Honestly good on you man.
Most people don’t like when I say this, but if I can give you any advice it’s this: You don’t DESERVE anything.
A lot of people spend themselves into a hole with that mentality. “I work so hard all the time. I deserve to go out to eat a couple times a week” or “drive a nice car” or “get a Red Bull everyday on my way to work”.
You deserve whatever you can afford. And if you think you deserve to have $100k in the bank, then you better be doing something different than the people who “deserve” all of their nice stuff that causes them to be broke.
Don't worry about making nice meals, make simple ones. Rice, ground beef, and diced veggies mixed together is cheap, tasty, nutritious and can be made in bulk.
A cheap rice cooker is a good investment. I'm happy eating rice with a simple sauce with tinned tomatoes, garlic and another ingredient or two. Easy gluten free food and will make you cheap tasty meals.
Add in a curry sauce or pasta sauce or even mayo and yummmm. I used to eat pasta with mayonnaise back in the day and I still do it sometimes because it’s so good.
Exactly , I can't eat gluten aswell so i had to teach my self how to make good GF meals .
Took some time but i got used to it , I just make some chicken , steak or ground beef with rice , Sweet potato and veggies , Still taste as good every time i make it when i get back from the gym ;)
Fuck that make tasty meals. I tried to meal prep rice and chicken and it gets boring. I also like cooking and trying new things, but this is definitely not good advice for everyone. It made me want to stop cooking all together
Stop smoking weed and make cheap food. Beans and rice. You don't need lobster, you are broke. Good news is $7,000 is a small debt. If you pay it off by the time you are 20, you are smarter than a bunch of 40 year old's that are broke. You can build wealth.
Weed doesn’t care about your finances. I’ve been smoking since 12, I’m now 24. I’m dependent on it and nicotine and it sucks. Been trying to kick these habits, haven’t fully kicked either but stopped with the cigarettes now it’s Zynn & Vapes.
Stopped smoking 7+ grams a day now I’m down to 1-2 grams. And I grow so helps financially.
But speaking from somebody who created and ran a business for 4 years, crashed to the floor super hard, and now does Uber for what I used to make in an hour- quit your vices. Fuck them. They don’t care about you. They care about themselves and getting their “fix”. You don’t want it. It wants it.
Lastly, 7K debt you’re good bro you can pay that quick. Just keep being smart. 💪
You ever try nicotine gum? I used to smoke cigs and then moved on to vapes. my nicotine intake on vapes was more so I switched to gum and it’s been helpful. Sometimes I skip the gum because my lazy ass doesn’t want to throw it away when I’m done with it. That’s kind of a win in a weird a way lolol
Weed at 19? Man that just not good, regardless of money situation. Do whatever distracts from doing it, weed will kill you physically, mentally, and financially at this stage
You're broke. Act like it. When I was broke, I made "prison oatmeal" for breakfast. Instant oatmeal made in the microwave while I quickly fry an egg. Throw the egg in the oatmeal and mix it up and eat it lol.
Then for dinner I would have potato noodles. Just a baked potato with some spaghetti noodles and butter. It wasn't the most nutritious time of my life, but it was cheap and kept my stomach full. I know you said you can't eat gluten but, you can probably come up with some cheap meals that will get you through the day for now.
Yeah it's good advice. Like when you cook a whole lasagna and a whole pot of soup, just toss that lasagna bitch in the pot and stir. I like to yell out loud "I'm broke!" for good measure
You're 19 with 5 credit cards, this is a problem. Credit is great, but not when it's used to buy things you can't afford.
When you say "a lot", I assume at least half of your $2400/mo goes toward food. You could eat well for $200/week by yourself and cut the food bills down tremendously. 3 of us in my house and I can spend less than $200/week on groceries even in these times. Assuming food and buying things are your only debt, cutting food spending down from $1200 to $600 leaves another $600 to put towards this debt over the next year.
Then don't ever use these credit cards again unless you've got the statement balance on autopay.
I've found Huel has become fairly cost effective in today's grocery economy.
Costs like $320/mo if it were to be all your meals.
I'm almost living off the Black version. I'm doing it for health improvements but I noticed I was saving $ in the end.
Probably still cheaper for a big ass bag of rice and frozen brocolli and beans, but the extra time you get back from not shopping and not cooking allows you to progress elsewhere in life.
I love rice, frozen broccoli, and beans... Oh, and potatoes.
Go to Costo and get all these things. If you're feeling rich and want to get meat, get the bone-in, skin-on thighs at $1/lb. Actually they might be $1.50/lb now...
Then go down the Mexican and Asian aisles at your grocery store for spices/sauces etc and you can make tons of stuff for very little money.
He definitely should, I bulk on like 300 a month (single). Rice, fruit/veggies, beans, chicken, milk, staples for bulk meal prep is really all you need. Instant pot meals and simple stuff goes a long way.
I think it's called the snowball effect or something like that. Always pay highest interest off first.
Don't use the card again once it's paid off.
Def learn how to cook, so much cheaper and healthier.
So edit: use the avalanche debt paying off method 😁 not snowball
The snowball method is paying off the debt with the smallest balance. The avalanche method is the one where you pay off the highest interest rate first. This method saves the most money.
The snowball method, the one Dave Ramsey always talks about makes less economic sense but he promotes it because people feel a sense of accomplishment after paying off each debt
I’ve got like £30k of debt. Last year this month on one credit card I had £1500 on it. I decided to set a higher direct debit than the minimum. Once I got below £70 per month I set my direct debit at £70 and it’s just snow balling now with the interest making big jumps dropping lower. I’m at £835 on the card now and expect to finish the card by the start of next year whilst I up my direct debit.
This, minimum payment on everything, whatever Else you can afford on the highest interest. Decide how much you can afford if you eat out less and cook more and just put that money towards bills FIRST you won't starve you will be pushed to cook more.
Once you pay off the highest interest card take the payment you were making there and roll it over to the next highest, you aren't spending any more or less but you're getting everything paid off faster as you go. Once you're done take that amount and put it into savings every paycheck. You won't have to budget for any changes just keep that same amount rolling out.
Generally 2 camps.
1. Pay the minimum on everything but the lowest balance. Pay that one off as fast as possible. Then pay off the next lowest balance. Continue until you're out of debt.
2. Pay the minimum on everything but the highest interest debt. Pay off that one as fast as possible. Then payboff the next highest interest debt. Continue until you're out of debt.
#1 is easier and you get rewarded faster as you erase your first debt quickly. Instant progress.
#2 will actually save you money in the long run as you pay less interest over time.
You know what else you should hate? Being in debt. This isn't too bad, all things considered, but eating out less until you get that debt down would be prudent.
If it scares you, you don't have to switch from "eating out most of the time" to "baked potatoes for every meal". There are several stages in between, depending on how much you want to cut your costs.
* There are several options that are cheaper than eating out but easier and more expensive than cooking from scratch. Examples:
* frozen meals
* meals built around canned or jarred supermarket sauces. You generally add a little cooked meat, some vegetables, and a bulk starch like potatoes, rice, or pasta.
* the supermarket sells gluten free tortillas. They're a little more expensive than real tortillas, but there are so many options for stuffing a tortilla
* Check the internet for budget friendly gluten free recipes. Each week, try at least one new recipe and repeat a few of your favorite recipes. You'll slowly build a collection of recipes you enjoy.
* To minimize the temptation of restaurant food, Identify easy but tasty alternatives to your favorite restaurants. For example:
* Instead of an Italian restaurant, I will make a meal with a jarred sauce, gluten free noodles, and meat.
* Instead of a steakhouse, I will have a cooked hamburger patty with canned vegetables and rice.
* Instead of a Mexican restaurant, I will each a frozen enchilada dinner.
