I played myself and got into larger credit card debt then I anticipated. Accumulated almost $10k while my private student loans is roughly the same. Fortunately, my family is based in NYC and only 30 mins away from the city. I plan to stay with them still until I get the debt under control. Right now it seems I'll be able to pay off all my CC in about 4 months if I go H.A.M.
However, my dilemma is after the CC debt is gone, should I continue to live with my family to go H.A.M on the private student loans or save up to move into my own place? On one hand, I'll be semi debt free by the time I move out and can start saving/growing my investment account again. On the other, I can finally get my own place but at the expense of paying off the private student loans slowly.
Any tips on how to approach this would be great!
EDIT: Forgot to add. If I do get my own place, the plan is to move in with my gf. We discussed I'll pay the rent, while she pays for everything else. Don't know if this helps in making a decision, but adds more color in the pic.
Unless you'll have a mental breakdown living with your parents, or your GF will leave you, or you'll lose your job, or some unacceptable downgrade in your quality of life, I'd suck it up, live with them for a while to pay off loans/build up a reserve, and then move in with the GF.
Yeah, I would work my ass off and pay off those loan then save up for a security deposit and move out.
The main draw of having your own place as a young kid is to have a place to bring dates back to. But you already seem to have a long term gf, so I would keep living with family and save.
Unless you really dislike living at home or feel it is hurting your relationship, why not take advantage of saving?
As an aside, dating just one girl when you’re young is something I always thought was insane, especially living in nyc. Are you under 23?
Yea decided to stay with my family until I clear up my debt. Almost there in finishing off my CC!
I just turned 24 lol. It helps that both of us suffered some serious family situation(s) on both of our sides while dating. It unconsciously made us take our relationship/life more serious, and helped us connect further in a way.
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