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Money and Finances
Reply to "Earning Well but Drowning in Debt...how to dig out?"
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[quote=Anonymous]As I hope you realize by now, you are in deep and won't be able to get out without making changes you will find uncomfortable. As a jumpstart, I would consider paying off most of your credit card debt with your 50k savings. You are paying high interest on that money that you can't afford. If an emergency happens (a real emergency, not paying music camp fees) and you have to charge it, you won't be any worse off than you are now with the balance. You need to work on your monthly cash flow as well. You need to cut expenses or increase income, starting now. Every time you purchase something, ask yourself if you honestly really need it. Once you get a little cash flow breathing room, rebuild your emergency fund and then start paying down the cars faster. Seriously though, if it doesn't hurt, you aren't doing enough. Good luck![/quote]
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