I’m 60K in credit card debt at 27- what’s the best way to get out of debt quickly? I’ve moved back in with my parents and have almost no expenses now, how should I be strategic about paying it back?

like
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

As fast as possible. Those interest rates are brutal.

like

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.

like

This is the correct answer. Worked for me, tho with much less principle

Recent IconRecent

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.

like

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.

😮 how’d you accumulate the debt?

likefunny

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

like

Do u have savings? Pay it in full if possible

like

What's your comp? What are the interest rates?

like

What do you usually smoke to accumulate so much debt?

funnylike

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).

like

Call Dave Ramesy

like

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

likeuplifting

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.

like

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..

like

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.

like

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

like

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.

like

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

like

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

like

Related Posts

Looking for a Manager or Sr Manager based in Charlotte or willing to travel there weekly (M-Th) for healthcare tech for large hospital system. Inbox me for details.

like

Can anyone offer advice , possible job openings for an individual that is in the last semester of earning certification after student teaching hours are acquired? This individual has been working/ cos chi big in the school system for over 12 years… experience with autistic students , middle school , students spending time in the alternative setting… pending masters degree in secondary education… coursework completed (with exception of student teaching)… also enrolled in an alt/cert. master

like
like

Is onboarding at wipro virtual or do we need to travel to office on first day

like

Women who had kids on their 40s, what are your regrets? I'm finally pregnant after many failed attempts and sadness. Now that im pregnant I'm flipping out. Do you travel still or feel like you no longer have a life or freedom? Having alot of anxiety and not happy about how old I am having them.

like

Best Marriott hotel and location to stay in NYC for a weekend? Looking to optimize for food, night life, and daytime exploring. Thinking Times Square but not sure.

like

Hi fishes, DM for referral.

Category Manager, Technology
Location: Lowell - Massachusetts - United States, Weston - Florida - United States
Function:: Procurement

Post Photo

hello can i check which companies in Singapore sponsor employment pass? undergrad in local uni trying to clear the tuition grant bond :(( any referral would be greatly appreciated.

Edit: Im from a accounting/finance background and looking for finance related roles in Big4/MNCs

like

Once I’ve maxed out my 401k and IRA accounts, where else can I do with my savings if I wanna continue investing in stocks? Feel like keeping a stash in a high yield savings acct isn’t the best rn.

like

Accenture folks - Any idea how to get No Objection letter for Visa (tourist) application? I have recently joined. TIA

like

Citi - SVP Salary Expectations for Tech / Controls

Looking at some SVP roles for technology / controls in the Southwest region. Glassdoor indicates $185-240k as range base comp, and target of $185-205k for average base. Is that accurate?

Glassdoor also targets $40k for variable comp. average. Is that accurate?

Citi

like

Looking to live in Germany for a year to travel around, any tips on how to land a job without speaking German? TIA

like

I am sick of being a realtor! I've been trying for 5 years and have only sold 3 houses. Where I'm from (small Southern town) nobody is buying. Most people's families already own homes and it's just a bummer to see all these nice houses deteriorating over time.

like

Serious question - is there a reverse FIRE strategy? I like the idea of saving and retiring early, but the one hiccup I see (and sorry if this is grim) is if you die earlier than expected. I’d be worried that I would minimize lifestyle and fun for retirement at 50 but I’d die at 49. How about a way to work 9 months out of the year and retire/travel/relax for 3 months? This way you guaranteed your dreams/etc. are fulfilled

likesmart

I am a field marketer. I travel and cover 12 states. HQ is across the US on the east coast. My manager put a surprise calendar invite twice now to go to home office without consulting dates to see if we were available. I stood up and asked to be included on available dates and said I will attend virtually but asking me to be away for 4 additional full days away from my family without asking me is not OK. I already travel a lot and this boundary is super important to me. Am I right or wrong?

like
like

Does anyone have a terminally ill partner/spouse with no immediate family to help care for them as they continually get worse? How do you manage to work (and travel) with so much on your mind?

Relationship Banker(RB) does JPMorgan Chase Bank offer yearly raises in these roles?

like

Rolled my old 401k over to a rollover IRA under the same brokerage and lost some money. What the hell did I do wrong? It was a direct rollover btw

like
like

More Posts

Multiple open positions for the Support domain at VMware, interested please DM.

Post Photo
like

Trust in the Lord with all your heart, & lean not on your own understanding; In all your ways acknowledge Him, & He shall direct your paths. Proverbs 3:5‭-‬6‭
I pray God guide each of us this week!

like

How do you choose a practice for IVF?
Debating between CCRM and a local small private practice (Susan Trout). CCRM is saying I’d need to wait 6 weeks to first retrieval and an additional 8 weeks to transfer; local doc said *entire process* would take 6-8 weeks. That said, I know CCRM is one of the best and has the latest technology… I just don’t want to wait. What would you do?

like

Taking control of my sexual health this year but I’m quite nervous about getting an IUD. What if it’s uncomfortable or my partner feels it during sex? Please share your personal experiences with me, have they been overall positive? Does it shift depending on how rough/ lengthy your partner is?

like

As an O365 Technical Administrator how much salary anyone can expect

Qualification B.A

Certification in IT technical support

YOE 1 year 10 months

last company A start up

How much Anyone expect an IT admin in DXC

How insane is it to work two remote full time jobs? Inflation may is kill me

like

Any data engineer available to join in 1 month notice

like

Why Amazon guys are so egoistic. I joined Amazon 2 weeks back, got assigned some tasks.