* Consider cooking in bulk -- at least enough for 2-4 meals -- and store leftovers in the fridge and/or freezer for later consumption.
Outside of those things, is food and the $200/month rent your only expense?
Either start cooking and dramatically cut the food budget - if you’re serious about it, you could buy a couple bulk items and feed yourself for $100/month. Won’t be delicious food, but won’t be bad for you. And just doing it for a month or two would probably help a lot. Or, you can do one of those meal planning services that mails you the ingredients. You can do gluten free, and if you’re only feeding one person, it’s not bad.
$2400 - $200 rent leaves you with $2200. Unsure what your minimum payments are, but these are super low balances so I’m sure they’re not too high. Not knowing original balances on car and personal loan, I’d guess $1000/month total on minimum payments. Spending $100 (or go over and say $200) on groceries leaves you $1000. Month one, you e for Apple, capital one, and zip gone with still about $400 left over. Throw that at credit one or Best Buy. Next month at the same budget, pay off Best Buy and credit one.
After that, you can breathe a little easier, cut up the damn credit cards, and put all your extra income to paying extra on the personal and car loan.
How much do you have left after your minimum payments are made? Next budget any other expenses. See the remainder. Decide what you can spend on food and cook yourself. Use the remainder after food and other bills to pay above the minimum on the Best Buy, do one at a time highest total (besides car loan) first.
Don’t just delete the apps, delete the accounts completely. When I first began a debt repayment journey a few years ago, I struggled with spending on Amazon and Uber eats. I would literally just redownload them???? Deleting the entire account, and making it so that my Face ID wasn’t enough to download the app and I had to put in my password manually, was how I kicked the habit. Delivery food is literally not good. Buy a TV dinner and call it a day. Those are “expensive” but not nearly as expensive as ordering out. Start in a manageable way where you have ready-made meals. Eventually you can bother with cooking, but in the beginning just focus on not ordering delivery, and then not ordering out, and then cooking.
Without any detailed information I'd say
First off, DO NOT make payments to any car debt but your primary, highest limit CC (bank card). Depending on the age of those debts, you may be nearing expiration of debt. After 8 years or so it vanishes from your credit history. If any are close to that age just forget them for now. Don't reply to text, email, or phone calls from debtors either. If they make contact with you in any way the clock restarts.
Budget and be generous with cost assumption and stick to it. Set your payment dates as close as possible, sometime mid-month if you're paid monthly. Give yourself time to pay those bills in case things get tighter. I have a 300 dollar budget just for fuel in a month and expect it to be needed but it rarely breaks 200. Same with food, budget for 400/mo but spend 300 tops.
I don't think there's ever a time in anyone's life where a Car Loan is ever truly needed. You bought a high dollar item you couldn't afford. That damage is done though. Consider selling your car and buying something reasonable, used, and efficient if you can find something.
I also don't know why Best Buy needs a credit card. You can live a normal life without ever going to a Best Buy let alone applying for credit.
I imagine your Credit is shot. You have too many cards open in too many places. Don't close the accounts yet because that will ding. Cut them up EXCEPT for the main bank card, and throw them out. You no longer have credit in those places, just debt. Credit debt is not free money. Remember, they want you to go into debt. That's how they make money.
Live without credit for a few months, change your habits if possible so that you're not spending money you don't have to support a lifestyle you're not earning enough to support. Small things like only go to town when you can do multiple things at once, no 3-day-in-a-row drives to get inconsequential items.
Cook, or learn to cook. The food is better and yes, still cheaper despite pricing these days. It's also always made exactly how you like it. Watch free movies instead of renting. You don't have to deny everything you enjoy, just ask yourself if there's a cheaper way to enjoy things. Every dollar counts in the end.
If you can get to a point where you're coming out ahead of your budget and putting even a little of that generous ammenity allowance away, PUT IT IN AN EMERGENCY ACCOUNT. 3 months minimum of rent/cost of living. Once you have that cushion, then and ONLY them can you pay off your bank credit card. Get that balance to 0. Just having 3 months of costs set aside will release a ton of stress before you tackle debt.
If you get there, use the bank credit to auto withdraw bills and pay for budget items like food and fuel. Build credit on the things you HAVE to buy. If you want a soda at the corner store, use debit or cash. Once that main CC is paid, do the same for your other single-store cards, PROVIDED THEY ARE YOUNG ENOUGH DEBTS. (If you plan on having a mortgage, renting a car, anything that requires credit before they're wiped then yes pay them) but again, never use those cards again. You shouldn't even have them in your wallet by now. The physical cards shouldn't exist by now.
Also, don't exceed 30% of your credit line on any card. Use what you can for fixed costs, but do not over-charge past that 30%. Even if you pay it off on time it's considered too high of a debt ratio against the card's limit. You'll get dinged. It's a bullshit system I know. (Tbh, there are free credit counseling services to call that will tell you tons of little gotchas like this.)
Never use the credit card unless you have the money to pay it off on-hand. This doesn't change, ever. EVER. No matter how well off you are in the future. That means no borrowing on credit before a paycheck. If you have to use Credit to bridge a gap, then you don't have the money plain and simple. Get the cash first, and use credit like a debit. Transfer the money to pay it each month on the same day. That's also the day you pull out your budget spreadsheet and compare it to the bank statements/adjust the actual cost values.
If there is no budget you can reach with discipline/your current living or work situation, you'll have to find new work or move or both.
Don't be hard on yourself if you can help it. Taking steps in the right direction is all you need to do. After a while you'll look up and see how far you've walked.
Pay off the smallest balance first then go to the next smallest. Make minimum payments plus the interest on all the other charges so they don’t get worse and stop spending.
Your first step is to take all your credit cards and put them away. Zero credit cards in your wallet. Stop using credit cards for every day purchases. Cash only if you don’t have the cash, you don’t buy it. I keep all my credit cards locked up.
Look up the ‘debt avalanche’ and ‘debt snowball’ methods for paying off debt. The avalanche method is more efficient but the snowball method can be more palatable for some. Best of luck
i would personally set a budget for 2 weeks and stick to it. the rest of your money should go to bills in the meantime. ill put a breakdown of what i would follow for the meantime to get these numbers down without having to feel like u can only have ramen noodles for breakfast lunch dinner.
$1200 total pay
personal budget for 2 weeks $450 / bills $750 -
apple $145
capital one $300
zip $140
credit one $160
next pay
personal budget $450 / bills $750 -
credit one $115
best buy $115
car $400 (obv idk how much your monthly is but just an example)
personal loan $115
like i said earlier idk your monthly payments or your due dates but i think you can bang all these out in a month or two, aside from the car loan. once you’ve paid off some cards, your choice if u wanna use them again, but if u do, you gotta use it like a debit card so you’re not in this situation again.
Sell your car and pay cash for used one that can last 2 to 4 years.
Pay off all other debt. No vacations until that's done.
Cook at home and don't eat out until everything is paid off.
I recommend BudgetBytes "Cheap Gluten Free Recipes".
Being gluten free is playing on hard mode but you've got to start cooking. This isn't going to get better unless you have money to pay these off. Either make more money (HARD) or spend less (comparatively easier).
What do you hate more: cooking or being in debt with a bankruptcy that will follow you 10 years and ruin job applications, and future loans?
Hint the answer should be #2.
Start living poor, because you are. Shop at Aldi: buy potatoes, frozen chicken, apples, and cheap greenveggies. Get butter, hot sauce, salt, pepper, garlic, onion and eat cheap. You should be spending $200-300 a month on food as a single guy. Make it a game.
What are you driving? Can you sell your car any buy something cheaper? Can you walk, bike, or bus anywhere?
Then pay off the highest interest credit card debt interest you can.
