How can I pay off $4.6K in debt in 3 months with $300/month?

B

BroRikoHam

New Member
Hey everyone. I'm working on paying off my debt in the next three months.

Here’s the breakdown of my credit cards:
Total: $4662.83
  • Discover: $3072.72 out of a $3000 limit at 16.99%, due on the 28th
  • Capital One: $266.38 out of a $300 limit at 28.99 %, due on the 16th
  • Sunbit: $436.19 out of a $2,500 limit, with a $48.58 monthly payment, due on the 28th
  • Synchrony: $894.02 out of a $1,000 limit at 29.99%, due on the 28th

Everything except Discover is paid off. I have $210 set for Discover on autopay for the 28th, which will bring it down to about $2862.04, and I'll be getting $130.32 back since I'm on a payment plan now.

I have an extra $300 to put toward these accounts. Should I just pay off the Capital One card first since it has a higher APR and that would remove one payment? Then, what should I do with the leftover $33?

P.S. I haven’t used any of these cards since last November and don’t plan to unless it’s a real emergency.

Thanks in advance!
 
Alright, first thing: knock out that Capital One debt. Then, take that $33 and throw it at Synchrony it's got the next highest interest rate.

Whatever you were paying each month for Capital One, add that amount to your normal Synchrony payment, too. Keep rolling those payments forward like a snowball before you know it, it'll turn into a debt avalanche!
 
Heads up, folks fair warning here: most credit cards will totally shut down if you don't use them for a while! So if you're trying to keep your credit score healthy or even bump it up a bit, make a small charge every three to six months. Seriously, it's one of those annoying little life hacks you don't think about until it's too late!
 
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