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weruroverlord95 OP t1_j6in8ar wrote

The interest rate ranges from 0 to 27% or so. I have about $7000 total and plan on having it paid off completely by July.

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Nickyweg t1_j6inesb wrote

Great. That debt should be your #1 priority right now

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weruroverlord95 OP t1_j6inxlo wrote

Absolutely. My plan is to have it paid off in full by July.

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SolutionLeading t1_j6ip344 wrote

That’s great. Is there any expenses you can cut until then to help speed up that process? I’m thinking maybe cut back the haircut to every 2 months, pause the YouTube red? I know it’s small things but every dollar counts with high interest debt

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weruroverlord95 OP t1_j6ipfdg wrote

I'm kind of pushing it with the haircut at once a month. I work in a professional setting so I need to stay groomed. As for the subscription, yes I can likely do with holding on for a few months.

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infinity_o t1_j6ipx8u wrote

Investigate if you can consolidate some of the high interest debt. You may be able to get a lower interest rate which will make paying it down easier.

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weruroverlord95 OP t1_j6iqeqq wrote

Currently working the snowball method. I understand this is mathematically incorrect, but it's my habits that got me into debt. So far I've got 2 paid off in January so it's working for me.

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infinity_o t1_j6j7j9l wrote

Snowball method is a totally valid approach, but you can do both. “Snowball” the lower interest debts but consolidate high interest debts to slow the bleeding.

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weruroverlord95 OP t1_j6j7rbb wrote

Hmmm. This is a great hybrid method. Another one I was thinking about is to list the highest payment to the lowest. Pay off debt with the highest payment to free up more money per month to put the next one.

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