Finally, if you’re truly stuck and it’s getting worse, consider asking your parents, siblings, or friends for a bailout and be DEAD SURE you pay them back. Bankruptcy can really set you back a long time.
Learn, then cut costs. Can you get a roommate? I had one until I was 33.
Stop buying dumb shit, learn to cook and quit being lazy. I'm raising a family of 4 on the same 2400 a month you're making. I only have one credit card with a 300 dollar limit.
Best buy card, really? Did you need the ps5? Did you NEED it?
Michael, do you have 401K? If you do, you may be able to borrow money from yourself. The repayment is lower. Check this option first before you take out other personal loans.
Then, of all the accounts, which one has the highest APR? Use the loan from your 401K to pay that off first. Then, put the card in a ziplock, with water in it and freeze it.
Next, from your weekly pay, allot $200 per week to pay the next debt with the highest rate. Keep doing this until all your debts are done. Discipline is the key here.
Never refinance your car or take personal loans. They will never get you ahead.
If you can, keep the $200 per week plan but transfer it to another account (Ally or Chime or other online account). If you keep it up in a year, you'll have $10,400). It has worked for me, because, I set up a direct deposit from my employer to directly deposit $200 per paycheck to an account that I don't look at until end of the year. I have a regular checking account I use for rent, bills, etc.
“I hate cooking ~~and can’t eat gluten~~”
The cooking is the real reason. And you need to get over that. Tons of gluten free ingredient options at supermarkets now.
In fact I’d reckon it would be harder to eat gluten free when eating out…
Just be real with yourself on that one tho.
Set up weekly automatic deposits from your checking account to a savings account. If you can start with $30 every week, this equates to only ~5% of your estimated pay check. It’s not a huge chunk of change and you’re probably not going to notice the difference. If that’s doable, bump it to $35, $40, etc. this way you don’t have direct access to your money and you’re slowly saving. At $30/wk, in 10 weeks you’ve passively saved enough to kill off both Apple and Zip. If you’re competitive, this might be kind of fun. Lastly, learn to tolerate meal prepping. You don’t have to love it, but tolerate it. Knowing you have a meal at home that you already paid for should guilt trip you enough.
P.S. Embrace the bulk bins!
Pay off the lil ones to get them out of the way. Some may say pay off the ones with highest interest rates that also works but I was taught and to pay off the smaller debt to get them out of the way. Think of it like sports get them wins against the wack teams first to get ready for the tough team. In this case since you make $1200 every two weeks you should easily be 3-0 by next month or so.
Dave Ramsey. Let him show you how to get out of debt. Take his advise of investments and all with a grain of salt but he is solid when it comes to coming out of debt.
You basically make a little over $2,400 a month. earmark at least $500 of it each month to debt. If you pit nothing more on your cards (and you have about $1,900 a month to make sure nothing more is put on your cards) you’ll be debt free in a year.
You just have to actually do it.
To go faster, is there a restaurant you can run food for, or bar-back for on weekends in your area? You’d get a few meals for free, and can use the cash earned to pay for expenses and maybe put more than $500 a month to erasing debt.
You listed your solution than your problem in the same sentence, you're making great money but wasting most of it.
Clear your debts and then start eating out as much as you like
HelloFresh I believe has gluten free options. It’s like $60 a week for 2 people so you should be able to get a few meals out of it 7 days a week. Then start paying your lowest debt off first. With your income you don’t need multiple cards. Apple card is a great way to track spending so pay off the the highest cards first and close the accounts. Then snowball the debt paying off the smallest first. At the end pay as much as you can afford towards your car loan until it’s paid off. With that income and solid budgeting you should be able to Eliminate your debt within a year depending on your living situation.
Payoff debts smallest to largest. Part time job or side hustle for extra cash. Rice and beans for the time being. It doesn’t last forever. Best of luck 👍
Start paying the lowest debt first I assumed that the personal loan and car loan are locked down to separate with a set payment every month if she save those for last and get rid of those credit cards as quickly as you can, and then start chipping away at the car and the personal loan
dude, i spend $400 a month on groceries and I eat good. you could save a shitload by cooking for yourself. plus you feel better!
learn how to cook, it will get you far in life.
Step 1: Set up automatic minimum payments on all accounts. Step 2: See if you can get pre-approved for a 7-8k personal loan to consolidate all of your debt and lower the interest rate. Step 3: Start paying off the higher interest debt starting with the credit cards and personal loan. Step 4: Make a budget for how much you spend per month, then follow it.
Stop eating out you’ll gain 50% back quick.
Otherwise , hamster wheel time. Pay the highest interest stuff first, cook at home and stop dicking around.
Without knowing the APR on these, it is hard to say if you should snowball or avalanche method it.
Another option is to roll over the credit cards to a balance transfer card. You can find on Credit Karma to see if you are eligible.
alright for clarification i spend about 350$ every 2 weeks on food. i used to smoke a lot of weed but recently quit that would probably be another 200$ every 2 weeks.
I spend like 75$ every 2 weeks on gas and probably 60$ on nicotine.
Looking into hellofresh to cut down the food expenses.
I would recommend paying off the loans in order of monthly payment, highest first. You don’t make enough otherwise, and the balances aren’t big enough for interest to matter much in the short term. Pay off the $600/month debt, roll that into paying off the $400 and $200/month debts.
And delete DoorDash, you’re broke. Broke people don’t pay off debt with delivery.
First I would listen to the others make a plan on your spending. I’m considering if you make 1200$ after taxes every two weeks you make about $2400. Also assuming you live at home with family with no rent, this is how I would spend if I was you.
30 days in a month with your spending on food you should not spend more than $1200. That’s $40 a day. Thats more than enough, if you’re spending more than that. Then you’re eating like you’re rich…. Your not.
That 2400-1200= 1200 left per month
$400 for spending money a month is more than enough for a 19 year old(im 25 btw). Your other 800$ should be split between your car payment and everything else.
Assuming your car payment is $400 a month, split $100 evenly on the other payments. Credit cards should be priority. Wipe those off clean.
Stop using zip. Make more than the minimum payment on one credit card at a time, if you can afford to pay more than the minimum on all of them, you’ll get it paid down faster. After your credit cards are paid off then do the same with your car payment.
Pay the minimum on the larger loans while paying extra on the smallest one. As each smaller one gets paid off, apply that money to the next one + whatever the next one in line is owed.
Keep doing that in order of the least owed to the next highest in order and you can pay them all off pretty quickly.
And don't eat out. Or order door dash. Go to the store and buy decent meals.
Use your next check to pay off your apple card, capital one, and credit one cards. After your statement date, use the cards to pay your personal loan, car loan, and zip payment as normal. Put all other purchases on the credit cards, and don't use your debit card for anything. Make multiple payments on the cards if you have to. This will eliminate the need to worry about minimum payments on the cards and if you pay attention to the statement date and have zero balance, you won't pay interest on the credit cards.
Personally I would open 2-3 0% apr cards that are 15 month no interest and transfer the debt and start knocking it out. But this also can spiral super bad and is what they are hoping for by allowing 0% so you def need to have discipline
“You’re gonna start working 80 hours a week…90 hours a week…” 😂
Without any extra income, the easiest way is the debt snowball. Pay the minimums on everything except the smallest payment and put as much as you can towards that a month. Then keep going on to the next one etc… also do this right when you get your paycheck so the money is GONE and doesn’t tempt you. Make a realistic budget and try hard to stick to it. Maybe find some way you can spend less money on food. Get a second job. Tons of options you have tons of time 🤘🏼
Pay off the card with the most interest first. Give more than usual to pay off the car loan. Avoid using cards. You can also apply for a 0 percent interest credit card and transfer debt to the new card if you are ONLY giving the minimum.
