Here’s my plan:
- Stop using my credit cards (done).
- Pay off my car quickly by making $750 monthly payments instead of $289.
- Use public transport or walk
- Eat just once a day.
- Work 80-hour weeks, then pay off my credit cards with every other paycheck, starting from the smallest balance to the largest. I currently earn $17.20 an hour with a 10% shift differential.
- Move to a smaller apartment
- Avoid going on dates or to bars.
My goal is to reduce my credit card debt to around $5,000 so I can buy a home within the next two years, which would lower my utilization rate to about 25%.
I’ll share updates along the way if anyone is interested
The OT: Is it guaranteed? Not always is and at that point sustainable. For a few years, I worked at a job where overtime was unlimited. A other employee worked roughly 110 hours a week to pay off debt. After paying off his debt, he seldom ever worked again. It was an intense eight months.
I work as a call center representative for a Medicare service provider, so I’ll be busy during the enrollment season.
I have experience in a wide range of industries. In lean times, businesses typically reduce their expenditures. Most businesses that don’t make cuts are in the nursing and child welfare industries.
Why are you paying more for your automobile when your credit card debt is the biggest and probably has a higher interest rate?
Since I won’t have to worry about it if I pay it off first.
It doesn’t seem possible for your health to eat one meal a day plus work 80 hours a week. How do you plan to continue working if you fall sick? Can you hunt for a beater and sell your car? Utilize the remaining funds to settle your credit card debt. Before accruing charges once more, you would need to change your spending pattern.
Apply every additional payment to the credit card with the highest interest rate. Pay the bare minimum on your auto loan and all other debts. Rather than waiting to pay once a month, split your credit card payments into weekly installments.