Need Help With Budget & Debt Plan – Credit Cards, HELOC, and Bills

S

sonicyeti

New Member
Hey everyone,
I’m trying to get a handle on my finances and would really appreciate some guidance, especially with tackling my credit card debt.

Here’s my current situation:

Credit Cards:
  • CC#1: $5,600 balance out of $15,000
  • CC#2: $3,318 – almost maxed out
  • Interest rates: Both are 23%+, so they’re killing me
  • I’ve already put a spending freeze in place
Other Debts & Loans:
  • HELOC:Owe $26,000 out of $30,000 limit
    • 5% interest
    • $345 monthly payment (due end of month)
  • Car Loan: Owe just under $10,000
    • $303 monthly payment
  • Thinking of selling the car, paying off the loan, and buying a cheap car with 401k money – but I really don’t want to touch the 401k if I don’t have to
Monthly Bills:
  • Mortgage: $1,752 (covered by my $1,600 VA payment + a little extra)
  • Car Insurance (2 cars): $218
  • Electric: $245
  • Gas (utilities): $66
  • Cell Phones: $120
  • Netflix: $24 (yep, they raised it again…)
  • Amazon Prime: ~$15–20
  • Food: Not calculated yet – trying to keep it healthy for my family, but I need help budgeting this part too
Income:
  • I make $4,240/monthfrom my full-time job
    • Paid weekly, about $660/week
    • ~$22–23/hour, 40 hrs/week
  • VA payment: $1,600/month (used for mortgage)
Most bills are due at the end of the month, around the 18th onward.

‍♂️ My Plan & Questions:
  • I’m off work at 3 PM and thinking about picking up a part-time job to throw at the credit cards
  • Would love if someone could help me create a worksheet or plan to pay everything off – especially the credit cards first
  • I just feel stuck right now and could use a structured plan to follow

Thanks in advance to anyone who reads all this and offers advice – I’m really trying to get ahead and do what’s best for my family.
 
Last edited by a moderator:
Prioritize High-Interest Debt: Focus all extra cash on CC2 (smaller balance, same 23% rate) for quick wins, then CC1. Cut nonessentials (Netflix/Prime) to free $40+/month. Track food costs (aim ≤$600). Sell car only if profit covers loan + replacement without 401k use. Use part-time income solely for debt. Create a zero-based budget: every dollar assigned. Avoid new debt.
 
And I've only been able to pay just above minimum. But after adding a couple of other things, $913 is left, not including food. And I'm feeding 4 6 people, depending on whether they have any money. And this doesn't include any credit card payments.
 
Don’t even think about touching your 401k. There’s a penalty for that. Cut the extras Netflix, Amazon Prime, all that stuff that’s not essential. Bring in more money, maybe a second job, and throw every extra dollar at your debt.
 
Back
Top