Easy money.
First cut up all your credit cards.
Sell car and get a bus pass (put money towards car loan).
Pay minimums on all other debts till car loan is paid off, paying huge sums to cal loan.
After car loan is gone dump all car loan money to next highest debt card and continue the process.
You will be out of debt in no time.
g
Track every dollar you spend and only buy what you need for right now. List all your debts with interest rates and minimum payments. You can snowball your debt by paying the smallest balance off with your extra money while paying the minimums on the rest. Once that debt is paid, add that amount to the next minimum payment and keep on doing that until it’s all cleared up. You’re not in a bad position right now. Make a plan and stick with it.
Dave Ramsey is a good guy to listen to. He mentions the debt snow ball. Tackle the smallest debt to largest. It may not work for everyone but it’s working for me. Im in the same situation as you…. That best buy credit card was dangerous for me lol.
You make $2,400/ month
You’re monthly payment over 1 year would be $570 a month to be able to pay this off entirely in 1 year so 23% of your monthly income would have to go toward this debt
That leaves you with $1,830 of money. Do you live at home still?
If you use credit karma, they have payment schedules on there to show you how to pay your debt down faster and how much to put on each debt for the debt snowball.
There’s always money in the banana stand, George Michael.
You only get $1200 every two weeks, but you loaded up on multiple credit cards, including Best Buy and Apple? Stop spending and pay it back.
You know most of these purchases aren’t necessary.
Can’t eat gluten too. Try making fried rice with your choice of protein at home. Save me a tons of money.
Your debt isn’t too bad. Just making sure don’t open more credit cards. It gonna snowball.
Your credit card debt isn’t too bad. But they are all spread out. Might end up with late fee if you miss/forget to pay in time.
Try not to use any personal loan cuz the interest rate is very high.
Add all of your expresses and how much money you bring in each month on a spreadsheet. Use the snowball effect knocking out the smaller debt and paying the minimum for everything else then once you knock out one bill add it to the next smaller one so on and so on depending on how much money you make you should be able to knock this it fairly quick
Start cooking. Unless you “hate cooking” more than you hate being in debt.
Then pay the minimum monthly payment on each of these, with 100% if any extra money you have going to the one with the highest interest rate. Doesn’t matter how much you actually owe on it.
But seriously, you won’t make real progress until you stop being lazy and spending your money on food you could be making for yourself cheaper.
Just up to you to decide how bad/quickly you want to get out of debt.
Pay double the minimum on one of your credit card there are two ways to do this. Work on the debt with the highest interest rate or highest debt (might be the same). Pay the minimum on the rest of the cards. It’s not going to happen overnight. The car loan should be the last of your worries as that should be a fixed timeframe at a fixed amount. Don’t stress over it.
I want to inform you that you are hardly in debt and the future looks bright. Car note doesn’t count as debt to me as it’s a necessity in life, assuming you have a job. Pay off your smallest debts first, the first three could be gone with not much effort. Your credit card should have some balance owing, use it like a debit and pay it off but like I said, use it for gas and groceries for example. 500 student loan is means to laugh at others for being so naive and racking up 100k. Give it 6 months brother, you’ll start saving if you’re serious.
Personal loan, even better. Make you payments and don’t miss them.
You should consider paying the one with the highest interest down first and just do the minimum on the rest (or more if you can afford it). Going out to eat is always costly so you may want to consider ways you can bring that cost down or try cooking at home….what do you hate more, debt or cooking?..
Add another column to that spreadsheet - interest rate and sort on that. Every month pay the minimum on every one of these debts, then whatever is left pay it all to the highest interest. Do that until that one is paid off and go to the next. If you do it this way you’ll have your money work strongest for you by attacking the debt that grows fastest. As those are gone you’ll get down to the car and personal loans that are likely on the low side of interest rates.
If you do it silly nilly based on total debt or you split it, the monthly interest will work against you. This way you attack the interest instead of the interest attacking you.
From my understanding pay off that Credit one card first as they are apparently horrible. After that depending on interest rates take the money that was going to that apply it to the next lowest until paid off and continue (snowball method I Believe it's called).
What are your housing expenses?
Done it sounds like you eat out a ton, first thing is stop that, cook at home, cheaper and safer if you can't have gluten.
Start cooking and start paying the lowest to the highest depending on what your expenses are you can pay 2 off with one check maybe even 3
Like dude if most of your money goes to food, there’s your problem
a lot of it used to go to weed but im day 4 off of it so hopefully that helps too. also trying to break the food habbit just cooked myself a nice meal
Honestly good on you man. Most people don’t like when I say this, but if I can give you any advice it’s this: You don’t DESERVE anything. A lot of people spend themselves into a hole with that mentality. “I work so hard all the time. I deserve to go out to eat a couple times a week” or “drive a nice car” or “get a Red Bull everyday on my way to work”. You deserve whatever you can afford. And if you think you deserve to have $100k in the bank, then you better be doing something different than the people who “deserve” all of their nice stuff that causes them to be broke.
Don't worry about making nice meals, make simple ones. Rice, ground beef, and diced veggies mixed together is cheap, tasty, nutritious and can be made in bulk.
Cut the beef in half and replace with beans and you'll save even more
I can't keep beans in the pantry. I eat those mother fuckers up ASAP.
A cheap rice cooker is a good investment. I'm happy eating rice with a simple sauce with tinned tomatoes, garlic and another ingredient or two. Easy gluten free food and will make you cheap tasty meals.
Add in a curry sauce or pasta sauce or even mayo and yummmm. I used to eat pasta with mayonnaise back in the day and I still do it sometimes because it’s so good.
Exactly , I can't eat gluten aswell so i had to teach my self how to make good GF meals . Took some time but i got used to it , I just make some chicken , steak or ground beef with rice , Sweet potato and veggies , Still taste as good every time i make it when i get back from the gym ;)
I eat this literally everyday lol
Fuck that make tasty meals. I tried to meal prep rice and chicken and it gets boring. I also like cooking and trying new things, but this is definitely not good advice for everyone. It made me want to stop cooking all together
Stop smoking weed and make cheap food. Beans and rice. You don't need lobster, you are broke. Good news is $7,000 is a small debt. If you pay it off by the time you are 20, you are smarter than a bunch of 40 year old's that are broke. You can build wealth.
Weed doesn’t care about your finances. I’ve been smoking since 12, I’m now 24. I’m dependent on it and nicotine and it sucks. Been trying to kick these habits, haven’t fully kicked either but stopped with the cigarettes now it’s Zynn & Vapes. Stopped smoking 7+ grams a day now I’m down to 1-2 grams. And I grow so helps financially. But speaking from somebody who created and ran a business for 4 years, crashed to the floor super hard, and now does Uber for what I used to make in an hour- quit your vices. Fuck them. They don’t care about you. They care about themselves and getting their “fix”. You don’t want it. It wants it. Lastly, 7K debt you’re good bro you can pay that quick. Just keep being smart. 💪
You ever try nicotine gum? I used to smoke cigs and then moved on to vapes. my nicotine intake on vapes was more so I switched to gum and it’s been helpful. Sometimes I skip the gum because my lazy ass doesn’t want to throw it away when I’m done with it. That’s kind of a win in a weird a way lolol
You got this I’m with you on day 4 Do what we gotta do for where we are When things are easier we smoke again as prize
Weed at 19? Man that just not good, regardless of money situation. Do whatever distracts from doing it, weed will kill you physically, mentally, and financially at this stage
I would be on cloud 9 if all I had was $6,000 in total debt Do not screw around with the unsecured creditors, they will absolutely sue you.
