Credit Cards and Debt

[Anonymous No.22214973]

Hey friends,

I owe
>$1700 on my Discover card
>$2100 on my Amex card
>$4000 in Student Loans

I'm 26, and make 75k a year. I pay about $50 per account that I owe per month. I don't have tons of financial guidance in my life, so I don't know what the smartest move is.

My question is, should I pay all of these off as soon as possible? or should I live with paying about $150 a month? My credit score is 742 at the moment.

[Anonymous No.22214997]

>>22214973
how the fuck are you 8k in debt if you make 75k a year

[Anonymous No.22215024]

>>22214973
How much internet on each? I’d say pay the higher interest shit first. I’d double or triple what you send monthly

[Anonymous No.22215296]

>>22214973
Don’t pay minimum you’re only prolonging the debt, pay the higher Interest first or the lowest first triple your payment $50 is not enough for each

[Anonymous No.22215402]

>>22214973
Pay it all off or balance transfer and make a plan to pay it off before interest kicks in.

[Anonymous No.22215647]

>>22214973
What kind of monthly expenses do you have vs your monthly income?

[Anonymous No.22215686]

>>22214973

Max them out for LINK and PHYSICAL silver they’re about to rape the economy in a temper tantrum out of spite as the old guard gets culled

[Anonymous No.22215726]

>>22214973
pay them off idiot. FULLY. if you make $75k just fucking pay them off - this isn't much debt and you're going to get pummeled if you keep kicking the can!

[Anonymous No.22215799]

Pay it all off right the fuck now and buy silver.

Don't let it get any higher. Let me be a warning. My wife ran up my credit cards prior to divorcing me, I filed a Chapter 7 bankruptcy.

Best decision of my life, but since you're not anywhere near that level, pay that shit off right now, why would you ever have debt.

[Anonymous No.22216043]

>>22214973
you make 75k per year..... that is more than anyone in my entire region of the uk can ever make, we are locked to minimum wage as the roof of our earnings, thats like....12k per year?

[Anonymous No.22216156]

>>22214973
>I really like padding usurious pockets and getting my shithole torn

[Anonymous No.22216239]

>>22214997
Honestly, its the result of poor decisions made in college. I've moved on from being that stupid, but I carry the debt of those actions with me.

>>22215024
Amex I believe is the highest interest, followed by Discover.

>>22215647
I make ~$4500 monthly, and my living expenses (apt, utility, food) is around $1600-$2000. Been making a lot of purchases for stuff lately for quality of life improvements.
The consensus seems to be to pay it off, or at least make larger monthly payments.

I know *technically* the smart thing to do would be to pay off the larger one first, however, it would take a large burden off me to end the smaller one (Discover).

I'll make like a ~$500 payment right now, and possibly another one later this month.

I guess my final question is this: What are credit cards for? I figured either for trust establishment (credit score), or for making a large purchase, and being able to pay it off in installments. Is this wrong?

[Anonymous No.22216293]

>>22216043
wut? how???

[Anonymous No.22216496]

>>22214973
Open up a 12-18 month 0% interest card and transfer it there. Then when that one is up open another 0% interest card and repeat.

[Anonymous No.22216531]

>>22214973
Pay off the credit card debt in full immediately. No exceptions. The student loan debt is probably only ~4% interest (assuming it’s a government loan) so you can make minimum payment on those if you want especially given the small balance on it

[Anonymous No.22216550]

>>22214973
are you literally retarded? do you know what an interest rate is, or what the interest rate on your credit cards are? hint: you're probably paying close to 30% interest on that fucking credit card debt. PAY THE CREDIT CARD DEBT OFF FUCKING IMMEDIATELY THEN CLOSE YOUR ACCOUNTS BECAUSE YOU'RE CLEARLY TOO STUPID TO USE THEM RESPONSIBLY.

[Anonymous No.22216693]

>>22216531
To build on this, once you pay off your credit cards use one of the credit score services to monitor your score and improve it so you get better rates when you decide to buy a house or car. Shitty score = higher interest which will kill your ability to invest when you’re sinking all your money in a multi-100k, 30 year mortgage

[Anonymous No.22216907]

>>22216693

as anon said, I use creditkarma. It's free, and easy. I monitor it at least weekly, though you certainly don't need to do that.

Pay off your credit cards. If you care about credit score, pretend you have terrible credit. Buy gas, pay it off next month. Interest is money you pay for time. Interest takes your time, your time is your life. Interest is literally a life-sucking institution, which is why usury is frowned upon.

[Anonymous No.22216944]

>>22216239
Cards are convenient and profitable if you use them the right way. Over the years I've flown premium cabin many times with just airline miles that came with card use. Never paid a single cent of interest

[Anonymous No.22217000]

>>22214973
>My question is, should I pay all of these off as soon as possible? or should I live with paying about $150 a month? My credit score is 742 at the moment.

Brih you make 75k a year. Literally 1 month of work and your credit card debt could be gone.

Fuck that college debt tho dont pay that shit

[Anonymous No.22217077]

Work as a 4Chan Jannie Trannie on side to earn some extra cash. I heard applications are open

[Anonymous No.22217801]

>>22216550
A more detailed update:

Discover:
>Balance: $1719.84
>Interest: $19.26
>APR: 12.99%

American Express:
>Balance: $2156.93
>Interest: $28.22
>APR: 14.99%

I have $4603.63 in savings right now, $1932.18 in checking. I get paid again $2300~ on the 18th.

Should I move some savings over to pay off the credit cards in full?

