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My get out of debt plan.


lweingart
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The last post in this topic was posted 1365 days ago. 

 

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Here is my plan to get out of cc debt by the end of the year.

 

Me: scores in 650's

$2500 balance on truck $360 month.

$11k in CC debt $400 per month min.

Positive Cash flow of $600 per month

 

Wife: scores in low 600's

$6500 CC debt $440 per month min.

Positive Cash flow $0 per month

 

Wife can get a loan for $8500 with a 36 month payment of $320.

I pay off her credit cards and my truck.

Sell my truck for $8k.

Thake that $8k and pay off most of my cards. Leaving me with $2400 to owe still.

 

Positive Cash flow for me will now be around $1000 to pay off the $2400 in 2.5 months.

 

Then attack the new loan with the $1000 cash flow untill paid off.

 

Good plan??

 

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Pay off highest interest rate first. Sell the truck if you don't need it, but not sure why you would need to pay it off before selling? I guess that can make selling easier to a private party when you have the title in hand.

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I have my truck loan threw dcu the only way to sell is it to pay it off and get the title. There's not a branch for me to go to and do the paper work whit the buyer.

 

The truck I do not need and have planned on selling it.

 

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