I currently work as a registered nurse. I’m 24 years old and I make about 2,600/month. I have multiple accounts of debt.
- Credit card with $2,300
- Credit card with 5,600 (no interest for one year)
- Credit card with $2,200 (high interest rate)
- Credit card with $4,600 (high interest rate)
- Car note of $5,900 (high interest rate)
- Car insurance $150/month
- Student loan $100/month
- Rent $1,399 month plus utilities
I’m moving in with my dad starting next month so I can save on rent. I will pay him $250/month. I want to be able to save for emergencies and be able to invest in real estate. My credit was 669 last month (May) and dropped 28 points this month (641). I know that to be able to pay less when purchasing a home I should have a higher credit score. I would like to use real estate as a source of passive income. Also, I would like to go back for my Masters, the program would cost $40k so I would need to take out another loan. Should I?
How can I address these financial issues?
I paid an extra $100 on all of my bills today except my car note because I plan to trade it in later on this year.