I Am 20 year old College Student with $15,900 Debt !?

Hey everyone,

I'm 20 years old. I go to college and it's my 2nd year. I have a full time job. I am $15,900 in Debt with Credit Cards and Personal Loans. I am living at home with parents.

I Owe on credit card,

Bank of America: $7,900 ( Minimum Payment is $150)

Personal Loan: $8000 (Minimum Payment is $238)

Total : $15,900

I make $1600 a month working Full Time.

My other expenses are(Monthly)

Car Insurance:$180

Phone Bill: $65

Ok, what I also didn't tell you guys is that I had a Gambling Problem. $10,000 of that Debt is due to my gambling habits. I learned my lesson and I want to start out Fresh!!

How many years would it take for me to get rid of this debt? I want to live a nice life and for the past 2 years my whole life has been a struggle because of this debt.

Could Anyone help with a financial Plan for me? And the quickest way?

Thanks

~CL

I Am 20 year old College Student with $15,900 Debt !?

Between working full time and going to college, I dont know how you found the time to lose all that money gambling. Anyway. The financial plan for you should be to really cut all of your expenses. $65 a month for a phone? Thats a big plan. Do you really need the phone that badly? If not, thats close to $800 a year you can put towards paying down your debt. You dont say if your $1600 per month is before or after taxes, by the way. You car insurance rate is also pretty outrageous by the way- your car insurance runs nearly 3 times what I pay. Do you drive a sports car? If so, I would suggest considering selling it and getting something extremely practical like a Civic, Yaris, Fit, or Corolla- used if you can. Then put the extra $$ towards paying your debt. Live at home with Mom and Dad as long as possible, and dont spend more money, unless you positively have to. Put every cent you make into paying down your debt. If you can put $1000 a month towards you debt, you could get this puppy paid off in less than 2 years, probably only a year if you get some money from selling your car and going to something cheaper. Make paying this off your top priority- the interest you pay on that kind of debt is crazy, and that interest is money that you could be saving, investing, or hell, just doing something fun with. You dont have anywhere that kind of freedom right now though.

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