@Anonymous wrote:
@uh-arc wrote:
First, thanks to all who responded! It was very helpful and gave me different scenarios to think about. It looks like the main issue/dilemma to address is the CC debt and emergency fund. I have 4 different cards with an average interest of 13.5% (lowest being 12.90% and the highest 14.99%).
After much thought, I've decided to put $2k into kick starting an emergency fund (which equals to about 1 month of expenses/bills). Then allocate the rest to paying off the credit cards. That would leave me with $13k going towards paying off the CC's. With that, all but one card would be 0. I have a small personal plan in place to avoid spending up the credit cards again.
The next issue after the above would be the $8K personal loan. Since I would free up the $650/month going the CC's, I will shift $500 of that to the PL and $150 to building the emergency fund. I would be done with that by next year...leaving only the student loans to knock out (snowball effect = same strategy).
That sounds like a phenomenal plan!!! Way to go!!!!!!!!!!!
Yep... sounds like a plan. Good luck.
