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You have the following debts: Student loan balance of $17,000 at 5.25% interest, with payments of $225 per month Visa balance of $800.00 at 18%
You have the following debts:
- Student loan balance of $17,000 at 5.25% interest, with payments of $225 per month
- Visa balance of $800.00 at 18% interest, with a minimum monthly payment of $32.00
- Car loan balance of $5,500, with monthly payments of $175
- Department store credit card balance of $300 at 24% interest, minimum monthly payments of $25
By paying all of your expenses and living on a very tight budget, you stopped all the little leaks and now have an extra $300 each month and $1,000 in your emergency fund. You now are at war with your debts. Structure a repayment plan, listing the order in which you will pay off debts and when they will be paid off.
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