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Thread: Paying off debt

  1. #1
    God/dess
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    Default Paying off debt

    Here is me:

    $5500 in credit card debt.
    $1600 a month in living expenses (being generous)!

    Making $300-400/night dancing. But I'm only dancing 1-2 times a week and could do more.

    I've been promising that I would pay off my debt forever and I've come up with many plans but it hasn't happened.

    I know I can do it. How do I get a hold of my debt?

  2. #2
    Banned Melonie's Avatar
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    Default Re: Paying off debt

    ^^^ set a timetable for yourself, and calculate backwards. For example, if you target being out of debt by the end of 2008, you have 7 months in which to pay off your credit card. This will require a monthly after tax income level of somewhere around $785 (credit card) + $1600 = call it $ 2400. Assuming that you are in the 30% tax bracket, this corresponds to a pre-tax monthly income of around $3500 ... or putting in 10 nights of dancing per month.

  3. #3
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    Default Re: Paying off debt

    If paying off your debt is important to you and you can work more nights, then you should work more nights, and use the extra money to pay off your debt.

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