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I did get the job and moved back to Tennessee in the middle of August. I went from $60,000 to $56,000, but I'm clearing about $200/month between the no state or county income taxes and much cheaper insurance. Net pay is $3408/monthly.
I also got an unexpected mini-windfall. My grandparents had taken out a life insurance policy on me as a baby that I was unaware of. My grandmother has been paying on that for years now and I'm 30. She cashed it out and gave it to me, which was about $8,000. The idea was that she was going to keep it a secret until I wanted to buy a house and give it to me for part of a downpayment, but that's not happening any time soon. I've saved around $1,500 of that for its taxes and put the rest on the credit cards. I feel kind of bad about not using it for a downpayment but I'm not in the shape to buy a house right now and frankly not sure I will in this area.
Right now, I'm staying with my parents and paying half the utilities for the house and buying things to fix up the house. We've cleaned up the garage and I'm going to buy some flooring, paint, and a toilet/sink for the basement. I've probably spent $1,000 on home repairs in lieu of rent since I've been back. They are wanting to sell the house in a couple of years and downsize - dad and me are doing most of the work ourselves. It's a real learning experience.
The move itself probably cost $700 for gas for all the vehicles and the truck, which all went on the cards - I was between $12,500 - $13,000 deep in the CCs when I moved back on top of everything else - the minimum payments were around $250/month with finance charges of $180/month or so. The Discover balance was about $5,500 initially and that's completely paid off now, and the AMEX is down to about $3,000 from $7,000. My goal is to have the AMEX paid off by the first paycheck of December as December will be a three paycheck month. All told I've paid off about $10,000 in CC debt since the last post, and I've also had to buy a new set of tires and have some maintenance done on the car.
I left the apartment with notice but told them I was losing my job and could not pay any fees. They sent me an automated bill at the new address for about $2,400 which they said would go to a collection agency in mid-September. I haven't heard anything on this and am just going to let sleeping dogs lie. The manager of the apartment complex said they had a waiting list for tenants to get in and since the apartment was left in fine condition, I'm not sure they'll even pursue it. If something does happen, I'll address it later.
The car is still about $3k-$4k underwater with payments going out to June 2019. At this point, I'm kind of torn on whether to sell this car and buy something cheaper outright, or try to aggressively pay the car off. I don't want to sell it then buy something for $5k-$7k that's constantly in the shop, but I also don't want to drag these car payments on longer than I have to. I need access to a pick up or at least a small SUV so I can haul outdoors stuff and go off road.
Lots of my expenses have gone down substantially. I'm paying $17/month for my part of a YMCA membership instead of the $55/month or so I was paying. No cable and my portion of the internet is about $20. Same thing with the power - we haven't had a power bill hit a $100 and I was routinely paying $125+. I haven't been on any major trips or made major purchases other than the tires. Obviously not going to any events and the associated expenses - I went to 14 NBA games last season after looking at my Facebook check ins. They were all balcony tickets, so less than $10/ea., but when you go to a game like that you're bound to get something to eat and a couple beers or something.
I've noticed a few things since I've been back.
1) My food bill/drinking bills had to have been much higher than I thought. I'm probably eating out half as much as or less as I was, and when I do eat out, it's much less. I was going to Wild Wings for $20-$30 at least once a week, the brewery on Sundays was $20-$30. Sometimes I'd go out with buddies after work and that would be $20-$30. I was eating anywhere that was new or interesting. If I went to a ball game downtown, I'd usually stop and get something decent to eat then drink. I like to eat and drink out and all my friends did as well and I lived in an affluent area.
I'd buy groceries then they'd go bad because I was eating out so much. That's not even counting when I was in a relationship and dining out for two. I had lots of food in the apartment that was expired that I meant to eat and never did.
The parents love to go out to eat and I've picked this up from them. It's just the way things were always done in our household. If I want to cook myself something at home and they eat out, they guilt trip me for it.
