Advice on paying down my debt.
Hi everyone. I need some advice on how to best tackle my debt and get rid of it.
Income: $3400/month - After rent, utilities, food, car insurance, phone bill and some ongoing medical expenses, I have about $1000 disposable income a month. Savings: I have $2,000 in my savings in case of an emergency.
DEBT Credit Card 1 - $4359.23; 23% APR Credit Card 2 - $4989.04; 28% APR Afterpay- $106.33 Car Loan - $5000; 8.09% interest (current payment is $123/month).
I know I've dug myself in a hole, but I'm trying to get back on track and am trying to do better.
I haven't eaten out in the last 4 months to minimize expenses. I've stopped all spending on the Credit cards and have no intention on using them once paid off. The afterpay was a one time purchase which will never happen again either.
I am very serious about paying down this debt and any advice on how to best tackle this would be great.
Edit: I forgot to mention that i wasn't sure if I should split the $1000 between the debt or if I should focus on one at a time.