What do you advise me to do?!

Mon 14 Mar, 2022 07:05 am
Hello Everybody, so my situation is that I have credit card debt 11,000 dollars, I have saved 16,000, I pay car lease, cell phone, car insurance, and I need a better job my current pays very bad, plus I only work 3 days, they cut hours etc.

I have three credit cards that have less balance and the other 3 have the most balance which makes a total of 11,000 dollars

Should I pay the three credit cards with less balance with my Savings which would be like 2,000 dollars out if my 16,000 dlls in savings or Should I pay the whole total of 11,000 dollars with my SAVINGS or preferably get a balance Transfer

Some people say to get a loan from a credit union( don’t know if this a good Idea) others say to not touch my savings at ALL (cash should remain in our pockets).

What do you truly advise me, Oh I forgot to mention I don’t pay rent I help out with some utilities and food.
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Mon 14 Mar, 2022 08:15 am
1) Get a second job or a better job. There's a glut of jobs in the US and perhaps elsewhere. You need more $ coming in.
2) Transfer all card balances to the lowest interest rate card you can get BUT be aware that there may be a % you need to pay for balance transfers. Always read the fine print.
3) Pay down your debt using your savings. Right now, interest rates for credit cards tend to run about 14% and higher. But interest rates for savings don't even break 3%. You will do better to dump your savings into your credit debt and clear it.
4) Once your cards are paid off, hide them from yourself. Make it harder to use them, so you avoid this mess in the future.

Note: I am not your financial advisor. For a professional financial advisor, I suggest talking to your bank.
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Mon 14 Mar, 2022 08:19 am
What Jespah said. Also, there is such a thing called a consolidation loan, where you borrow from the bank or credit union all the money you owe at a lower interest than any or most of your credit cards. You pay them off and have just one payment/month to the financial institution. And don't use your card again unless you can pay it off each month.
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Mon 14 Mar, 2022 09:10 am

The interest rate you are paying on your credit cards is killing you. If you have an emergency and need to, you can always lean on your credit cards in the future, but only do so if you need to. Take the money you save from not having to pay your credit card bills to build your savings back up. Get a better job, the market will likely never be better for job hunters.

Read this thread on personal finance.
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Mon 14 Mar, 2022 10:54 am
First off do you earn enough money monthly to pay for your monthly bills (not including the credit cards)? If so pay off all the credit cards. You have 16k and owe 11k. That still gives you 5k in savings. If your monthly bills are less than 1,600 that stills leaves you with 3 months of bill payments if you get into a bind.

Not only will paying off the credit cards benefit you financially. Not paying out huge interest rates...it will be a big boost for you mentally knowing you don't have that huge debt. Then keep just one card and only charge what you can pay off each month or just hold onto for those times when you need a credit card...ie booking certain things online.

And like others said...look for another job or an additional one .... Most places are looking for people so you should have ample opportunities.
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Mon 14 Mar, 2022 08:06 pm
I am reinforcing what others said already: PAY OFF YOUR CREDIT CARDS!!!

Then only keep 1 credit card - preferably one from your bank. Toss the other 2 and never look back.
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Fri 18 Mar, 2022 08:00 am
Thank you all once again for your great advice, most definitely I need to do something, cause having this debt is horrible and pulls me back from achieving things ahead.

I recently received a balance transfer offer for 18 months 0% intro APR, sounds interesting as well, I believe they charge you a fee for the balance transfer, but will find out about it.
Fri 18 Mar, 2022 08:06 am
If you can afford it and have the money you should pay off the entire credit card balance even in of place of transferring to 0% ...like you said you may be charged a fee and the 0% is to entice you..often times the 0% is for a limited time and by transferring and not paying it all off you will get in another viscous cycle of debt. Not to mention this will hurt your credit score so say in 5 years you need to finance a car loan loan...your credit score will be lower causing any financing more difficult and the interest rate you pay will be higher.

Paying off the credit card balance in the longer term will help your credit score.

You have the savings ...pay it off and be free of it.
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Fri 20 May, 2022 06:26 pm

Well I would dump the car ( you could get another car since your renting it ).

Get an E-bike, bycycle, or E-scooter that is dependent.

Pay the credit card bill off.

Get a magic Jack for a while,

Get a better standard of living

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