What should I pay off first?

[melonpants]

Hello! I have been browsing this forum quite some time now, and while my issue isn't as big as the other people here, I would like to ask for your opinion anyway.

I have three credit cards-
475.21 @ 19.99% APR (the introductory 0% APR ends in June)
605.30 @ 20.99% APR
593.81 @ 22.90% APR (the introductory 0% APR ends in June)

I am aiming to have them paid off (if not, then most of it) by the end of May this year. I am going out of the country in June and won't be back for six weeks. After that, I will be out of a job. I was just wondering if it's possible and what is the best way to go about this. My income is about $1,000 per month.

My APRs are high because I just started out with credit. I don't want to pile up on credit card debt in the future so I would like to start doing something about it now, rather than later.

[Bob B.]

I have three credit cards-
475.21 @ 19.99% APR (the introductory 0% APR ends in June)
605.30 @ 20.99% APR
593.81 @ 22.90% APR (the introductory 0% APR ends in June)

I am aiming to have them paid off (if not, then most of it) by the end of May this year. I was just wondering if it's possible and what is the best way to go about this. My income is about $1,000 per month.

Sure, it's possible. The challenge is that you'll have to allocate more than half of your income to CC debt repayment - about $565 per month March, April, and May. Do you have an opportunity to increase your income during that time?

Send minimum payments to the two that are at 0.0, and pay off the 20.99 card as quickly as you can, without taking on more debt.

After that card is paid off, concentrate on the one that will bump up to 22.9%. Send the minimum payment to the 19.99 card, until the other is paid off. You'll end up paying less in interest that way.

Tell us more about why you'll be leaving the country.

[Eagle]

Hello! I have been browsing this forum quite some time now, and while my issue isn't as big as the other people here, I would like to ask for your opinion anyway.

I have three credit cards-
475.21 @ 19.99% APR (the introductory 0% APR ends in June)
605.30 @ 20.99% APR
593.81 @ 22.90% APR (the introductory 0% APR ends in June)

I am aiming to have them paid off (if not, then most of it) by the end of May this year. I am going out of the country in June and won't be back for six weeks. After that, I will be out of a job. I was just wondering if it's possible and what is the best way to go about this. My income is about $1,000 per month.

My APRs are high because I just started out with credit. I don't want to pile up on credit card debt in the future so I would like to start doing something about it now, rather than later.

1. Looks like you need to get another job or a better job. Are you working part-time or full-time?

2. Why are you going out of the country for six weeks?

3. Do you have any savings?

4. What are you monthly expenses? (Cell phone, car insurance, gas, food, rent?)

[melonpants]

Sure, it's possible. The challenge is that you'll have to allocate more than half of your income to CC debt repayment - about $565 per month March, April, and May. Do you have an opportunity to increase your income during that time?

Tell us more about why you'll be leaving the country.

1. Looks like you need to get another job or a better job. Are you working part-time or full-time?

2. Why are you going out of the country for six weeks?

3. Do you have any savings?

4. What are you monthly expenses? (Cell phone, car insurance, gas, food, rent?)

Hello! Thank you for the responses.

During this time, the only way I can increase my income is through babysitting (which is irregular). I am a full-time college student and that $1,000 income is already coming from two jobs. Once I get back, I will be out of both of my jobs but of course I will start looking start looking for a decent paying job.

I will be leaving the country for volunteering purposes, and I plan to save up around $300 per month for that purpose (to pay for my expenses while I am away). I will no longer be a student because this is my last semester.

I do have savings, and if worse comes to worst I can probably take some of the money out and pay for my bills.

Thankfully, I still live with my parents and they do not charge me for rent. They also pay for my phone and my car insurance. I spend about $200/month on food and $200/month on gas. I can probably decrease my food expenses (seeing as that is allotted for when I go out).

I am doing my best not to ask my parents for money. They are already doing so much for me given that they are paying for everything else aside for my credit card bills. I also want to learn how to manage finances on my own so that in the future when I do have to live on my own, I will learn how to manage with little to no debt. Since this is my debt, I would like to take care of it on my own (of course, with advise from you guys!)

[snafu]

'...when I do have to live on my own, I will learn how to manage with little to no debt. Since this is my debt, I would like to take care of it on my own (of course, with advise from you guys!'

You've spent your future income on past purchases...not your smartest decision. Your income will not support those incredibly high interest rates. How much of $ 605.30 balance @ 21% reflects purchases you still use and what is interest? I'm confident you can clear those balances if you follow the advice given and throw those CCs in the fridge freezer.

When you return, before leaving parental home as an adult, you will need to work out a spending plan. That will give you the opportunity to manage your finances rather than have financal constrictions manage you.

[melonpants]

You've spent your future income on past purchases...not your smartest decision. Your income will not support those incredibly high interest rates. How much of $ 605.30 balance @ 21% reflects purchases you still use and what is interest? I'm confident you can clear those balances if you follow the advice given and throw those CCs in the fridge freezer.

That is why I am here, to change that. I am confident that I can clear them as well. It's not really an issue at all. I am just looking for advice for a better way to do so since I'm learning about all these financial stuff on my own.

And that's what I actually did with my CCs, they are stowed away properly in the back of the freezer.

When you return, before leaving parental home as an adult, you will need to work out a spending plan. That will give you the opportunity to manage your finances rather than have financal constrictions manage you.

This is not until "in the future." I didn't mean right after I get back from my trip-- I know for a fact that I am very dependent on my parents and I do appreciate all the help they give me. What I was trying to say is that when I am ready to leave the nest, I want to be able to know how to manage my finances properly so that financial issues won't constrict me.