I have $89k in student loan debt and adding $13.50 a day in interest. I also have about $18k in credit cards. Most of them are transferred so they are little to no interest the moment. I make about $65k/year. Most of the credit card debt is from when I was in college and during covid. I was thinking about joining the military, active or reserves, to assist in some of this debt. I want to pay all this off as soon as possible. Currently I can put about $2k a month into my debt but by the time i pay a little then the others just add more interest.
Please help me with advice on what to do.
I need advice on paying off large debt- $100k+
byu/AdesteFideles7 inStudentLoans
Posted by AdesteFideles7
4 Comments
You need financial counseling
Foot soldiers(E4) don’t make much, not about sign on bonuses these days tho.
Dark web has all the money you need.
Joking 😉
Are the student loans federal? If so, apply for an IDR plan and get on the lowest payment possible. Another option would be forbearance to temporarily stop making payments, but interest will continue to accrue.
You need to prioritize getting that credit card debt to zero as quickly as possible before the interest starts up, or you’re going to get buried. What led to the credit card debt and will you be able to not get back into credit card debt moving forward? Once that is gone, you’ll need to make a plan for the student loans.