Student and hard worker caught in a debtful world.. anyone help??
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i am 20 years old, live on my own and have no financial help from anyone, i work and study full time, thankfully FAFSA covers my tuition, but other than that i work 38 hours a week and make 1200 a month, i have to pay 250 on rent cause i rent a small room, about 200 a semester on books, spend a least 60 on gas, 130 on car insurance, i spend about 100 on food that i buy at the market no eating out, send my siblling 200 and stopped having a phone, but i was unemployed for four months and before i knew it my bills between my credit cards and overdrafts and loans i owe about $2,700, i know its not huuge debt but nevertheless it is something that keeps getting worse and im afraid to let it get to the next level, i heard of consolidating credit but i would end up paying alot more than what i actually owe, and i need clean credit considering im afraid i might have an emergency some day and i dont have any more savings...help....what should i do???
Student and hard worker caught in a debtful world.. anyone help??Ok, what other bills do you have? Also, is your $1200 a month before tax or after tax? What is your interest rate on your credit card?
rent....................250
books..................50
gas......................60
car insurance...130
food...................200
Credit..................70
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Total..................760
Lets say that you have 25% taken out for taxes. That would be $900 take home. This is probably less. Let me know what your actual take home pay and I can adjust this. With the numbers you have given me, that would leave you $140 a month. I would take part of that and put into savings and a part of that and pay extra on the credit card. Also, I figured that you did 3 semesters of school per year and needed a total of $600 a year. That breaks down to $50 per month. You did not mention if you sell back books. If you did, then I would take all that money and put into savings and paying off credit card.
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