cut up your cards and put yourself on a no-credit lifestyle for at least a year. Re-adjust to spending within your means (if it’s not in your account, you can’t spend it).
Call Dave Ramesy
You have an issue to have reached that much debt on CC.
You need to first, evaluate your life. What is missing in your life and why are you purchasing items to satisfy self emptyness.
After cut spending, and track spending. Refinancing your debt won't help, bc it isn't solving the underlying issue of how you got here.
Financialpeaceuniversity.com
If you haven’t consolidated and refinanced, do that first. Really hoping you’re not accruing the penalty rates on that size of principal. Make paying that debt off your priority. No strategy needed. Anything you can spare to eliminate that debt, throw it at it.
Consolidate loans into a single low interest rate loan... Credit card rates are high..if u have a good 401k Bal..you can take loan against it(50% allowed)..if u have home loans take topup loans if possible..make sure you keep your expenses low and transfer the rest of your salary completely to the card..
Oh my god don’t do this. Taking a loan out of your 401k to pay off a CC is crazy land
OP- Not enough information to give a knowledgeable answer. Obviously as fast as possible is the dream. But in reality- it has to be as fast as possible under many constraints. It wouldn’t make sense to make your lifestyle miserable to simply take care of a checkbook. It also doesn’t make sense to let interest accrue as credit cards have HIGH interest rates. Do the math yourself by mapping out a time series and assess a payment plan that makes you comfortable.
First things first, gather all you debts, and look at interest rates, get a new card for balance transfer at 0, will cast you 1 to 2 percent, cap 1 is good for that. 2 pull together a payment schedule and timeline and start to track it, assu.e you make 75k or or more, take home is 50k plus. Focus at least 15k on debt reduction
Everyone here has the right idea but they’re mostly wrong. Consolidate the whole thing with a refi loan through a 3rd party like SoFi. No way a balance transfer card will have a 60k credit limit. I’ve also heard that Chase and AMEX are rejecting a lot of balance transfer card applications lately due to the current risk of defaults.
First step is getting the entire 60k under control with one single loan with interest in the single digits. Second step is creating a budget. Ask a friend for help if you’re not confident in this. Third step is really start asking yourself how badly you want this weight around your neck gone. Debt crushes your morale and spirit.
Correct, you probably not going to get a balance transfer card with a 60k limit. However, even 10k is a substantial interest rate saving
Thank you everyone for the advice. To clarify: I have completely stopped using credit cards, given up my apartment, stopped going out, and am keeping my total expenses to a few hundred dollars a month. Also stopped contributing retirement to pay down debt
Make payments with every paycheck, and stop spending.
Chase slate offer free balance transfers and 0% interest for 12 months... works so long as the debt isn’t already on a chase account
My main question is- now that I have full control over my income, what do I do with it? My credit score is way too low from the debt to get a consolidation loan (believe me I’ve tried) or apply for a new card to transfer the balance. The interest rates on the cards are 20%+ and I’m worried I could be paying this down for years
1) Stop using the cards full-stop. Use your debit card from now on
2) Yes, budget, but also track your spending. I use the EveryDollar app (free) where you put in every transaction. It’s annoying but necessary because a budget without that is just a guess. And because it’s so annoying, you might spend less often!
3) call you credit card companies and ask for a lower rate. Seriously, they can do it - I’ve done it. It won’t be a huge drop but you might get 17% instead of 22%
4) use your entire bonus on the debt. You should get a decent one at BCG, no? If you’re used to living off of your salary you can handle that
5) pay off the card with the smallest BALANCE first, get the “win”, and celebrate when the card is out of your life
6) in a year or two of doing this, if you’re not out of it, then you should be able to consolidate the remaining and kill it with a vengeance
7) never again