4 private student loans. 1 auto loan. 2 cc's.
Let me start by saying I'm not sinking here - I'm trying to make things better before I do.
My debt portfolio:
$3000 credit line with capital one, 14%, $55 a month.
$300 credit line with orchard bank, 10%, $20 a month.
$79,344 private student loan TOTAL (4 separate loans with AES)
Interest is at 4.25% for each of the 4 loans, $280 a month.
$17,754 auto loan balance, 17.7%, HSBC, $407 a month.
What should I combine? Where do i go?
I want none of these accounts closed or charged off or anything, they are all active and in good standing.
I'm trying to spend a max of $600 a month on all of these...
Help!
Well on your private loans, you are only paying the interest....
Well on your private loans, you are only paying the interest....by my calculations your interest is running $281 per month. I have to assume you are on a temporary payment reduction. Keep in mind that this type of payment is very limited...usually about a year or so. Your payment will jump up sooner or later and you will not have an option to keep that low a payment.
I know that, it sort of doesn't answer the question haha That
I know that, it sort of doesn't answer the question haha
That's what I was saying, how to combine them, make it better etc
You are not going to be able to combine them...that was my point
You are not going to be able to combine them...that was my point. Your car payment is secured and wont budge. Your student loan payment will rise significantly....a 25 year repayment approx $429/month....neither your car payment or the student loan can go thru any debt management plan. So all you have left are two small credit card payments.