Paying down Credit cards

[Larry Wilkes]

Hey BP i just have a quick question I am about 6,700 in CC debt I also made a mistake and took out an installment loan with upgrade for 4,000 monthly payment is about 178.00 for about 18 more months left on payments. recently I had left my W2 job, in a three month time frame I used all my savings and had to float a heavy amount of payments toward things that needed paying around the house.  And I am restarting at a new job currently.  I want to know what should I focus on should I bulk pay down my credit cards eliminate the installment loan by paying more on it each month. My problem is I also want to be able to save for a duplex by the end of the year  so I can start my investing journey creating a portfolio of my own. Just looking for some friendly advice would appreciate all advice or even stories of people paying down the debt that they carried before they stepped into the investing journey that that are in today.  

Goal 10,000 saved by the end of 2022 and own a duplex I can house hack. 

[Malcomb Stapel]

@Larry Wilkes  so to sum up:

$6700 in CC debt (at what %)

$4000 installment loan (at $178 a mo)

new job

no savings

I can appreciate your honesty, putting your story out there like that. For what it's worth, I will extend you my honest opinion. When it's time to purchase that duplex, ideally, you will want to do so from a position of financial stability. Currently, your position sounds unstable, and the multiple goals are probably untenable. 

One or two simple goals will generally get you where you want to be faster, as long as you focus on executing on them. For your scenario, if your paying high interest on that CC debt, you goal should be to keep those paychecks coming in and aggressively pay down that $6700.