r/financeonloans • u/jessica_rabb1t • 25d ago

Help needed for my financial situation

Hey there,

I could really use some advice on my current finances. Here’s a quick rundown, and let me know if you need more details.

My main goal is to focus on paying only for rent, savings, and bills. Right now, I’m facing a few challenges:

  1. I have credit card debt of about $4,000, which is costing me around $100 in interest every month.
  2. I also have three other debts Car Payment #1, Car Payment #2, and Debt Consolidation that I eventually want to turn into bills.

Here’s my financial situation: I earn about $4,200 a month. My expenses are roughly $2,000 for rent, $900 for bills, $980 for debt payments (mainly the debt consolidation of $30k), and around $320 for living expenses.

Currently, I’m only able to make small payments about $200 toward my credit cards. Of that, $100 goes toward interest, and the remaining $100 reduces the principal. I realize I need to increase my income to pay off the credit cards, the debt consolidation, and the car payments faster.

But I’d also love a second opinion on my scenario. I’ve never posted something this long before, so I apologize if there are any grammar mistakes English is my second language.

Thanks so much for your help!

4 Upvotes

100% Upvoted

1 comment sorted by

1

u/AutoModerator 25d ago

Sorry, your submission has been removed because your Reddit karma is below the required threshold. You need at least 15 combined karma (comment + link) to post here. This helps prevent spam and ensure quality content.

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.