26 y/o female, Navy enlisted four year veteran.
5500 dollars in personal credit card and loan debt.
1100 dollars worth of bills every month (636 towards car, insurance etc. monthly bills towards debt are 464).
1600 dollars a month income approximately 9 months out of the year from GI Bill.
I was with the US Navy as an active duty enlisted member for four years. I managed to save very little during this time because I was paying off previous student loans towards a degree which I didn’t complete.
Now, I am out and dedicated to my schooling 100% with the new GI Bill. I am unemployed, but the GI Bill pays me approximately 1600 dollars a month to go to school full time and maintain good grades.
However, I have approximately 5,500 dollars of credit card/ personal loan debt. I also have a car payment, but I have removed that from my overall personal debt calculation because it is a form of investment.
I make 1600 a month (when in school, so there are two to three months of the year I see no check), and I have 1100 dollars a month worth of payments to make for all of my bills. If I was debt free, it would only be about 600 a month. Being unemployed, with no active credit cards and no desire to accrue more debt, how can I pay this off quickly while stil being able to feed myself?
I have heard that there are free federal debt programs out there, but I’m worried about scams. I want to get out of this little debt quickly so I can start saving my money on a consistent basis again. Any ideas? I am already overpaying on two of the credit cards, and that’s with me rolling quarters for gas.
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