16k CC debt plan, thoughts?
hey everyone. i’m 25 yrs old, 5.5years in USAF AD. i’m $16k in cc debt. owned a house at a young age, shit happened and divorce
happened and it racked up quick. i’ve been paying a little over minimum for a few years now and feel like it hasn’t gone anywhere. for some reason today i decided that im going to take care of it and work hard to get debt free. i’m going to take out a $10k TSP loan for 36 months, and move the other $6k to a 0%APR for 18 month cc. (i haven’t spent any money on my cc in over 7+ months and dont plan on adding more). i’m going to put my focus to the $6k cc and pay $600 monthly on that to pay it off in 9 months so it’s interest free while making $300 TSP payments. once the cc is fully paid off i’ll throw the $600 (minimum $300) to the TSP account to hopefully pay it off in 17 months. now i know life happens and what not, so im going to be throwing $400 monthly into a savings to cover any costs that randomly pop up. i will keep my savings at lowest $1500 and then whatever is over that i will continuously dump into the TSP to pay that loan off as soon as possible. i dont want to go the personal loan route as a rate
will be too high, my credit score is 785, i dont feel comfortable doing a settlement as i can still make payments. but lastly ive tried to do debt consolidation but due to car loan and cc debt i’ve tried a few companies and they have denied me multiple times so i came
up with this option as my best possible option to get out of debt with $739 in interest compared to $5.7k+ of interest. thoughts?