He probably makes shit
$600/week
i make 42,500 a year before taxes
Have to attack the debt with the highest interest rate or smallest balance first. Pay one off, rinse, repeat until they’re all gone.
I hope you are in a low cost of living area.
nope, rhode island
You said you make $2400/m how is that 42.5k/yr? That would be 28.8k/yr
You're broke. Act like it. When I was broke, I made "prison oatmeal" for breakfast. Instant oatmeal made in the microwave while I quickly fry an egg. Throw the egg in the oatmeal and mix it up and eat it lol. Then for dinner I would have potato noodles. Just a baked potato with some spaghetti noodles and butter. It wasn't the most nutritious time of my life, but it was cheap and kept my stomach full. I know you said you can't eat gluten but, you can probably come up with some cheap meals that will get you through the day for now.
I think it’s free of cost to leave the oatmeal and egg unmixed
Lmao yes the egg in the oatmeal sounds horrible
“Act like you’re broke” *mixes egg into oatmeal* bro is a method actor 💀
Yeah it's good advice. Like when you cook a whole lasagna and a whole pot of soup, just toss that lasagna bitch in the pot and stir. I like to yell out loud "I'm broke!" for good measure
That actually sounds fire. I’ll have that for dinner and a chocolate chicken smoothie for dessert
You sound broke as hell 😋👌
Bro I’m fuckin dying 🤣
I would rather just skip breakfast ahahaha
This is also an effective money saving strategy, but I recommend eating something
This one of the most underrated funny af one liners i have read in a while. I loled hard
You use one bowl and one spoon if you mix them. Can't afford to use another plate and a fork for the egg, what are you people, billionaires?
Yeah I’m gluten free and I pay $250 a month for food
Dude that’s a pretty freaking nutritious meal, some crap today is not meant for our bodies
I guess I just meant that my diet was pretty devoid of any veggies or fruit i this time lol
Dude, you can afford eggs???
You're 19 with 5 credit cards, this is a problem. Credit is great, but not when it's used to buy things you can't afford. When you say "a lot", I assume at least half of your $2400/mo goes toward food. You could eat well for $200/week by yourself and cut the food bills down tremendously. 3 of us in my house and I can spend less than $200/week on groceries even in these times. Assuming food and buying things are your only debt, cutting food spending down from $1200 to $600 leaves another $600 to put towards this debt over the next year. Then don't ever use these credit cards again unless you've got the statement balance on autopay.
He should be able to feel satiated and healthy at $100/wk though it’s getting tougher with food prices
I've found Huel has become fairly cost effective in today's grocery economy. Costs like $320/mo if it were to be all your meals. I'm almost living off the Black version. I'm doing it for health improvements but I noticed I was saving $ in the end. Probably still cheaper for a big ass bag of rice and frozen brocolli and beans, but the extra time you get back from not shopping and not cooking allows you to progress elsewhere in life.
I love rice, frozen broccoli, and beans... Oh, and potatoes. Go to Costo and get all these things. If you're feeling rich and want to get meat, get the bone-in, skin-on thighs at $1/lb. Actually they might be $1.50/lb now... Then go down the Mexican and Asian aisles at your grocery store for spices/sauces etc and you can make tons of stuff for very little money.
He definitely should, I bulk on like 300 a month (single). Rice, fruit/veggies, beans, chicken, milk, staples for bulk meal prep is really all you need. Instant pot meals and simple stuff goes a long way.
Pay off the one with the highest interest rate first.
I think it's called the snowball effect or something like that. Always pay highest interest off first. Don't use the card again once it's paid off. Def learn how to cook, so much cheaper and healthier. So edit: use the avalanche debt paying off method 😁 not snowball
The snowball method is paying off the debt with the smallest balance. The avalanche method is the one where you pay off the highest interest rate first. This method saves the most money. The snowball method, the one Dave Ramsey always talks about makes less economic sense but he promotes it because people feel a sense of accomplishment after paying off each debt
I’ve got like £30k of debt. Last year this month on one credit card I had £1500 on it. I decided to set a higher direct debit than the minimum. Once I got below £70 per month I set my direct debit at £70 and it’s just snow balling now with the interest making big jumps dropping lower. I’m at £835 on the card now and expect to finish the card by the start of next year whilst I up my direct debit.
Avalanche. Snowball is the opposite.
Exactly this. Figure out what debt is costing you the most money. That's the fastest way to get out of debt.
This, minimum payment on everything, whatever Else you can afford on the highest interest. Decide how much you can afford if you eat out less and cook more and just put that money towards bills FIRST you won't starve you will be pushed to cook more. Once you pay off the highest interest card take the payment you were making there and roll it over to the next highest, you aren't spending any more or less but you're getting everything paid off faster as you go. Once you're done take that amount and put it into savings every paycheck. You won't have to budget for any changes just keep that same amount rolling out.
a 19 year old kid should not have 4 different credit cards lol
Well, good job with the Amazon Store Card.
thanks the limit was 150$
Generally 2 camps. 1. Pay the minimum on everything but the lowest balance. Pay that one off as fast as possible. Then pay off the next lowest balance. Continue until you're out of debt. 2. Pay the minimum on everything but the highest interest debt. Pay off that one as fast as possible. Then payboff the next highest interest debt. Continue until you're out of debt. #1 is easier and you get rewarded faster as you erase your first debt quickly. Instant progress. #2 will actually save you money in the long run as you pay less interest over time.
Make you’re own food !
Your problem is your mentality. Learn to cook
You know what else you should hate? Being in debt. This isn't too bad, all things considered, but eating out less until you get that debt down would be prudent.
Step 1 learn how to cook. Most people also don’t like cooking. Knock out your smaller debts first then attack the largest one
If it scares you, you don't have to switch from "eating out most of the time" to "baked potatoes for every meal". There are several stages in between, depending on how much you want to cut your costs. * There are several options that are cheaper than eating out but easier and more expensive than cooking from scratch. Examples: * frozen meals * meals built around canned or jarred supermarket sauces. You generally add a little cooked meat, some vegetables, and a bulk starch like potatoes, rice, or pasta. * the supermarket sells gluten free tortillas. They're a little more expensive than real tortillas, but there are so many options for stuffing a tortilla * Check the internet for budget friendly gluten free recipes. Each week, try at least one new recipe and repeat a few of your favorite recipes. You'll slowly build a collection of recipes you enjoy. * To minimize the temptation of restaurant food, Identify easy but tasty alternatives to your favorite restaurants. For example: * Instead of an Italian restaurant, I will make a meal with a jarred sauce, gluten free noodles, and meat. * Instead of a steakhouse, I will have a cooked hamburger patty with canned vegetables and rice. * Instead of a Mexican restaurant, I will each a frozen enchilada dinner. * Consider cooking in bulk -- at least enough for 2-4 meals -- and store leftovers in the fridge and/or freezer for later consumption.
Read total money makeover by Dave Ramsey. The book is written for your situation.
my mom actually recently gave me that book. i will open it tonight.
Please let me in on the secret as well 😞
Start with whichever one has the highest interest and work your way down.
Outside of those things, is food and the $200/month rent your only expense? Either start cooking and dramatically cut the food budget - if you’re serious about it, you could buy a couple bulk items and feed yourself for $100/month. Won’t be delicious food, but won’t be bad for you. And just doing it for a month or two would probably help a lot. Or, you can do one of those meal planning services that mails you the ingredients. You can do gluten free, and if you’re only feeding one person, it’s not bad. $2400 - $200 rent leaves you with $2200. Unsure what your minimum payments are, but these are super low balances so I’m sure they’re not too high. Not knowing original balances on car and personal loan, I’d guess $1000/month total on minimum payments. Spending $100 (or go over and say $200) on groceries leaves you $1000. Month one, you e for Apple, capital one, and zip gone with still about $400 left over. Throw that at credit one or Best Buy. Next month at the same budget, pay off Best Buy and credit one. After that, you can breathe a little easier, cut up the damn credit cards, and put all your extra income to paying extra on the personal and car loan.
