Hey man I’ve been there. Slow your roll for a few months. Try not to spend on unnecessary things. Sell collection and try to jump out of debt as fast as possible. If you have car than try ubering at night but on weekends for a few hours but don’t lock yourself into car payment.

Try to make payments on all cards on time. Put as much money as you can aside.

Once you pay everything off continue to save.

Work more, spend less. Try to work more days of the week.

That Jeep might net you some good return, even if it needs work.

Maybe look at some of the subscriptions in addition to selling at least some of your collection.

How much would it cost to get the Jeep on the road? If you can sell the Altima you could put any proceeds towards the repairs plus the $311 extra a month towards the cc debt.

Try using either the Avalanche or the Snowball method to bring down your debt. There are YouTube videos that have extensive information on these two methods. Prep your own meals and refrain from going out to eat. Pause all investments including IRAs. Just invest enough of your salary to receive your company's matching contribution for your 401 K. Once you have ended your debt your options will open up immediately to save and invest more aggressively for other endeavors.

Cut out the Hulu, HBO max, Spotify temporarily.

Assuming a monthly budget of $2200, after the expenses you listed, you should have about $1400 left per month. What other bills do you help out with, who pays for your food? Please list everything in your post if you can. Try to make the other expenses a consistent expense, especially if the other members of your household are understanding.

If you’re able to contribute $1000-$1100 a month to first your PayPal and Capital One debt, then your Discover debt, I think it really is possible for you to be credit card debt free by May 2024.

I’d also see if you can get a set amount of the credit card debt paid the second money hits your bank account. It can be very tempting to spend $20 here and there when you see thousands in your bank account.

I don’t really comment on this sub because I really don’t think I’m the most informed to help people, but there aren’t too many other responses here. Hopefully someone more knowledgeable than me can call me out if I’ve given bad info.

All good advice.

To add to this, the mathematically correct (i.e. costs you the least amount of money) method of paying down multiple debts is to throw all disposable income at the highest interest rate debt, so you should figure out which card has the highest APR and pay that down until it's gone, then rinse and repeat with the next highest interest rate debt.

Becoming a dental hygienist via a community college is a great investment if you can put in the time and effort. It looks like the average DH makes something north of 80k, and it's hard to see demand for them decreasing any time soon.

Focus on that Capital One card, as it has high interest and the amount is low enough you will see progress and be motivated to pay it off. Then the Paypal one, which is most likely 20% or higher interest.

Consider selling that 2003 Jeep, you seem to not be using it now because it "needs some work", maybe have it evaluated/appraised and see if its value will increase if you pay to have that work done on it... increase enough to be worth paying for such work. Your insurance may also lower if you no longer own it.

May make more sense to sell it at a small loss and pay your debts because you'll save hundreds or thousands of dollars in interest you would pay over the next year or so. You're paying around $70 interest on just that Capital One card each month.

Do you need a car? One has to go regardless. But if the Nissan is worth more than $15k I'd probably sell it and either fix the jeep or buy a bike. Cancel HBO and Hulu. Get your own phone plan.

Sadly stop spending any significant money on any hobbies until you get this debt cleared.

You're young and this is a very minor speed bump. If you don't have rent to pay you could probably put your head down and bang this out in a year and change. Good luck!

you don't need two.car, sold one you don't use, cancel all subscriptions, if you need one, get amazon prime since it has music, books,and tv. Wifi can be cheaper, or cancel entirely and use cell data. Why pay for four people when you are in so much debt. Going into dental school might be a good idea but can you afford it right now, how much income would you lose by leaving fedex and how much extra for dental school?

what really worries me is why did you accumulate so much debt in the first place. I felt like you are a very impulse driven person, you need to track your spending and if the cards are what fueling.your bad spending habits you need to cut them. You talk about dental school but have not provide a compelling reason why you are taking it

Why does everyone on this sub with money problems have a car loan?

I agree with all of this, however on a personal finance sub, he doesn’t need to provide us any reasoning for his career choices, that’s his decision. If it pays well and looks of interest go for it.

You could cut that cell phone bill in half (saving $100 per month). Look at T-Mobile (plan for 4 is $100/$120), visible and other MVNO (25-30 per person) etc.

That’s an easy one to deal with and net money right away. Apply the saving to pay towards the highest APR card.

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You need a car to get around in most of the country. But having an existing paid off car makes buying a new one (without trying to trade in the old) odd.

Everyone doesn't.

But a lot of them are motivated to post.

Vast majority of American cities are a joke when it comes to public transportation, and a lot of people live where they have little to no access to public transportation. It also doesn't help that not having a car is looked down upon, especially in car centric cities. I am know several people that have access to buses but are far too proud of themselves to be using public transportation, even if that means being constantly in debt for car loans. That's the depressing reality.

One thing I haven't seen - consider taking out student loans if you can get federal loans, and using that money to pay of the high-interest credit card debt.

Dental hygienists make $70-80k, so it is always a good investment.

