2006-06-17 20:09:43 · 13 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
i paid my brothers schools expenses i also had to py a big hospital bill for a family member. my apr is about 6.99%. I live in california i only pay $700 rent and $300 car payment
2006-06-18 06:10:13 · update #1
You should have no problem paying off the debt if you start managing your money better. You really ought to be able to pay it off in a few years with that kind of income! My wife has more in student loans and makes less money and we will pay it off, though not in a few years.
2006-06-17 20:21:08 · answer #1 · answered by originaltigger61 6 · 1⤊ 0⤋
Absolutely! In my humble opinion, check the interest rates, etc ... look at what you'd actually be repaying over time, decide what kind of lifestyle you want or can live with for a year or two (totally possible to pay it ALL off in a year or two) versus where you'd like to be in five, ten, etc ... years. The quicker you pay off this debt, the less you'll be repaying, you'll have more to work with once the debt is gone .... the sooner the better on that one for many reasons.
Look at budget calculators, etc ... you can find a lot of good sites online.
You could seriously wipe that debt out in a year of you're making an additional $40,000 and still possibly start investing for your retirement. I don't know where you live, your rent, your monthly expenses, etc ... BUDGET.
Make a list of YOUR priorities, goals, etc ... look at where your money is going, what's coming in and out ...
ABSOLUTELY POSSIBLE. Great time for you to start learning about your finances, your goals, financial planning, investing, debit ... Best of everything to you!
2006-06-17 23:06:20 · answer #2 · answered by mehs 2 · 0⤊ 0⤋
Yes. If you can, transfer all or portions into 0% credit cards to take advantage of the 0 interest for however many months. And pay off as much as you can during that time frame. And then transfer the remaining to another 0%, and do the same thing.
2006-06-23 15:11:15 · answer #3 · answered by Anna 1 · 0⤊ 0⤋
Do-able, but it will take some discipline -
1. cut up all except 1 credit card.
2. don't take out any more loans.
3. if you can sell anything (extra car, extra stuff) do it.
4. pay more than the minimum on each loan.
Make sure you start an emergency fund so you have something to fall back on instead of going into more debt.
2006-06-18 03:25:42 · answer #4 · answered by fj2002 2 · 0⤊ 0⤋
I think it would be really easy unless you have alot of monthly expenses. The easiest way would be to open two checking accounts and split your earnings between the two. Use one to live on and the other to only pay your debt. Do it as fast as you can so you don't waste any more money on interest or fees to your debtors.
2006-06-17 20:23:15 · answer #5 · answered by Lorrra 1 · 0⤊ 0⤋
Well...
if you can do with 40k for yourself a year (like my parents do paying bills n such ... just making it sorta thing) you could have it payed off in a year or 2 but you'll have to keep some sort of budget...
2006-06-17 20:14:01 · answer #6 · answered by Dre G 2 · 0⤊ 0⤋
Yes I do. Making the kind of money you are making it is very possible. You just need a good budget to follow and you can pay of your loans and put money in a savings account.
Good Luck
2006-06-17 20:47:04 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yeah, I think that's very do-able. Even if you paid it all off in one year that'd leave you 40k to live off that year, and plenty of people consider that more than enough!
2006-06-17 20:13:53 · answer #8 · answered by senormooquacka 5 · 0⤊ 0⤋
Well considering that my mother paid off 50,000 on 12,000 a year. I'm guessing, Yes!
2006-06-17 20:14:05 · answer #9 · answered by Swampy 3 · 0⤊ 0⤋
I owe more, earn less, and am currently paying it off. You should have no problem with doing so if you actually try.
2006-06-18 19:38:52 · answer #10 · answered by scifiguy 6 · 0⤊ 0⤋