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I have about $4,000 worth of debt. Im 23 and i have been at my job only 4 months and make about 1,300 a month. I dont have bills right now though so i think its best to get rid of my unwanted debt while i can afford to. I would also like a $2,500 cosmetic surgery. I plan on financing it or obtaining a loan large enough to cover the fee and pay off my debt. Would it be worth it pay off a loan for 5yrs if u apply for a $6,000 loan? What kind of loan will decrease my interest rate as i pay my debt off? is there a type of financing that offers a lower rate w/ the promise that i willl apply the loan to my bed credit? What is the best procedure for someone in my position?
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[QUOTE=lucasleva05;258557What is the best procedure for someone in my position?[/QUOTE]
That's an easy question. The best procedure for someone with $4,000 in debt and hardly any income is to live as frugally as you possibly can while looking for a real job. Forget all about borrowing more money, especially for luxury purchases like cosmetic surgery. For that, and for everything short of a home, if you have to finance it, you probably can't afford it.
Your income works out to about $7.50/hour, which is right about minimum wage if I'm not mistaken. I'd certainly be putting all my effort into finding a better job. In the meantime, I'd be looking for a second job to supplement that income.
You say you have no bills which I assume means you are living with your family and they are supporting you. Use that time to pay off your debt and build your emergency savings so that when you get your own place, you have a cushion to fall back on.Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going. -
Forget about cosmetic surgery and look for a better paying job.
If you don’t have any expenses, pay off that 4k asap.Comment
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What they said.Comment
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As a 4 month employee you are likely still on 'probation' and have no employment stability...you can be let go with very little notice. How would you make payments on $4,000. debt while off work recovering from elective surgery?
You need a minimum $ 1,000. emergency fund as fast as possible to protect you from life's unexpected bumps. Add to it as your income increases. What are your prospects for employment with a higher hourly rate?Comment
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While financing isn't always bad (for example if you needed a used car to get to work) but definitely not for something like cosmetic surgery. You say you don't have bills, does that mean nothing at all including rent and food? I assume you mean nothing beyond the basic, which still add up to around $700 leaving almost nothing at the end of the month. As everyone else has said, you need to find a better job asap.Comment
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I was figuring no bills meant still living with mom and dad and being fully supported.Originally posted by Edwin View PostSteve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
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That's what came to mind first but its hard to imagine literally 0 bills even living with parents. But if that's the case then the solution is very simple, go to school.Originally posted by disneysteve View PostComment
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If you're paying $2,500 to have cosmetic surgery because it'll land you a better job with a much better salary then go for it. Otherwise, don't do it. Pay off your debts. Get a better job. Save up for the surgery.Originally posted by lucasleva05 View Post
What type of cosmetic surgery?Comment
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Unless you are correcting a disfigurement that effects your ability to earn a living, I'd hold off for now and pay down your debt.
We aren't talking breast implants for $2500. That might be an investment worth going into debt!Comment
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I think you must pay off your debt first then apply for the finance for cosmetic surgery.It would be easy for you to pay one loan at one time.Comment
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I think that for your situation may be you should pay off your debt whilst your outgoings are at a minimum as this debt may increase, if the cosmetic surgery can be put of while you pay of your debt then I think you should - i went to my citizens advice bureau for help and advice and they pointed me the right direction.Comment
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That's probably the one good advantage about being women, they can change their fate in matters of few thousands dollars. I'd seen low cost work that turn out looking great. And I do agree that it is a great investment as good looking women tend to make a lot more than other people and usually get better jobs.Originally posted by wincrasher View PostComment
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Actually, the same is true for men according to various studies. Better looking people earn more across the board, male and female.Originally posted by nick__45 View PostSteve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
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