Hey friends,
I owe
>$1700 on my Discover card
>$2100 on my Amex card
>$4000 in Student Loans
I'm 26, and make 75k a year. I pay about $50 per account that I owe per month. I don't have tons of financial guidance in my life, so I don't know what the smartest move is.
My question is, should I pay all of these off as soon as possible? or should I live with paying about $150 a month? My credit score is 742 at the moment.
Other urls found in this thread:
youtube.com
youtube.com
twitter.com
how the fuck are you 8k in debt if you make 75k a year
How much internet on each? I’d say pay the higher interest shit first. I’d double or triple what you send monthly
Don’t pay minimum you’re only prolonging the debt, pay the higher Interest first or the lowest first triple your payment $50 is not enough for each
Pay it all off or balance transfer and make a plan to pay it off before interest kicks in.
What kind of monthly expenses do you have vs your monthly income?
Max them out for LINK and PHYSICAL silver they’re about to rape the economy in a temper tantrum out of spite as the old guard gets culled
pay them off idiot. FULLY. if you make $75k just fucking pay them off - this isn't much debt and you're going to get pummeled if you keep kicking the can!
Pay it all off right the fuck now and buy silver.
Don't let it get any higher. Let me be a warning. My wife ran up my credit cards prior to divorcing me, I filed a Chapter 7 bankruptcy.
Best decision of my life, but since you're not anywhere near that level, pay that shit off right now, why would you ever have debt.
you make 75k per year..... that is more than anyone in my entire region of the uk can ever make, we are locked to minimum wage as the roof of our earnings, thats like....12k per year?
>I really like padding usurious pockets and getting my shithole torn
Honestly, its the result of poor decisions made in college. I've moved on from being that stupid, but I carry the debt of those actions with me.
Amex I believe is the highest interest, followed by Discover.
I make ~$4500 monthly, and my living expenses (apt, utility, food) is around $1600-$2000. Been making a lot of purchases for stuff lately for quality of life improvements.
The consensus seems to be to pay it off, or at least make larger monthly payments.
I know *technically* the smart thing to do would be to pay off the larger one first, however, it would take a large burden off me to end the smaller one (Discover).
I'll make like a ~$500 payment right now, and possibly another one later this month.
I guess my final question is this: What are credit cards for? I figured either for trust establishment (credit score), or for making a large purchase, and being able to pay it off in installments. Is this wrong?
wut? how???
Open up a 12-18 month 0% interest card and transfer it there. Then when that one is up open another 0% interest card and repeat.
Pay off the credit card debt in full immediately. No exceptions. The student loan debt is probably only ~4% interest (assuming it’s a government loan) so you can make minimum payment on those if you want especially given the small balance on it
are you literally retarded? do you know what an interest rate is, or what the interest rate on your credit cards are? hint: you're probably paying close to 30% interest on that fucking credit card debt. PAY THE CREDIT CARD DEBT OFF FUCKING IMMEDIATELY THEN CLOSE YOUR ACCOUNTS BECAUSE YOU'RE CLEARLY TOO STUPID TO USE THEM RESPONSIBLY.
To build on this, once you pay off your credit cards use one of the credit score services to monitor your score and improve it so you get better rates when you decide to buy a house or car. Shitty score = higher interest which will kill your ability to invest when you’re sinking all your money in a multi-100k, 30 year mortgage
as user said, I use creditkarma. It's free, and easy. I monitor it at least weekly, though you certainly don't need to do that.
Pay off your credit cards. If you care about credit score, pretend you have terrible credit. Buy gas, pay it off next month. Interest is money you pay for time. Interest takes your time, your time is your life. Interest is literally a life-sucking institution, which is why usury is frowned upon.
Cards are convenient and profitable if you use them the right way. Over the years I've flown premium cabin many times with just airline miles that came with card use. Never paid a single cent of interest
>My question is, should I pay all of these off as soon as possible? or should I live with paying about $150 a month? My credit score is 742 at the moment.
Brih you make 75k a year. Literally 1 month of work and your credit card debt could be gone.
Fuck that college debt tho dont pay that shit
Work as a Zig Forums Jannie Trannie on side to earn some extra cash. I heard applications are open
A more detailed update:
Discover:
>Balance: $1719.84
>Interest: $19.26
>APR: 12.99%
American Express:
>Balance: $2156.93
>Interest: $28.22
>APR: 14.99%
I have $4603.63 in savings right now, $1932.18 in checking. I get paid again $2300~ on the 18th.
Should I move some savings over to pay off the credit cards in full?
Brother the honest advice is to pay that Discover card off entirely right now.
Next month, pay off half, or all, of that American Express. Just eat at home for a month, don't buy fancy liquor or anything. Just chill.
That interest is simply taking your cash out of your pocket. Why do you want to keep it?
Or if that is too spicey a meatball, pay off half the Discover this month. Pay off the other half next month, do this and you'll be CC debt free before Christmas.
Now, if they're paid off, use them to buy some Christmas gifts, and then pay it off in January.
youtube.com
youtube.com
Do this nigger, I got like 10k in cards ill pay back eventually :O
Thanks friend. Yeah I think I'll pay most if not all of Discover today. Then, October/November, I'll pay off Amex. I hate the weight of this debt looming on my shoulders. I don't know entirely why I let this go on for so long.
It will be nice to be free.
Checked
checked and true.
based and doomer pilled
Was hoping for these. Based.
You will find that you have a slight sense of apprehension when you look how much money you owe. You will also find a sense of relief to pay that bill, and even joy when you see that debt eradicate.
Every month I parcel out all the money I have besides rent and food to any debt, bills, expenses I have. I do that the first of the month, every month. I know exactly what I'm playing with all the time.
I think part of any credit card users problem is they don't utilize a system of extreme financial discipline. Which is fine, most of the time. You don't need to live like that. But interest is trading time for money. It is made to enslave you and steal your life force.
If you were to ask my advice, I would sit down and make an excel file or even on a piece of paper all the money coming in and out (which you've basically already done in this thread), and an ambitious plan that pays it off without making you have to live off ramen and sandwiches for any period of time. There is definitely a sweet spot.
Once you're debt free brother, that money is yours to play with however you want.
Based, 40 y/o you will thank you. I also recommend tracking your expenses and income monthly. There’s a free service that does it for you automatically (I think called mint?) but I just manually track it in a spreadsheet bc I don’t trust linking up my bank account to it. It might be eye-opening for you on how much you can cut spending without noticing any effect on your quality of life
Also use your credit card with the mindset that it’s a debit card. Don’t buy anything with a credit card that you can’t afford. If you stay responsible with credit you’ll enjoy a lot of perks later in life, unfortunately at the expense of people like you were in college that never realized the error of their ways
This user knows what he’s talking about
Every month pay the minimum on the Amex card but pay as much as you can on the Discover card. Once the Discover card is payed off start paying as much as you can on the Amex card. Once the Amex card is payed off start paying as much as you can on the student loans until they are gone. Also, when you have the cards payed off cancel one of them you don't need two.
>Basically start to pay off your debts one at a time starting with the smallest amount working up to the biggest until none remain.