I really understand the feeling of wanting to kick yourself for all the wasted time and money. If I get raises in the coming years, and get extra money from side hustles here and there, I think I can shave at least six months off of that. And paying only the minimums on everything, I'm 36 months away from being debt free. I actually gave up a bunch of 0% promos I had for 6-8 more months on most of my cards, but the psychological win by zeroing out the balances and clearing the deck, simplifying it, was worth the trade-off to me personally-other people probably would have advised against it.Īnd yeah snowball is really just the same where it makes (only slightly) less financial sense because yeah you are not optimally paying against your highest interest rates first, but I've got some student loans now that are down to like $1700 and knocking those out and freeing their attendant $108+ payments per month, will give me that psychological win and help keep wind in my sails, hopefully.īut at the very least, by zeroing out the credit cards and keeping them there, I've stemmed the bleeding. My interest rate is decent on the Marcus loan, with auto-pay on, its 5.74%. Once all the credit cards reported to the bureaus that they all had $0 balances, even though there was a new fixed loan on my credit report for the same total amount, within two months I was at 830-840 FICOs for all three bureaus. My FICO scores were pretty good, I think when I got the consolidation loan my scores were in the 780 range across the three bureaus.ĪFTER consolidating? Holy shit.
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