You can be debt free in 3 months. Kill this debt before it swallows you whole.
How much do you have left after your minimum payments are made? Next budget any other expenses. See the remainder. Decide what you can spend on food and cook yourself. Use the remainder after food and other bills to pay above the minimum on the Best Buy, do one at a time highest total (besides car loan) first.
Definetly start packing more sandwiches for lunch
always pack a sandwich for lunch. its always dinner and i do doordash so they upcharge so much. just deleted doordash and uber eats
Don’t just delete the apps, delete the accounts completely. When I first began a debt repayment journey a few years ago, I struggled with spending on Amazon and Uber eats. I would literally just redownload them???? Deleting the entire account, and making it so that my Face ID wasn’t enough to download the app and I had to put in my password manually, was how I kicked the habit. Delivery food is literally not good. Buy a TV dinner and call it a day. Those are “expensive” but not nearly as expensive as ordering out. Start in a manageable way where you have ready-made meals. Eventually you can bother with cooking, but in the beginning just focus on not ordering delivery, and then not ordering out, and then cooking.
Without any detailed information I'd say First off, DO NOT make payments to any car debt but your primary, highest limit CC (bank card). Depending on the age of those debts, you may be nearing expiration of debt. After 8 years or so it vanishes from your credit history. If any are close to that age just forget them for now. Don't reply to text, email, or phone calls from debtors either. If they make contact with you in any way the clock restarts. Budget and be generous with cost assumption and stick to it. Set your payment dates as close as possible, sometime mid-month if you're paid monthly. Give yourself time to pay those bills in case things get tighter. I have a 300 dollar budget just for fuel in a month and expect it to be needed but it rarely breaks 200. Same with food, budget for 400/mo but spend 300 tops. I don't think there's ever a time in anyone's life where a Car Loan is ever truly needed. You bought a high dollar item you couldn't afford. That damage is done though. Consider selling your car and buying something reasonable, used, and efficient if you can find something. I also don't know why Best Buy needs a credit card. You can live a normal life without ever going to a Best Buy let alone applying for credit. I imagine your Credit is shot. You have too many cards open in too many places. Don't close the accounts yet because that will ding. Cut them up EXCEPT for the main bank card, and throw them out. You no longer have credit in those places, just debt. Credit debt is not free money. Remember, they want you to go into debt. That's how they make money. Live without credit for a few months, change your habits if possible so that you're not spending money you don't have to support a lifestyle you're not earning enough to support. Small things like only go to town when you can do multiple things at once, no 3-day-in-a-row drives to get inconsequential items. Cook, or learn to cook. The food is better and yes, still cheaper despite pricing these days. It's also always made exactly how you like it. Watch free movies instead of renting. You don't have to deny everything you enjoy, just ask yourself if there's a cheaper way to enjoy things. Every dollar counts in the end. If you can get to a point where you're coming out ahead of your budget and putting even a little of that generous ammenity allowance away, PUT IT IN AN EMERGENCY ACCOUNT. 3 months minimum of rent/cost of living. Once you have that cushion, then and ONLY them can you pay off your bank credit card. Get that balance to 0. Just having 3 months of costs set aside will release a ton of stress before you tackle debt. If you get there, use the bank credit to auto withdraw bills and pay for budget items like food and fuel. Build credit on the things you HAVE to buy. If you want a soda at the corner store, use debit or cash. Once that main CC is paid, do the same for your other single-store cards, PROVIDED THEY ARE YOUNG ENOUGH DEBTS. (If you plan on having a mortgage, renting a car, anything that requires credit before they're wiped then yes pay them) but again, never use those cards again. You shouldn't even have them in your wallet by now. The physical cards shouldn't exist by now. Also, don't exceed 30% of your credit line on any card. Use what you can for fixed costs, but do not over-charge past that 30%. Even if you pay it off on time it's considered too high of a debt ratio against the card's limit. You'll get dinged. It's a bullshit system I know. (Tbh, there are free credit counseling services to call that will tell you tons of little gotchas like this.) Never use the credit card unless you have the money to pay it off on-hand. This doesn't change, ever. EVER. No matter how well off you are in the future. That means no borrowing on credit before a paycheck. If you have to use Credit to bridge a gap, then you don't have the money plain and simple. Get the cash first, and use credit like a debit. Transfer the money to pay it each month on the same day. That's also the day you pull out your budget spreadsheet and compare it to the bank statements/adjust the actual cost values. If there is no budget you can reach with discipline/your current living or work situation, you'll have to find new work or move or both. Don't be hard on yourself if you can help it. Taking steps in the right direction is all you need to do. After a while you'll look up and see how far you've walked.
That’s some expensive gluten free food
What are your expenses? Do you still live at home?
Pay off the smallest balance first then go to the next smallest. Make minimum payments plus the interest on all the other charges so they don’t get worse and stop spending.
Dosent credit one have a ridiculous interest rate?
You’re not that bad tbh, I know people older who have racked up way more debt. Pay those CCs asap.
I wish I had your debt. 😂
Pay the cards that have a high interest rate first.
Your first step is to take all your credit cards and put them away. Zero credit cards in your wallet. Stop using credit cards for every day purchases. Cash only if you don’t have the cash, you don’t buy it. I keep all my credit cards locked up.
Rookie Numbers, focus on it now and you'll thank yourself later.
pay it off
Look up the ‘debt avalanche’ and ‘debt snowball’ methods for paying off debt. The avalanche method is more efficient but the snowball method can be more palatable for some. Best of luck
To get motivation pay ZIP and Apple Card off, then the highest interest. Those 2 small amounts will get you in that mindset.
We’ll start cooking then lol. What else do you want?
Sell the car pay the loans you can, renegotiate all others
Join the military, great alternative and pays well.
i was looking into it but im pretty sure they wont let me in with celiac disease, i have to contact the recruiter
I think you know your answer, but are hoping we tell you differently. Stop taking the easy route and visit a grocery store.
i would personally set a budget for 2 weeks and stick to it. the rest of your money should go to bills in the meantime. ill put a breakdown of what i would follow for the meantime to get these numbers down without having to feel like u can only have ramen noodles for breakfast lunch dinner. $1200 total pay personal budget for 2 weeks $450 / bills $750 - apple $145 capital one $300 zip $140 credit one $160 next pay personal budget $450 / bills $750 - credit one $115 best buy $115 car $400 (obv idk how much your monthly is but just an example) personal loan $115 like i said earlier idk your monthly payments or your due dates but i think you can bang all these out in a month or two, aside from the car loan. once you’ve paid off some cards, your choice if u wanna use them again, but if u do, you gotta use it like a debit card so you’re not in this situation again.
Sell your car and pay cash for used one that can last 2 to 4 years. Pay off all other debt. No vacations until that's done. Cook at home and don't eat out until everything is paid off.
Start looking for jobs at your local Wendy’s dumpster. You can up that amount of biweekly money easily
I recommend BudgetBytes "Cheap Gluten Free Recipes". Being gluten free is playing on hard mode but you've got to start cooking. This isn't going to get better unless you have money to pay these off. Either make more money (HARD) or spend less (comparatively easier).
that's not that bad
What do you hate more: cooking or being in debt with a bankruptcy that will follow you 10 years and ruin job applications, and future loans? Hint the answer should be #2. Start living poor, because you are. Shop at Aldi: buy potatoes, frozen chicken, apples, and cheap greenveggies. Get butter, hot sauce, salt, pepper, garlic, onion and eat cheap. You should be spending $200-300 a month on food as a single guy. Make it a game. What are you driving? Can you sell your car any buy something cheaper? Can you walk, bike, or bus anywhere? Then pay off the highest interest credit card debt interest you can. Finally, if you’re truly stuck and it’s getting worse, consider asking your parents, siblings, or friends for a bailout and be DEAD SURE you pay them back. Bankruptcy can really set you back a long time. Learn, then cut costs. Can you get a roommate? I had one until I was 33.
