Well, except 1. Emergencies right?
I'm sitting at about 16k in debt right now. 13k in credit cards and 3k from a Lending Club loan. Well, I have 19k out on my truck as well, but I'm stuck with that for now. I'm at a crossroads and I would appreciate any kind of advice you guys could give me.
I feel like I am drowning in CC payments right now, sitting at about $700 including the Lending Club loan. So I am looking at another loan to cover everything -- I do have $4800 coming in on Tuesday and another 3k~ from taxes in February.
I am thinking about throwing 3k down on that LC loan, which frees up about $300 a month. That leaves me with $1800 in cash and 3k~ coming from taxes. Do I throw the rest of that onto the credit cards and then roll the remainder up in another loan so I have one payment? Or do I keep the cash in my savings?
Another thing that I have to think about is my daughter who's due in April, and then my wife is taking 6 months off of work. She does have some savings and vacation time saved up to cover her bills, but I have to consider covering around $800 a month in her bills.
I say that I am drowning, but I did just start another job that is $4 an hour more than I was making before, with ample overtime available in the Spring and Summer. She will be off starting in April just when the "season" starts and my overtime will start ramping up. I am not really worried about bills at that point but I want to get this all settled and in a routine before that time comes. I also have a motorcycle that I can liquidate for about $2000.
Any advice? Am I on the right track?
I don't have any late payments right now. No collections. I'm not in a terrible spot, but I am sitting at 655 FICO. I would like to get that above 700 ASAP. I'd like to buy a house in the future.
I guess I am really asking on advice for a loan that would help me do what I need to do. What do you recommend?