"From this Redditor, we know they have approximately $10,700 in a Wealthfront account currently earning 4.80% APY. In addition to the savings account, they also carry around $7,423 in credit card debt, which is the crux of the issue. As far as bills go, she pays roughly $4,200 for her mortgage, HOA, car, electric, insurance, phone, gas, groceries, animals, hair, and nails. Unfortunately, this amount does not account for paying off debt, of which she is paying roughly $200 each to three different cards."
"At 49 years old, she takes home around $6,578 monthly after taxes and has approximately $455,000 in a 401 (k) account. Every pay period, she contributes another 12% of her pay to said retirement account, so the hope is that she'll have her mortgage paid off in another 5 years and can start adding more to her savings."
"Everyone has an opinion about paying off debt, and likely not for the wrong reasons. While there is no one answer for how to pay off debt, there are some instances in which it's pretty easy to give the right advice. What I love about this post and others like it is that credit card debt is not uncommon, and everyone has a different system and understanding of how best to pay it off."
An individual holds about $10,700 in a Wealthfront account earning 4.80% APY while carrying $7,423 in credit card debt. Monthly take-home pay is roughly $6,578, and monthly living costs total about $4,200 for mortgage, HOA, car, utilities, insurance, phone, gas, groceries, pet care, and personal care. The individual makes payments of about $200 each to three credit cards. Retirement savings total approximately $455,000, with ongoing contributions of 12% of pay. The individual is 49 and expects the mortgage to be paid off in about five years, aiming to increase savings thereafter.
Read at 24/7 Wall St.
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