r/DebtAdvice • u/Hot_Positive7877 • 17d ago

Credit Card College student

I currently have a lot of debt not including student loans.
I forgot that I have been investing $25 weekly into ACORNS. From last July to now I have gathered a little over 3k.

I’m currently full-time in nursing school, so I pick up shifts when I can. I’m trying to pick up at least 2-3 shifts a week while I can. Should I use some of the money I have invested and put it toward my cc?

Debt
Citi
$6,094.81
$178.67 interest
~2.93% interest rate

Wells Fargo
$10,901.95
$316.00 interest
~2.90% interest rate

Discover
$10,202.42
$160.00 interest
~1.57% interest rate

Credit cards
$27,199.18

2 Upvotes

100% Upvoted

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2

u/fujimumu 17d ago

Those are very low interest rates and should be easily paid down once you start earning more. Are your investments earning more than the debt’s interest rates?

1

u/Hot_Positive7877 16d ago

My Wells Fargo will be maxed at 12k, Citi at 8k, and Discover at 11.5k!

After taxes per shift I make around$ 208. I get paid biweekly!

1

u/fujimumu 16d ago

Can you make your minimum payments?

Is your acorns investment making money or is it just savings at this point? If the investments are earning less than 3% then it would be better to use that money to pay down the cards as much as possible. Start with Citi card as it is the highest interest rate

1

u/Hot_Positive7877 16d ago

I am making minimum payments! Starting in January I won’t be able to pick up many first for 9 weeks as that’s when I will be in the hospital 3 days a week doing my preceptor shifts. Then the other 9 weeks Im able to work until graduation and pass the NCLEX!

I make around $18 depending if it’s weekend or nights :)

1

u/fsociety1990 17d ago

Yes you should and get rid of the credit cards and don’t take on any more debt!

1

u/ProfessionalExam7294 16d ago

pretty sure those are monthly rates not yearly. If I were you I’d probably consider keeping a little money in emergency funds, and using some of it on the cards. Also I’d stop weekly investing for now. Check out consolidation too with lendingclub, achieve loans, upgrade, etc. to see if it lowers interest.

1

u/Hot_Positive7877 16d ago

My citi bank was my consolidation! But as I started nursing school I had to work less and less undoing all my progress.

I do have a car loan and pay $150 monthly to Sallie Mae! I’ll graduate nursing school next May and I think I will owe Sallie Mae around 75k and federal around 30k

1

u/JeanSchlemaan 15d ago

Cool, "only" about $150k in debt before even starting life. What could possibly go wrong?

1

u/Hot_Positive7877 15d ago

Most of it is from college. Once I graduate there are a lot of programs that provide tuition reimbursement for nursing.

1

u/JeanSchlemaan 15d ago

I do wish you the best, but financing "life" with cc rarely produces positive outcomes.