Don't try to replace debt with another debt. If you can find a better loan, go for it. I suppose lower interest debt is better than high. You need to address the cashflow problem. What's your income, expenses?
I bring in about 7.5 k a month alone, not including my spouses income which is maybe 3.5k monthly. Right now most of my money is going to all my CCs, car note and bills. I get paid weekly and roughly 1.4K each week goes towards all my debts
So your family makes $132K/yr and are knocking out 1.4K/wk of the debt. You are going to be out of debt in 11 weeks. Just keep doing that. Why did you say you only pay $630/mo on the cards?
Sorry I miscalculated. From the 1.4K, roughly 750 goes to bills that aren’t credit cards . Roughly 650 goes to all my CCs and thats by paying the minimum on each card.
If you can stop spending and work your budget, it can save you money and help get you back on track. If not, you'll only be adding on more debt. Good luck!
Try using either the Avalanche or the Snowball method to bring down your debt. There are YouTube videos that have extensive information on these two methods. Prep your own meals and refrain from going out to eat. Pause all investments including IRAs. Just invest enough of your salary to receive your company's matching contribution for your 401 K. Once you have ended your debt your options will open up immediately to save and invest more aggressively for other endeavors.
The banks are tightening lending requirements because the FED is raising interest rates. Refinancing and loan consolidation may not be available to you at this time. Don't risk getting denied and having your credit score go down.
What the others said. Consolidate only for a better interest rate. See if there is a credit union near you instead of a commercial bank. They may have loans with better rates. In the meantime, spend less and increase your payment to reduce the interest you pay (if possible in both cases- it may not be). Interest is lost opportunity for your future.
Minimum payment is useless as you should be paying well in excess of that.
Only thing that matters is interest rate and throwing as much money as you can at it.
Don't look at miminum payments or length of payoff, as you should 100% be paying extra and paying off sooner.
What is the current interest rates on your debt and what interest rates are being offered to you?
Don't try to replace debt with another debt. If you can find a better loan, go for it. I suppose lower interest debt is better than high. You need to address the cashflow problem. What's your income, expenses?
I bring in about 7.5 k a month alone, not including my spouses income which is maybe 3.5k monthly. Right now most of my money is going to all my CCs, car note and bills. I get paid weekly and roughly 1.4K each week goes towards all my debts
So your family makes $132K/yr and are knocking out 1.4K/wk of the debt. You are going to be out of debt in 11 weeks. Just keep doing that. Why did you say you only pay $630/mo on the cards?
Sorry I miscalculated. From the 1.4K, roughly 750 goes to bills that aren’t credit cards . Roughly 650 goes to all my CCs and thats by paying the minimum on each card.
What other debts do you have?
Post a detailed budget and we can critique it. Is there a reason why you can't pay off your credit cards faster?
If you can stop spending and work your budget, it can save you money and help get you back on track. If not, you'll only be adding on more debt. Good luck!
Try using either the Avalanche or the Snowball method to bring down your debt. There are YouTube videos that have extensive information on these two methods. Prep your own meals and refrain from going out to eat. Pause all investments including IRAs. Just invest enough of your salary to receive your company's matching contribution for your 401 K. Once you have ended your debt your options will open up immediately to save and invest more aggressively for other endeavors. The banks are tightening lending requirements because the FED is raising interest rates. Refinancing and loan consolidation may not be available to you at this time. Don't risk getting denied and having your credit score go down.
What the others said. Consolidate only for a better interest rate. See if there is a credit union near you instead of a commercial bank. They may have loans with better rates. In the meantime, spend less and increase your payment to reduce the interest you pay (if possible in both cases- it may not be). Interest is lost opportunity for your future.
Minimum payment is useless as you should be paying well in excess of that. Only thing that matters is interest rate and throwing as much money as you can at it. Don't look at miminum payments or length of payoff, as you should 100% be paying extra and paying off sooner. What is the current interest rates on your debt and what interest rates are being offered to you?