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$71,000 in debt is a lot. At 7% for 10 years that is $824/month and in the end you will pay $28,000 in interest. Could be worse. My doctor has loans over $200,000. The best thing to do is not take on any new loans. No credit cards or new cars. Use extra money from tax returns, overtime, bonuses, etc to pay the high the highest rates first. As suggested, consolidate if possible. Live as cheaply as you can. Get a roomate, bring your lunch to work, no dinners out, no mods to your car and shop at thrift stores. Marry some one with money.
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10-31-2009, 09:10 AM
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