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  1. #1

    How should I tackle this?

    Need advise on how to pay my cc debt off.

    Our net income is $7890 a month

    Our household bills are
    $3400 regular bills

    AND our monthly credit card payments are
    $1200 a month

    Gas for 3 cars is $180 a month
    Grocery $400 a month

    Credit cards that I need to pay off, and want this done by 2020 or sooner.

    CAPITOL ONE $1900 $60 per month

    DISCOVER 2276 $66.00 per month

    Carecredit 2761 $92 per month

    BARCLAY 2764 $60 per month

    Wayfair 3539.90 $120 per month

    UFCU 8600 $225 per month

    LC( lending club) Biggest mistake 8400 $400 per month

    Line of credit with bank $4515 UFCU LOC $157 per month

    $1200 a month in CC's

    Please help me tackle this!!


  2. #2
    Hi, thanks for posting your information.

    The below will follow Dave Ramsey's advice very closely on paying off debt.

    Do you have an emergency fund of at least $1000?

    For the credit cards, you will probably want to start paying off the lowest balances first.

    If you provided the interest rates on each credit card, the answer might change, but for now stick with the lowest amount owed (ie. Capital One). Also are the amounts listed the required monthly payment or what you have decided to pay on each?

    You said you have about $5200 in expenses (including 1200 for cc payments). I imagine some expenses are missing.

  3. #3
    if you have more details to add, let us know.

    otherwise you have 7890-5200 = 2690 left over and shouldn't have a problem paying them off.

    This could be easy to get you on the right path.

    let us know more details.

  4. #4
    Welcome to the site.

    You've listed monthly expenses of $3,980 and income of $7,890. That means there is $3,910 remaining. I think you're all set. If you pay $3,910/month, you will be debt free in 9 months. That's way sooner than 2020.

    If you haven't already, set aside at least a $1,000 emergency fund.
    All of your credit cards should be cut up or locked up and not used again.
    You should be able to clean this mess up very quickly. By next year at this time, you should be doing great because you'll have an extra $3,910/month to put toward savings and other things.

    Please keep us posted.

  5. #5
    Two other things.

    1. How did you end up almost $35,000 in debt? Be sure that you have fixed whatever got you in that situation.

    2. Go over your monthly bills in detail to see where you can trim costs. How much can you lower that $3,980? Even if you can knock it down by a couple hundred, that just speeds up the debt repayment.



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