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107
$100k+ in debt at 24
Post Body

So I finally decided to sit down and take a look at my finances last night since I make about $120-130k/year but I'm living paycheck to paycheck. I have a little over $100k in debt between cc, personal loans, and car loans. I am a 24yr male working in a fully commission sales job and I am trying to figure out a way to eliminate this debt as soon as possible. I know I have made a lot of stupid mistakes with my finances but I was young and now I'm trying to recover so please save your snarky comments for someone else.

The breakdown is essentially:

$15,000 in cc debt (average rate of 25%)

$66,000 in personal loans/unsecure car loans (average rate of 15%)

$1760 in student loans (rate of 5%)

$22000 in car loans (rate of 8.75%)

In total I am paying about $2,740 in loan payments not including my mortgage payment of $2,400. My monthly take home income is about $6-7k. What is the best way to go about this so I'm not fighting to eat every week,

Comments

You understand most people do not have $2000 residual income after paying their debts. Suck it up Mary. Your doing ok.

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Posted
5 months ago