What strategy to tackle the debt would be best for me? : personalfinance


So, I have $15K in the bank right now. I have $8K in credit card debt on one credit card and that 0% interest thing expires next month. I have another credit card that has $5K in debt on it, this credit card’s 0% interest rate expires in April 2021… I have $2K in medical bills (braces for teeth). I have $11K in student loan debt. Car is paid for and functions fine. Live with a relative for very cheap ($200 a month in rent, I pay for my own food, entertainment, etc). I am able to put away $900 a month, which is why I have been able to hoard up $15K in the bank. I work for a job that is 100% stable and unaffected by COVID-19.

So, would it be best to just pay off the 2 credit cards ASAP and start building up another savings or would it be wiser to pay off the first credit card since it has its 0% interest rate expiring soon but keeping a few thousand $ in the bank in case of a medial emergency or something? I am tempted to pay off all the credit card debts because it would be nice to not have those anymore but I want some insight. I am probably going to leave the medical debt alone because insurance is still paying every month a little bit towards the braces for my teeth… Any insight is helpful. I want to have $12K saved up by June 2021 and maybe throw a couple thousand in the stock market.



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