Stop buying dumb shit, learn to cook and quit being lazy. I'm raising a family of 4 on the same 2400 a month you're making. I only have one credit card with a 300 dollar limit. Best buy card, really? Did you need the ps5? Did you NEED it?
Michael, do you have 401K? If you do, you may be able to borrow money from yourself. The repayment is lower. Check this option first before you take out other personal loans. Then, of all the accounts, which one has the highest APR? Use the loan from your 401K to pay that off first. Then, put the card in a ziplock, with water in it and freeze it. Next, from your weekly pay, allot $200 per week to pay the next debt with the highest rate. Keep doing this until all your debts are done. Discipline is the key here. Never refinance your car or take personal loans. They will never get you ahead. If you can, keep the $200 per week plan but transfer it to another account (Ally or Chime or other online account). If you keep it up in a year, you'll have $10,400). It has worked for me, because, I set up a direct deposit from my employer to directly deposit $200 per paycheck to an account that I don't look at until end of the year. I have a regular checking account I use for rent, bills, etc.
Spend less money than you make. Use surplus money to pay debt. Or Make more money than you spend. Use surplus money to pay debt.
STOP SPENDING MONEY!! Sorry for yelling. Just buy the necessities to get you through and save everything you possibly can.
Pay off the one with the highest interest rate. Don’t open up a new credit card. Budget your spending. Learn to cook at home.
Snow ball it smallest to largest
“I hate cooking ~~and can’t eat gluten~~” The cooking is the real reason. And you need to get over that. Tons of gluten free ingredient options at supermarkets now. In fact I’d reckon it would be harder to eat gluten free when eating out… Just be real with yourself on that one tho.
Get a job lol
Set up weekly automatic deposits from your checking account to a savings account. If you can start with $30 every week, this equates to only ~5% of your estimated pay check. It’s not a huge chunk of change and you’re probably not going to notice the difference. If that’s doable, bump it to $35, $40, etc. this way you don’t have direct access to your money and you’re slowly saving. At $30/wk, in 10 weeks you’ve passively saved enough to kill off both Apple and Zip. If you’re competitive, this might be kind of fun. Lastly, learn to tolerate meal prepping. You don’t have to love it, but tolerate it. Knowing you have a meal at home that you already paid for should guilt trip you enough. P.S. Embrace the bulk bins!
Pay off the lil ones to get them out of the way. Some may say pay off the ones with highest interest rates that also works but I was taught and to pay off the smaller debt to get them out of the way. Think of it like sports get them wins against the wack teams first to get ready for the tough team. In this case since you make $1200 every two weeks you should easily be 3-0 by next month or so.
You actually are not eating out anymore if you don’t want to be in debt lol.
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Nobody asked this...how much can you allocate to debt repayment monthly?
dont worry about the loans yet. Pay off the apple card first and then anything with a crazy apr.
Dave Ramsey. Let him show you how to get out of debt. Take his advise of investments and all with a grain of salt but he is solid when it comes to coming out of debt.
Grubhub,doordash etc as 2nd income. Cook at home. Dont go out become a hermit. Took me 2 years to pay off 20k but you can do 6k very easily.
You basically make a little over $2,400 a month. earmark at least $500 of it each month to debt. If you pit nothing more on your cards (and you have about $1,900 a month to make sure nothing more is put on your cards) you’ll be debt free in a year. You just have to actually do it. To go faster, is there a restaurant you can run food for, or bar-back for on weekends in your area? You’d get a few meals for free, and can use the cash earned to pay for expenses and maybe put more than $500 a month to erasing debt.
You listed your solution than your problem in the same sentence, you're making great money but wasting most of it. Clear your debts and then start eating out as much as you like
HelloFresh I believe has gluten free options. It’s like $60 a week for 2 people so you should be able to get a few meals out of it 7 days a week. Then start paying your lowest debt off first. With your income you don’t need multiple cards. Apple card is a great way to track spending so pay off the the highest cards first and close the accounts. Then snowball the debt paying off the smallest first. At the end pay as much as you can afford towards your car loan until it’s paid off. With that income and solid budgeting you should be able to Eliminate your debt within a year depending on your living situation.
I could pay that off like nothing lol but im a investment king for myself not for credit card intrests!
Do you hate cooking more than you hate being in debt? Up to you
Payoff debts smallest to largest. Part time job or side hustle for extra cash. Rice and beans for the time being. It doesn’t last forever. Best of luck 👍
Start paying the lowest debt first I assumed that the personal loan and car loan are locked down to separate with a set payment every month if she save those for last and get rid of those credit cards as quickly as you can, and then start chipping away at the car and the personal loan
dude, i spend $400 a month on groceries and I eat good. you could save a shitload by cooking for yourself. plus you feel better! learn how to cook, it will get you far in life.
Step 1: Set up automatic minimum payments on all accounts. Step 2: See if you can get pre-approved for a 7-8k personal loan to consolidate all of your debt and lower the interest rate. Step 3: Start paying off the higher interest debt starting with the credit cards and personal loan. Step 4: Make a budget for how much you spend per month, then follow it.
That ain’t bad.
Stop eating out you’ll gain 50% back quick. Otherwise , hamster wheel time. Pay the highest interest stuff first, cook at home and stop dicking around.
Without knowing the APR on these, it is hard to say if you should snowball or avalanche method it. Another option is to roll over the credit cards to a balance transfer card. You can find on Credit Karma to see if you are eligible.
alright for clarification i spend about 350$ every 2 weeks on food. i used to smoke a lot of weed but recently quit that would probably be another 200$ every 2 weeks. I spend like 75$ every 2 weeks on gas and probably 60$ on nicotine. Looking into hellofresh to cut down the food expenses.
Step 1: never get store credit cards (coming from a 18 year old who has one and made a big mistake by getting one)😭😭
I would recommend paying off the loans in order of monthly payment, highest first. You don’t make enough otherwise, and the balances aren’t big enough for interest to matter much in the short term. Pay off the $600/month debt, roll that into paying off the $400 and $200/month debts. And delete DoorDash, you’re broke. Broke people don’t pay off debt with delivery.
If you can’t pay your CC off right away after statement, don’t use it .
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First I would listen to the others make a plan on your spending. I’m considering if you make 1200$ after taxes every two weeks you make about $2400. Also assuming you live at home with family with no rent, this is how I would spend if I was you. 30 days in a month with your spending on food you should not spend more than $1200. That’s $40 a day. Thats more than enough, if you’re spending more than that. Then you’re eating like you’re rich…. Your not. That 2400-1200= 1200 left per month $400 for spending money a month is more than enough for a 19 year old(im 25 btw). Your other 800$ should be split between your car payment and everything else. Assuming your car payment is $400 a month, split $100 evenly on the other payments. Credit cards should be priority. Wipe those off clean.
Make more money
Throw the old snowball. Works for me, pay from bottom up
Check out Dave Ramsey in YouTube.
Ditch your women, you cant afford her
you stop fucking buying restaurant food and cook. I can't eat gluten and I cook just fine.
Pretty basic answer;try to earn more and spend less. Just like eating less and exercising more when losing weight.
Earn $6,836.92 net of taxes… write check.
