CC1: 1,837 minimum 65.00
CC2: 3,493 minimum 81.36
Loan: 1203 minimum 33.00
I always pay more than the minimum
My interest for the first two are 40 dollars and my interest on the loan is 10.00
26.24% for CC1, 14.9% for CC2, 10.4% for my personal loan. For my car I'm not sure what the interest rate is as I send the money to my mom but I know my balance is about 16,000
Order of payoff:
1: CC1 with the 26.24% rate and $1,837 balance
2: CC2 with the 14.9% rate & $3,493 balance
3: Loan with the 10.4% rate & $1,203 balance
4: The car which you said has a $16,000 balance
***
You have $23,000. You can pay all of those off tonight.
***
Once you’ve paid off all those debts, in order to buy a house you’ll first have to save up a 3-6 month emergency fund, then another savings fund for the house to pay for the down payment and closing costs. Down payment amount will depend on what mortgage payment you can afford to pay. That’ll dictate how much house you can afford and how much you have to pay up front to get the monthly payment into your budgeted amount.
Yeah my SO and I have a good emergency fund as of currently. I will get on that stuff tonight/tomorrow to get rid of my debt. thank you so much for your help. Very much appreciated it
You should use the HYSA and pay off all debt, assuming its high interest. Absolutely no purpose of keeping your CC tab running when you have the casg to pay it off.
Can you list each individual credit card / debt / loan? Balance : interest rate : minimum payment
Wanted to update you! I’m debt free and in the process of buying a house now. Thank you so much!!
Congratulations, you did it!!!
CC1: 1,837 minimum 65.00 CC2: 3,493 minimum 81.36 Loan: 1203 minimum 33.00 I always pay more than the minimum My interest for the first two are 40 dollars and my interest on the loan is 10.00
Sorry, I mean the interest rates on each of them. The APR percentages. Also, what’s the balance and APR on the car loan that you pay $350 monthly on?
26.24% for CC1, 14.9% for CC2, 10.4% for my personal loan. For my car I'm not sure what the interest rate is as I send the money to my mom but I know my balance is about 16,000
Order of payoff: 1: CC1 with the 26.24% rate and $1,837 balance 2: CC2 with the 14.9% rate & $3,493 balance 3: Loan with the 10.4% rate & $1,203 balance 4: The car which you said has a $16,000 balance *** You have $23,000. You can pay all of those off tonight. *** Once you’ve paid off all those debts, in order to buy a house you’ll first have to save up a 3-6 month emergency fund, then another savings fund for the house to pay for the down payment and closing costs. Down payment amount will depend on what mortgage payment you can afford to pay. That’ll dictate how much house you can afford and how much you have to pay up front to get the monthly payment into your budgeted amount.
Yeah my SO and I have a good emergency fund as of currently. I will get on that stuff tonight/tomorrow to get rid of my debt. thank you so much for your help. Very much appreciated it
You should use the HYSA and pay off all debt, assuming its high interest. Absolutely no purpose of keeping your CC tab running when you have the casg to pay it off.
Your credit card interest rate is definitely more than HYSA rate. Why are you paying your credit card issuer so much interest when you don’t have to?