First, I want to make it clear that I have a great attitude about getting out of this situation, and that this isn't here for you to pity me. I expect sarcasm/scoffing, but hopefully you can relate to this and help both of us out!
My parents have pretty good jobs, pulling in 80-100k a year after taxes. I will likely have a decent entry-level job in what I want to do pretty soon, and I expect to earn 40-50k in my first year.
The debt looks like this:
Parents:
20,000 in CC- very high APR, needs to be neutralized QUICK.
Me:
30,000 in relatively low rate (4.5-6.8%) federal loans
40,000 in higher (7.98%) federal loans
14,500 @ 8.5%
15,400 @ 8.5%
22,000 @ 6.25%
3,500 @ 6.8%
I have about $10,000 in the bank, and am selling a bunch of my stuff (books, electronics, etc) to reach ~13,000.
I know this is a tough situation that will take time and hard work to get out of. I am going to be living with my parents for the foreseeable future, getting my monthly expenses down to about $400 (can't really bring this down lower, transport mostly).
I am here for advice and encouragement. What can I convince my parents to do about this credit card debt? Should I make minimum payments on my school loans except for one of the loans, which I'll take down quickly, and so on? Should I consolidate until I take care of my parents' credit card debt?
Thanks in advance, and share your miserable situation here if you like!Statistics: Posted by Nana123 — Tue Jan 24, 2023 1:52 pm
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