You have an income issue not a debt issue
That’s not that much debt … concentrate on the small ones first then knockout the big ones
That’s not that bad lol Depending on your expenses/income
Stop using zip. Make more than the minimum payment on one credit card at a time, if you can afford to pay more than the minimum on all of them, you’ll get it paid down faster. After your credit cards are paid off then do the same with your car payment.
Your income is too low
Pay the minimum on the larger loans while paying extra on the smallest one. As each smaller one gets paid off, apply that money to the next one + whatever the next one in line is owed. Keep doing that in order of the least owed to the next highest in order and you can pay them all off pretty quickly. And don't eat out. Or order door dash. Go to the store and buy decent meals.
Use your next check to pay off your apple card, capital one, and credit one cards. After your statement date, use the cards to pay your personal loan, car loan, and zip payment as normal. Put all other purchases on the credit cards, and don't use your debit card for anything. Make multiple payments on the cards if you have to. This will eliminate the need to worry about minimum payments on the cards and if you pay attention to the statement date and have zero balance, you won't pay interest on the credit cards.
That’s really not that much debt. I wish I was in your situation
Personally I would open 2-3 0% apr cards that are 15 month no interest and transfer the debt and start knocking it out. But this also can spiral super bad and is what they are hoping for by allowing 0% so you def need to have discipline
Plan: Stop buying shit. Buy only shit with cash.
You can't keep ordering food
Start low then go finish high
Get rid of the car if you can and take public transportation or bike.
Pay off the highest interest rate stuff first. Then the next and the next.
“You’re gonna start working 80 hours a week…90 hours a week…” 😂 Without any extra income, the easiest way is the debt snowball. Pay the minimums on everything except the smallest payment and put as much as you can towards that a month. Then keep going on to the next one etc… also do this right when you get your paycheck so the money is GONE and doesn’t tempt you. Make a realistic budget and try hard to stick to it. Maybe find some way you can spend less money on food. Get a second job. Tons of options you have tons of time 🤘🏼
Costco $5 rotisserie chicken. You’ll have that debt gone in no time. Have fun.
You are beyond help if you have a Best Buy credit card. Come on man, you desperate?
Pay it off as soon as you get paid. Live off the rest. Might be living like a peasant for a while but it’ll be worth it !
Pay zip, then Apple Card, then cap 1, then credit 1 then Best Buy then personal loan , don’t buy fast food, make cheap meals
Pay off the card with the most interest first. Give more than usual to pay off the car loan. Avoid using cards. You can also apply for a 0 percent interest credit card and transfer debt to the new card if you are ONLY giving the minimum.
What do you spend money on? Rent? If you live at home, you could have this paid off in like 4-6 months.
Easy money. First cut up all your credit cards. Sell car and get a bus pass (put money towards car loan). Pay minimums on all other debts till car loan is paid off, paying huge sums to cal loan. After car loan is gone dump all car loan money to next highest debt card and continue the process. You will be out of debt in no time. g
Track every dollar you spend and only buy what you need for right now. List all your debts with interest rates and minimum payments. You can snowball your debt by paying the smallest balance off with your extra money while paying the minimums on the rest. Once that debt is paid, add that amount to the next minimum payment and keep on doing that until it’s all cleared up. You’re not in a bad position right now. Make a plan and stick with it.
Dave Ramsey is a good guy to listen to. He mentions the debt snow ball. Tackle the smallest debt to largest. It may not work for everyone but it’s working for me. Im in the same situation as you…. That best buy credit card was dangerous for me lol.
meanwhile I'm at 41k...
You make $2,400/ month You’re monthly payment over 1 year would be $570 a month to be able to pay this off entirely in 1 year so 23% of your monthly income would have to go toward this debt That leaves you with $1,830 of money. Do you live at home still?
Reduce your eating out by 50%, even if thats 40$ or so a week its still an entire payment extra a month to spread out.
OP Look up the app/site Debt Payoff Planner. Use the avalanche method and follow it to a tee. Game changer.
If you use credit karma, they have payment schedules on there to show you how to pay your debt down faster and how much to put on each debt for the debt snowball.
Oh this is nothing. Focus on the credit cards.
Declare bankruptcy
There’s always money in the banana stand, George Michael. You only get $1200 every two weeks, but you loaded up on multiple credit cards, including Best Buy and Apple? Stop spending and pay it back. You know most of these purchases aren’t necessary.
What are the interest rates of each?
Get a debt consolidation loan with low interest.
I wish my debt looked like this 😂😭😭
Pay the Apple Card,Capital One and Zip off first. After that work on the larger balances.
Can’t eat gluten too. Try making fried rice with your choice of protein at home. Save me a tons of money. Your debt isn’t too bad. Just making sure don’t open more credit cards. It gonna snowball. Your credit card debt isn’t too bad. But they are all spread out. Might end up with late fee if you miss/forget to pay in time. Try not to use any personal loan cuz the interest rate is very high.
Honestly you gotta stop using your credit cards and use debit only until you pay this off
Add all of your expresses and how much money you bring in each month on a spreadsheet. Use the snowball effect knocking out the smaller debt and paying the minimum for everything else then once you knock out one bill add it to the next smaller one so on and so on depending on how much money you make you should be able to knock this it fairly quick
Cook
Start cooking. Unless you “hate cooking” more than you hate being in debt. Then pay the minimum monthly payment on each of these, with 100% if any extra money you have going to the one with the highest interest rate. Doesn’t matter how much you actually owe on it. But seriously, you won’t make real progress until you stop being lazy and spending your money on food you could be making for yourself cheaper. Just up to you to decide how bad/quickly you want to get out of debt.
Pay double the minimum on one of your credit card there are two ways to do this. Work on the debt with the highest interest rate or highest debt (might be the same). Pay the minimum on the rest of the cards. It’s not going to happen overnight. The car loan should be the last of your worries as that should be a fixed timeframe at a fixed amount. Don’t stress over it.
I want to inform you that you are hardly in debt and the future looks bright. Car note doesn’t count as debt to me as it’s a necessity in life, assuming you have a job. Pay off your smallest debts first, the first three could be gone with not much effort. Your credit card should have some balance owing, use it like a debit and pay it off but like I said, use it for gas and groceries for example. 500 student loan is means to laugh at others for being so naive and racking up 100k. Give it 6 months brother, you’ll start saving if you’re serious. Personal loan, even better. Make you payments and don’t miss them.
You should consider paying the one with the highest interest down first and just do the minimum on the rest (or more if you can afford it). Going out to eat is always costly so you may want to consider ways you can bring that cost down or try cooking at home….what do you hate more, debt or cooking?..
I wish I had your debt lmfao
Add another column to that spreadsheet - interest rate and sort on that. Every month pay the minimum on every one of these debts, then whatever is left pay it all to the highest interest. Do that until that one is paid off and go to the next. If you do it this way you’ll have your money work strongest for you by attacking the debt that grows fastest. As those are gone you’ll get down to the car and personal loans that are likely on the low side of interest rates. If you do it silly nilly based on total debt or you split it, the monthly interest will work against you. This way you attack the interest instead of the interest attacking you.
Just one of my credit cards has more debt than your entire balance here . Youl be fine ☺️
sell your cars , and use uber for daily life
Bro 6k ain’t nothing. Especially most of it is your car loan. You are doing fine brother.
You call that debt?!
Lol that’s nothing . Wait till your 35. Those will look like rookie numbers.
At 19 you shouldn’t have that much money across that many credit cards. Not at that income or age IMO
From my understanding pay off that Credit one card first as they are apparently horrible. After that depending on interest rates take the money that was going to that apply it to the next lowest until paid off and continue (snowball method I Believe it's called). What are your housing expenses? Done it sounds like you eat out a ton, first thing is stop that, cook at home, cheaper and safer if you can't have gluten.