Best way to pay off $5000 in CC debt?
I am trying to pay off roughly $5000 in credit card debt spread between three different cards. I am in nursing school and have had to take a step back from my primary job as a teacher due to scheduling constraints but I have accepted an offer to return to one of my previous healthcare jobs with some reduced hours so I still have time to meet my school demands. I’m also a single mom and generally struggling financially with no extra help or outside support from extended family or my daughter’s father. I’ve never had anyone to teach me anything about financial literacy.
The card with the $4000 limit is almost maxed out and has an APR of 25%. I’ve been paying off as much as I can with what’s left over after bills.
I’ve been told that taking out a $5000 personal loan from the credit union or bank with a lower APR of 16% or so and having a fixed payment every month would make more sense than making small payments on this card with all my other bills.
What is the best way to tackle this? I want to aggressively pay it off and I’m committed to budgeting and being very frugal as much as I’m able with this goal in mind. I’m happy to DoorDash or do OF (I know I know) as much as I’m able. This is stressing me beyond belief and my credit score has dropped. I’ve never missed a payment, but I have used like 75% of my total available credit.
Please give me advice. Anything helps.