A recovering addict manages to save $15,000 while facing debts of $5,000 in student loans and $10,000 in credit card bills. With $1,000 monthly surplus, the focus must be on high-interest credit card debt, which affects credit scores negatively. Suggesting a significant payment towards this debt can enhance financial health. Additionally, building retirement savings is crucial after previous withdrawals. Long-term goals should include saving for a home, balancing current debts with future aspirations.
Paying off your credit card debt immediately will not only free up your monthly budget but also help improve your credit score by eliminating high interest debt.
Your current focus should be on addressing high-interest debt to reduce long-term financial stress and improve your overall creditworthiness.
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