[Anonymous No.22217958]

>>22217801

Brother the honest advice is to pay that Discover card off entirely right now.

Next month, pay off half, or all, of that American Express. Just eat at home for a month, don't buy fancy liquor or anything. Just chill.

That interest is simply taking your cash out of your pocket. Why do you want to keep it?

[Anonymous No.22217983]

>>22217801
>>22217958

Or if that is too spicey a meatball, pay off half the Discover this month. Pay off the other half next month, do this and you'll be CC debt free before Christmas.

Now, if they're paid off, use them to buy some Christmas gifts, and then pay it off in January.

[Anonymous No.22218309]

>>22214973
https://www.youtube.com/watch?v=tk5VmlSts1A
https://www.youtube.com/watch?v=oD2gXY4piF4

Do this nigger, I got like 10k in cards ill pay back eventually :O

[Anonymous No.22218311]

>>22217958
>>22217983
Thanks friend. Yeah I think I'll pay most if not all of Discover today. Then, October/November, I'll pay off Amex. I hate the weight of this debt looming on my shoulders. I don't know entirely why I let this go on for so long.

It will be nice to be free.

[Anonymous No.22218352]

>>22215799
>>22216944
>>22217000
>>22217077
Checked

[Anonymous No.22218386]

>>22216944
checked and true.
>>22218309
based and doomer pilled

[Anonymous No.22218606]

>>22218309
Was hoping for these. Based.

[Anonymous No.22218656]

>>22218311

You will find that you have a slight sense of apprehension when you look how much money you owe. You will also find a sense of relief to pay that bill, and even joy when you see that debt eradicate.

Every month I parcel out all the money I have besides rent and food to any debt, bills, expenses I have. I do that the first of the month, every month. I know exactly what I'm playing with all the time.

I think part of any credit card users problem is they don't utilize a system of extreme financial discipline. Which is fine, most of the time. You don't need to live like that. But interest is trading time for money. It is made to enslave you and steal your life force.

If you were to ask my advice, I would sit down and make an excel file or even on a piece of paper all the money coming in and out (which you've basically already done in this thread), and an ambitious plan that pays it off without making you have to live off ramen and sandwiches for any period of time. There is definitely a sweet spot.

Once you're debt free brother, that money is yours to play with however you want.

[Anonymous No.22218799]

>>22218311
Based, 40 y/o you will thank you. I also recommend tracking your expenses and income monthly. There’s a free service that does it for you automatically (I think called mint?) but I just manually track it in a spreadsheet bc I don’t trust linking up my bank account to it. It might be eye-opening for you on how much you can cut spending without noticing any effect on your quality of life
Also use your credit card with the mindset that it’s a debit card. Don’t buy anything with a credit card that you can’t afford. If you stay responsible with credit you’ll enjoy a lot of perks later in life, unfortunately at the expense of people like you were in college that never realized the error of their ways

[Anonymous No.22218853]

>>22218656
This anon knows what he’s talking about

[Anonymous No.22218877]

>>22214973
Every month pay the minimum on the Amex card but pay as much as you can on the Discover card. Once the Discover card is payed off start paying as much as you can on the Amex card. Once the Amex card is payed off start paying as much as you can on the student loans until they are gone. Also, when you have the cards payed off cancel one of them you don't need two.

>Basically start to pay off your debts one at a time starting with the smallest amount working up to the biggest until none remain.

[Anonymous No.22219166]

I have $1200 in credit card debt but have 0% until March.
I also have $17K student goy debt
Idk anymore.
This shit sucks. I'm just hoping for the inevitable hyper inflation.

[Anonymous No.22219318]

>>22218309
Honestly, watching these last night, and him talk about money with Nick is why I made this post today. I could just run up my credit cards and harass the credit people until I have payments of $12 a month, but the stress that would come with that isn't worth it. Especially since I can pay it feasibly, and want to purchase a house eventually.

>>22218656
Thanks friend. I'm doing this at the moment actually. I've written out my expenses, debts, income, etc. Going to cancel a few things I don't need. It seems every month I'm hit with something that ends up being a big payment, whether its paying for a new certification, or needing new tires, or something similar. But I should be in the clear, or I will just have to suck it up.

>>22218799
Yeah I'm cutting down quite a few things. Canceled my Adobe Creative Cloud, some subscriptions, and don't eat out as much.

Quarantine hit me pretty hard, so I used retail therapy to get me through it since I still had a job.

[Anonymous No.22219401]

>>22214997
Haha haha I was $20k in debt and make $90k. Thank fuck for the low interest rates so I refinanced my house and stuck that $20k in my mortgage.

[Anonymous No.22219819]

>>22216239
Pay off the highest interest debt first, not the largest.

>I guess my final question is this: What are credit cards for? I figured either for trust establishment (credit score), or for making a large purchase, and being able to pay it off in installments. Is this wrong?
The former, unless you have a very low APR. 0% promo APRs are free money but don't pay the regular 20%+ on cards.

[Anonymous No.22219830]

>>22214973
Hiya, it's your homeboy Neet here!
Lemme tell you sumthin my mommy does when I maxout the tendie creator. She puts aside everything that she has after calculating for my onlyfans, nintendo, wow, netflix, pornhub, hulu, runescape subscriptions AND then the utilities, mortgage, insurance, car payment, cellphone, daddies medicine...etc...
Then, ALL of whats leftover goes into the lines of credit I ran up while learning how to become Neet.

TR;DR
>Budget out your 2500 or whatever and use 100% of the leftovers to pay off the highest interest card.

[Anonymous No.22220773]

>>22216043
move