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Hi,
I'm a 21 year old in Galway.. Graduated last year and work as an accountant on 28.5k per annum which works out round 2050 net a month plus overtime.
I basically fell into the debt trap, so annoying looking back but that's life..
Currently, my debt situation is..
2500 loan in aib, 240 a month over 1 years. 1600 left to pay
2000 loan in aib, 70 a month over 3 years. 1870 left to pay
1700 overdraft in ulsterbank, standing order of 250 a month into this
600 overdraft in aib where salary is paid to.. -600 is my "zero" balance every month.
5770 euro of debt and 560 towards it each month currently.. i want to pay around 650 a month so that's an extra 90 to put somewhere.
what should i do?
should i extend one of the loans by 600 and cancel the overdraft on my current account?
maybe increase the payments on the 3 year loan? i don't really mind the idea of paying 70 for 3 years to be honest.. or should i definately get rid of it sooner?
another query, if and when i get rid of most of this debt (hoping before christmas), is it stupid of me to be thinking i'd like to then get a 15k car loan over 5 years.. repayments would be roughly 300 a month plus another 300 on insurance, tax, petrol etc. i currently pay about 350 towards my car a month.. car has no residual value.
is a 5 year loan for a car foolish? anyways, thanks for reading.. my financial situation is bugging me so any advice would be appreciated.
I'm a 21 year old in Galway.. Graduated last year and work as an accountant on 28.5k per annum which works out round 2050 net a month plus overtime.
I basically fell into the debt trap, so annoying looking back but that's life..
Currently, my debt situation is..
2500 loan in aib, 240 a month over 1 years. 1600 left to pay
2000 loan in aib, 70 a month over 3 years. 1870 left to pay
1700 overdraft in ulsterbank, standing order of 250 a month into this
600 overdraft in aib where salary is paid to.. -600 is my "zero" balance every month.
5770 euro of debt and 560 towards it each month currently.. i want to pay around 650 a month so that's an extra 90 to put somewhere.
what should i do?
should i extend one of the loans by 600 and cancel the overdraft on my current account?
maybe increase the payments on the 3 year loan? i don't really mind the idea of paying 70 for 3 years to be honest.. or should i definately get rid of it sooner?
another query, if and when i get rid of most of this debt (hoping before christmas), is it stupid of me to be thinking i'd like to then get a 15k car loan over 5 years.. repayments would be roughly 300 a month plus another 300 on insurance, tax, petrol etc. i currently pay about 350 towards my car a month.. car has no residual value.
is a 5 year loan for a car foolish? anyways, thanks for reading.. my financial situation is bugging me so any advice would be appreciated.