Quote:
Originally Posted by Luc Lone Ly
I have about 12K in student loans, which are defaulted already.
about 2K in credit card
5k I borrowed from my friend, paying 8% interest every month.
6K from a business partner /
so the total debts add up to 25k .
my day job pays very little .
Thank you
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Your friends interest rate is usury and in many states they loose all of the interest for committing it.
Other than that, pick the highest interest debt and pay that one off first and work yourself down the interest rates, and not by the amount owed.
Lastly do not borrow money you can not pay back quickly.