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Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: The Plan||Date: 1/27/2014 7:56 PM|
|Author: aj485||Number: 307734 of 309234|
I have a $10k signature loan. (I bought my mother a car and gave her some money to help until my fathers will and their savings account is out of probate. He just died last month. It's a brand new loan)
I have 2 cards with $0 balances and one with about $10k.
I owe about $16k on my car still (had to get a new one after the divorce, as the other was in his name.)
Sorry for your loss.
So, if I read this correctly, you have:
Sig loan $10,000
So, I'm going back to school part time, to get the GI Bill and all of that will go to the credit card, along with a bit from my paycheck. My GI Bill runs out in September.
I will pay the regular loan payment and car payment until the credit card is finish. I will have a $0 balance by December.
Then I'll put whatever I was paying on the credit card toward the loan.
The car and loan will both be paid off around mid-2016.
Sorry, I'm not seeing how your math is working, unless both your car loan and your signature loan were going to be paid off in late 2016 or early 2017 anyway.
You are getting extra money from the GI Bill that will run out in September. With that extra money, you are going to be able to pay off about $10k in credit card principal, while making minimum payments on your car loan and your signature loan, right?
How much of the money that you are using to pay off the credit card bill will be coming from the GI Bill? And what will replace the GI Bill money once it runs out? Because that's what I'm not getting - if the money available to pay off debts is decreasing, how are you going to put what you were paying toward the credit card into paying off the signature loan? You might be able to put what had been the minimum payment of, say, $100 - $300, toward the signature loan, but on a balance of $10k, that's not going to pay the debt down a lot faster.
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