Morning I just got approved for a personal loan. Terms are, $11,400 loan, 60 months, payments either $411-500 monthly (I don’t know why it’s a range, and eye watering interest rate of 35.99%. I just did the math on the $411 monthly payment and it comes out to $24,660?! My financial goal is to consolidate my credit card debt: $6000 w/ 27% APR, $2500 @ 1% APR until may 2024, $1500 @ 21% APR. Also my take home pay is $3200 a month, minus $1077 for rent, $785 car(I know don’t yell at me) $116 car insurance, $156 cellphone which leaves $823 for groceries and Credit card payments. I’m planning on doing a eat everything in my pantry challenge so that I don’t spend money on food. Oh and I usually have $350 going towards that $2500 low interest rate CC (I did a balance transfer this past year, hmmm maybe that could be an option).

Should I get the loan and consolidate and throw the extra into the principle and pay it off as fast as possible or should I use the snowball method where I pay off the lowest balance credit card ASAP and then use that same monthly payment amount to pay off the next one? Open to other suggestions as well. THANKS IN ADVANCE.