New Grad Entering Work Force Soon With a Lot of Debt
Hello everyone,
I am in my last semester of college and currently doing interviews for new grad software engineering positions.
As I am getting closer to my dream job and hopefully a very good entry level salary, I’ve been starting to think about the debts I owe and how I am going to pay them. Currently I have 25k in student loans and 10k in credit card debt. I was pretty good with my credit card for some years until these last 6-7 months I got super broke and depressed and buying things was a coping mechanism.
In total I owe about 35k. Any tips for how I should attack this ?
So far I’ve come up with just paying as much as possible as soon as possible. If I get a large sign-on bonus I am going to use it to pay everything off immediately, otherwise I figured I’d just live bare bones for as long as it takes to pay this down. Although, I am not sure if either of these is the best option. Hoping I could get some insight from you all.
Thanks!
comments
Focus on interviews, you can deal with the debts later.
That's how I got myself through college when money was tight.
Start building a rainy day fund immediately. Build 3 months, then 6 months of savings.