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MellyMel86 t1_iujuf0l wrote

Start off with a budget. You need to know where you are to know where you’re going

8

Jaded_Cryptographer t1_iujt5qd wrote

Paying it is the best course of action.

You haven't provided enough information to offer any other solution.

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dbot77 OP t1_iujtgcw wrote

As the title states, too much debt. As in not enough to cover the payments on the debt.

−7

Baby_Hippos_Swimming t1_iuju19p wrote

If you can't meet your minimum payments you have an income problem more than a debt problem.

9

Purplekeyboard t1_iuk4my5 wrote

Stop borrowing money. Stop spending more than you make. Spend less than you make, and pay off the debt.

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Baby_Hippos_Swimming t1_iujty6i wrote

Use the snowball or avalanche method to start paying it off.

2

dbot77 OP t1_iujvi7s wrote

I’ve never heard of this method. Can you describe it?

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Baby_Hippos_Swimming t1_iujvsu8 wrote

  • snowball - pay off debts one at a time, smallest to largest.

  • avalanche method - pay off debts one at a time, highest interest rate to lowest interest rate

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dbot77 OP t1_iujy6cx wrote

Thanks for the help brother

1

Fearless_Hedgehog_21 t1_iuk41cz wrote

Get a weekend part-time job to help cover the expenses and get everything paid off. Work with a financial advisor and make a budget. There’s a ton of resources that you can use on social media or just googling it. Dave Ramsey does the avalanche/snowball method. I don’t agree with everything he says to do but it’s a decent place to start.

2