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[quote=Anonymous][quote=Anonymous]I have about $55K of credit card debt and $27K of auto loan. Overall, my minimum monthly payments are about $2700-2800 when my take home per month is about $4500 as a nurse making $60-65K/year. On top of debt, I still have to pay rent, utilities, groceries, gas, etc. I stay very depressed that I would never be able to get out of this. I want to go back to school to get advance nursing degree(paid by hospital) but have to adjust on my hours.

I am 42F and single. [/quote]

You said your car loan is $700 a month so your minimum monthly payment on credit cards must be $2000, which means you APR must be 30-40%! Follow the advice of PP who reduced her APR to 10%. If you do that, you reduce your credit card interest payments from $18k a year to $6k and can put the $12k you saved towards paying off the credit card balance. You should be able to pay it off in 4 years.  I wouldn’t bother with trading your car. You are not likely to reduce your car payment significantly since you got a very good rate of 7% somehow.  I doubt you can get a good rate now given your credit situation. So even if you trade your car in for a cheaper one you will lose on the trade in, dealer fees, taxes, and most importantly interest rate and end up saving only maybe a couple hundreds in payments but also having a less reliable car. Not worth it.  Focus on reducing card APR[/quote]

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