Im M21 drowning in payments. I just did the math i have a total of 8k of debt. Seems like not that much but i have payments comming out at least 10 times a month. and it eats my whole paycheck. I understand debt is bad now but i was irresponable when i first got these accounts
Ive havent had any new charges on these accounts for nearly 9 months so i understand and am better about not using credit anymore but the interest is just eating me up. ive been paying on a discover card with a 2k limit for over a year and its only about 100 under its max even though i havent added any charges. If a minimum payment is like 50 bucks I try to do more but sometimes i cant if i do more i pay 60-70 sometimes if i have extra money ill throw 100 or 150 but the interest accruing is just so discouraging especially with all of the payments comming out thru the month its exhausting to keep track of
That brings me to today
I bank with wells fargo. I applied for a debt consolidation loan and they returned to little history (im almost 22 and ive had mutiple credit accounts since the day i turned 18 [ i know its bad]) And that my credit limits are to high.
WELL THATS WHAT DEBT CONSOLIDATION IS FOR ITS TO GET RID OF TONS OF DEBT and i just feel super discouraged because ive been really good about no new charges and this and that but the interest and numbers arent going down they only go up....
I would rather pay a few more bucks and have to keep track of less debts and pay my fare share of interest to the consolidation company but all of my debt right now is at litterally the highest apr
Do you guys have any suggestions
im dont keeping track of 10 different debts... and i just want to consolidate into 1 debt that i can chunk down every month