Have a question about finance?

Am I taking on too much credit card debt?

May 20, 2016
I'm 27 and I work part-time while doing freelance work for a local newspaper. I have three credit cards, with limits of $4,500, $1,100 and $500, respectively. The $1,100 card no longer has a balance, as I transferred the $500 that was on it to the $4500 Amazon card, which currently has a balance of $2,000 total. I use that for my expenditures...

Advisor answers

I'm not fully understanding your financial situation. Based on your question I can't tell if you owe a total of $6,000 or a total of $3,600. Owing $3,600 is much better, of course. But, to answer your question, it looks like you are on the wrong financial track. This is especially true if:

(1) You do not have an emergency savings. You've got more debt than savings!

(2) You live with your parents: If you're at home, none of the debt can be attributed for the expenses associated with living alone.

(3) You do not have children: Th...

Have a question about finance?

Didn't find what you're looking for?

Ask your question and we'll connect you to our network of financial experts for free