That 2003 jeep might end up costing more than the newer Nissan to repair and keep running for a significant amount of time tbh

I'm going to be blunt (sorry), but you need to sell the collections to help you minimize this new rough part of your life. Debt can crush you. You also shouldn't have two cards with all that debt. You are young, find a second job. Pay everything off. Those interest rates are no joke. You can do this. Fix it now before it gets worse.

I mean is it a surprise that people who are irresponsible with money have money problems? Kind of a self selecting thing. Why a 22yr old living with his parents needs 2 cars is beyond me but that kind of mentality is why they're in this mess in the first place.

Few thoughts.

How much work does the jeep need? Having a paid off car and a car note when you are in debt isn’t necessary. Get one of those assets off the books.

What is the PC payment and how long is that going to last? Computers today are cheap you could get a decent one for school for $300 or less. This payment reminds me of the predatory commercials that used to run on MTV where people paid $3K over a few years for a $500 computer because the monthly payment was affordable to them.

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OP didn't say what plan he has there's a good chance it's a plan where they include the cost of the phone in the monthly payment. I've done the math every couple of years when I get a new phone and it's cheaper for me to stay at Verizon vs a cheap place if I still get a $1000 new iPhone. Obviously the cheaper places can save a lot of money with older phones.

I sold a ‘00 that needed a good amount of work for $4000 just before the pandemic. I bet it would still be worth the same, if not more, now.

More now probably

That’s okay. You are aware of it now and have to have a plan toward the bigger picture. If you set several goals and commit to what you really want, I promise you it will pay off! Would becoming a FedEx pilot be something that would interest you?

I was 10k in debt too, never paid a cent of it, now I'm out of debt, also would move states and change my phone number like crazy. My credit went from 500 to 680 after all the BS fell off.

Because the popular mindset is a an older car you pay cash for isnt reliable. And/or it is more expensive to repair an older car than just buying something newer.

The reality is people judge each other for the cars they drive and your average person is scared to be seen as the broke ass they are driving a beater. So they make terrible financial decisions buying cars they can't afford and find ways to justify it.

Cars are a status symbol so people frequently buy beyond what they can afford.

Hey, 23 here, don't feel bad, I was more indebt than you at 18, my parents wouldn't co-sign a used car for me and the dealerships wouldn't sell me a used car because I had no credit history. Ended up with around a 28K car loan, which was a $450/m payment + 200/m in full coverage insurance. I was also in the same situation with CC debt as you.

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First step is to get rid of that CC debt, 28.99% on 2,900 is $70.06 a month in interest.

The Discover debt is about to be a problem, as you'll likely be paying around 25% APR on 6k but not until May. However, depending on the terms of your agreement, you might be charged what the interest would have been over the term of the balance transfer e.g.

Assuming 25% APR over 12 months at a 6k balance transfer = about $1600 in interest you'll be charged if not fully paid off by the term date. Additionally it will be at least $125+/m in interest a month regardless, assuming the balance stays the same. You might even consider another balance transfer as the fee would be a lot less than the accumulated interest payment ($100-300) at most.

Call Discover and ask a representative for more information on your situation.

I suggest once you pay them off, cut them up and get a card with a limit if you have an issue with overspending. Otherwise, make it a absolute priority to pay of CC debt at the end of the month and don't fall into the debt trap again.

Similarly, PayPal seems to have a 28.49% APR which on 2,215.80 is $53.35 a month in interest. Though is 0% for 6 months if payed in full on purchases over $99 but with a similar situation to balance transfers, you'll be charged the full 6 months if you don't pay in full. Consider PayPal credit as another CC.

Debt consolidation might be a good option for you, if you can get a good APR. It'll merge all your CC debt into one loan making it easier to pay off.

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1. Make a budget for non-negotiables (Food, Housing, Fuel, etc...) Hobbies and fun need to take a backseat for awhile.
2. Save an emergency fund for rainy days. (2-5k) if possible.
3. Focus everything on paying down the CC debt. (Highest APR to Lowest APR)
4. Consider selling off some assets to cover the debt, short term pain for long term success.
5. Stay the hell away from credit unless you absolutely need it. Like when buying a house or car. Nothing for hobbies or fun should be used with a CC.
6. Pick up extra shifts, or another job temporarily to accelerate your debt payments. I see people suggesting Uber or Door Dash, these are a good option, and allows for flexible hours.
7. Embrace the suck.
8. ?
9. Inherit a one million dollars.

Edit: typo

Should have paid off your debt before making the 401k contributions.

How committed to getting rid of the debt are you? If you are truly committed, at minimum you will sell the Jeep and canel the streaming services.

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Consider putting off the dental program for 6 months to year until you have all your debt paid off. Keep the FedEx job get the Lowe’s job and maybe another. Get everything paid off and money in the bank. Then start the program. With all debt cleared and money in the bank I think you could focus better And maybe get through the program faster

Learn to budget!

Be sure to thank your mom!!! And do more than your fair share of chores!!

Good luck!!!