In morning call everyone is saying to connect with them if i need any help. But when I go to them for help they don't even reply and even if they do they just give me a document link.


Stuck in something where infra understanding is required, atleast share me the ip, url , of the dev environment.

likefunny

AE position for healthcare in DC area; COLA from previous salary/location (AE role) says it should be $75k. Don't think that's realistic - any insights?

like

Current status: questioning every career decision I've ever made.

like

Looking to unlock my DMs pls...walter says hi

Post Photo
likeuplifting

Is the Amex Green the best choice for me (employee at McK) as a corporate card? The points earning looks best. Options are Green, Gold, Plat. Private cards are chase.

like

What do you think of the LSAT decision? Personally I think it might be a little unfair to suddenly abolish it when hundreds of thousands of students have had to take it over the last few years and beyond. But I get that it's expensive. Anyways, good idea or bad idea?

like

Saddle Creek Logistics…..thoughts?

like

Might be a stupid question but can someone explain what a creative strategist does?? Do you have to actually be a creative/designer or is it like conceptualizing campaign themes/art from a strat perspective?

like

I am .net full stack developer with angular recently joined nagarro. I wanted to know is there any good projects, because i am not getting good proposal and also wanted to know how long it generally takes here to get good project.

like

HELP! B2G and now adding B2B accounts!

I've worked for my company since August and I've mainly been prospecting in behavioral health centers.

However, the other two AEs want me to support them (only BDR) and they handle corporate employee accounts/non-healthcare.

Anyone have any tips for the B2B space and who I should prospect? They didn't give many pointers lol.

like

About to join Cisco in some time, can someone please share which laptop & what goodies will they provide? Also, do I have to go to office to collect the same as I am in same location.

I am a CISA qualified professional with 10 years of exp in Technology Risk Advisory & Consulting currently working in Deloitte. Looking for a job in the United States. Please let me know if there is a any opening. Thanks in advance.

like

Anyone else feel guilty asking to take time off? It shouldn't be this way!!

like

Additional Posts in Consulting

How do you speak up in client meeting if you don't know anything and are just busy taking notes?

like

Really struggled with condensing all my interview details over a week into a simple slide deck today. I had only focused on the facts and barely mentioned the so what unless asked. New to consulting and need to improve on written communication. How did y’all improve? Read any books, courses?

like

Going into Senior Associate offer negotiation with PwC London UK, what is the normal base salary expectation? Or even total salary expectation?

I was going to ask for 56k

like

Which is best in Los Cabos? Hyatt Ziva (all inclusive), Westin, or Sheraton

like

Ugh. Deloitte is making it impossible for me to find out the salary range and the compensation ratio for my position. Anyone with suggestions for a GPS pursuit manager within enabling areas? Other big four: what’s the average salary for this position at your firms?

like

Wow I thought Oliver Wyman did only FS, turns out they cover pretty much all industries / functions. Is it true?

like

Question, if you get fired or laid off within the sign on bonus repayment period (normally 2 years) do you have to pay it back? Or would you only have to pay it back if you leave voluntarily?

like

Fucking hate Delta. Missed my flight. I was with my 4 months old 👶 daughter. She was hungry and crying I requested em to let me check in bag early instead waiting in Line. They said no. Morons.

like

For consulting extern programs, what does the pay / benefits structure look like? Does your extern company pay salary and benefits? Does it ever turn into a pay bump?

like

How has Covid impacted your fringe benefits? Travel perks (miles, points, per diem, meals, client events, etc.) we’re a major selling point in joining my firm. Our travel has been all but slashed, but I’m not seeing any consolidations to make up for these lost benefits.

like

Went on three dates in last three weeks. Two of them backed out when they came to know that I travel everyweek. The one left was unhappy this morning when I got up at 4 to catch my flight. FML !

like

Who cares about saving the real world now that everyone is building the 'metaverse'?

like

What are JFK lines looking like ? Would Arriving 30 mins prior to boarding be okay ?

like

I just signed an offer letter yesterday and today some guy called me about joining his project. Is that normal?

funnylike

Trying to leave Deloitte - came from Accenture (regret that now). Applied to KPMG for senior associate but got rejected. switch from ACN to D was seamless so it stung. Advice on other places to apply?

like

Hi all, I am looking for feedback/advice on if I am approaching investing right? I know it may seem like I have an idea but I am self-doubting and would appreciate any pivots/advice.

Savings: $14k

Emergency Fund Saved: $12k (on top of 14k in savings)

Stock Portfolio Worth: $70k (Only $5k in ETF, rest in various Stocks)

401k: $12k (I have only been working for 1.5 years out of college

Debt: Thankfully none

Majority of my portfolio is Apple, Microsoft, and about 15 other stocks...continued

like

If I had a dollar for every time I’ve heard the word ‘perspective’, I’d probably be as wealthy as the folks who post their net worth on here

funnylike

Good bike brands for 6 yr boy. Budget 100-200. Is it better to order and assemble or buy from walmar or cycle store directl

likehelpful

Have a date coming over tonight but just got hit with an urgent deck fix request - shouldn't take long but worried that date will be bothered to wait around the apartment while I fix it up? But I'm also thinking it might be impressive to her to see that I'm working with a high-value client and high $ figures. Wanted to see what ya'lls take on this was... wish me luck!

funnylike

Happy 21st second of the 21st minute of the 21st hour of the 21st day of the 21st year of the 21st century

likefunnysmartupliftinghelpful

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal