I am $15,900 In debt Please Help?

View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.



LifeLock Identity Theft Prevention - Save 10%

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 $15,900 In debt Please Help?

You bring home $1,600 a month, or that is before taxes?

If it is after taxes, and you only spend $245 a month, then you can put about $1,300 toward your debts. $15,900 divided by $1,300 is about 13 months. Factoring in intereset, you should be out of debt in 2 years.

Make the minimum payments on your two bills. On the lowest dollar value (BOA), put all your extra effort toward paying it off. Once it is paid off, then roll that extra money to the personal loan.


FirstPrevious123NextEnd

More Related Questions and Answers ...
  • Better way to build credit score?
  • Should the government help people at the brin..
  • Would obama have flunked out of your macro/mi..
  • The low down on University of Phoenix Axia Co..
  • What to look out for if I want to borrow mone..
  • Selling land by owner?
  • Does anyone know where i can get a fast loan ..
  • Paying loan off fast - hurting my credit??? W..
  • Where can I find a loan shark? FAST????
  • Anyplace on the net to get a loan really fast..
  • I nedd a fast loan for 1000 dollars but none ..
  • I need a fast loan for school, what company s..
  • What do I need to become a loan officer fast?..
  • Does anyone know of any fast loan place, not ..
  • Where can i get a fast loan on a manufactured..
  • Where can i get a fast loan with low interest..
  • Has anyone ever got a loan or did business wi..
  • Where can I get a big, fast loan, with bad cr..
  • I am in desperate need of a fast loan of 拢15..

    • The loan information post by website user , we not guarantee correctness.