I currently have about 195k in debt. Most of it is my mortgage and 2 car loans. I'm wanting to payoff the rest of my debt to make it easier to pay my car loans and mortgage. Here is everything I owe and my annual income is around 60k to 65k.
secu mortgage 97,034 apr 3.15%
secu auto loan 25,274 apr 3.95%
southeast Toyota finance 26,963 apr 16.54%
merrick bank 1741.51 apr 6.00 this account is on a temporary lower rate which expires in 3 more months then will go back to 28.9%
Avant personal loan 11,053 apr 0% until paid off
mariner finance personal loan 9,027 apr 17.99%
paypal credit 536 apr 28.74%
secu credit card 10,004 apr 12.25%
credit one bank 1,060 apr 28.74%
mohela student loan 7,934 apr 0%
care credit 763 apr 0% until 09/15/2023
Here's a suggestions and ideas. Start by calculating monthly bills plus minimum payment on all CCs. Include miscellaneous expenses (gas, groceries, personal necessities, etc.). From there, deterime how much disposable income you have left over then decide how much per month you'd like to contribute towards paying off your debt. Stop swiping credit cards until you can get a handle on things. If you can't pay for a purchase in cash at the time of transaction, it doesn't need to go on a credit card.
- Add $25 - $50+ to all minimum payments on credit cards
- Start with the lowest balance card and work your way up to the highest balance card
- Determine how much per month you'd like to contribute towards debt and allocate accordingly
It's really going to depend on who you talk to. Some people will advise to take advantage of the temp and 0 rates and focus on the other cards. Personally, I would focus on the temp rate decrease. Merrick first, then care credit. Once that rate goes back up to 29% you're looking at about $30 of every $45 payment going to interest. Freeing that monthly payment up would let you snowball or avalanche it into the next one. Depending on limit, Care credit could balance chase if that interest hits. I'm speaking from personal experience.
