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Reply to "Make $200k, credit card debt, no savings "
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[quote=Anonymous][quote=Anonymous]OP: You should be able to pay off $12,000 in credit card debt in 6 to 10 months in your situation. What is the interest rate on your credit cards ?[/quote] $200,000 divided by 12 months = $16,666 per month. Assume that your take home pay is half (50%) of the $16,666. This equals $8,333 a month in take home pay. Rent/mortgage, utilities, food, and other expenses might leave you with $2,333 a month to pay on your credit card debt. The $12,000 of cc debt should be gone in less than 6 months.[/quote]
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