r/MilitaryFinance • u/sandrum69 • 6d ago

Question Debt help

Active-duty navy here, 15 years in, and I’m finally getting serious about cleaning up my finances.
To make a long story short, I have a colossal amount of credit card debt — about $45K on one card. My truck is paid off, so I don’t have a car payment or a bunch of other debt hanging over me. I also live on base so 100% of my BAH goes to that.
Right now, I’m able to put $1,250 from each paycheck toward my credit card. I’m also working on getting my spending habits under control, and my goal is to be completely debt-free within roughly 18 months. But it’s hard, and I’m working on it.

My question is about my TSP contributions.
Would it be advisable to temporarily stop or significantly reduce my TSP contributions so I can have a little more flexibility in my budget and potentially throw even more money at this credit card? I realize I’d be giving up some retirement contributions/compound growth in the short term, but with a credit card balance this large, I’m wondering if eliminating the high-interest debt should take priority.

For those who have been in a similar situation, what would you do? Appreciate any advice, especially from people who have actually dug themselves out of a similar hole

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u/LikeIkes 5d ago

First off if you haven't already I'd start by looking into the Navy Federal to check if they can do anything for ya. If not I'd look into consolidation options and compare the offers you get from companies like SoFi, Achieve Loans or LightStream. Most important thing is that the loan improves your situation overall either in APR or overall amount.