Around here there aren't as many nice places and most of the people I know here are not doing as well, so there is much less pressure to eat and drink out with all your friends at nice restaurants.
I go out for one nice meal a week, usually by myself on Friday nights.
2) I was going to a lot more events than I thought. This led to more meals out, drinks out, etc. I always use the Facebook check in feature and I have about 100 check ins in downtown Indy - most of those are to ball games and other events. I've been to dozens of basketball and baseball games, and probably five to ten Colts games. Obviously there is nothing like that here so I'm saving money there.
3) I'm still up in the air on this area. My family is here, there is less traffic, more outdoors stuff, etc., but especially going into the winter months there is very little to do here. Not much in the way of indoor stuff for colder months. The dating pool is practically nonexistent. Most of my friends are married or moved off. I left at 26 and most of my high school and college crowd were still in the young adult phase and here - at 30, most people are now "grown up" and those who are interested in moving off have done so.
4) I'm still trying to find things to do in the house and that don't cost a lot of money and slow down. My Facebook shows check ins in over 300 different cities since 2012. I am always on the move and have seen lots more of the country than many of my peers, but that costs money. I used to be a homebody who liked to stay in and play video games, but that changed when I moved to Iowa in 2012. I've been a travel nut ever since and have been almost obsessively going places.
The job is a much better fit overall and I'm quite a bit happier. Just getting these CCs mostly off my back has been a big relief.
Last edited by Serious Conversation; 10-27-2016 at 02:26 PM..
You need to rent a room. I realize you may want your own place, but you've basically just told us that you can't afford it. And yes, get rid of the cable and other stuff.
How many miles are on the car? Can you make it to the end of the loan before it gets to the point of needing lots of big repairs?
Focus on the minutae, like cable........................lol. I less NBA game takes care of cable.
OP would do well to call DAVE RAMSEY to get in gazelle mode.
I did get the job and moved back to Tennessee in the middle of August. I went from $60,000 to $56,000, but I'm clearing about $200/month between the no state or county income taxes and much cheaper insurance. Net pay is $3408/monthly.
I also got an unexpected mini-windfall. My grandparents had taken out a life insurance policy on me as a baby that I was unaware of. My grandmother has been paying on that for years now and I'm 30. She cashed it out and gave it to me, which was about $8,000. The idea was that she was going to keep it a secret until I wanted to buy a house and give it to me for part of a downpayment, but that's not happening any time soon. I've saved around $1,500 of that for its taxes and put the rest on the credit cards. I feel kind of bad about not using it for a downpayment but I'm not in the shape to buy a house right now and frankly not sure I will in this area.
Right now, I'm staying with my parents and paying half the utilities for the house and buying things to fix up the house. We've cleaned up the garage and I'm going to buy some flooring, paint, and a toilet/sink for the basement. I've probably spent $1,000 on home repairs in lieu of rent since I've been back. They are wanting to sell the house in a couple of years and downsize - dad and me are doing most of the work ourselves. It's a real learning experience.
The move itself probably cost $700 for gas for all the vehicles and the truck, which all went on the cards - I was between $12,500 - $13,000 deep in the CCs when I moved back on top of everything else - the minimum payments were around $250/month with finance charges of $180/month or so. The Discover balance was about $5,500 initially and that's completely paid off now, and the AMEX is down to about $3,000 from $7,000. My goal is to have the AMEX paid off by the first paycheck of December as December will be a three paycheck month. All told I've paid off about $10,000 in CC debt since the last post, and I've also had to buy a new set of tires and have some maintenance done on the car.
I left the apartment with notice but told them I was losing my job and could not pay any fees. They sent me an automated bill at the new address for about $2,400 which they said would go to a collection agency in mid-September. I haven't heard anything on this and am just going to let sleeping dogs lie. The manager of the apartment complex said they had a waiting list for tenants to get in and since the apartment was left in fine condition, I'm not sure they'll even pursue it. If something does happen, I'll address it later.
The car is still about $3k-$4k underwater with payments going out to June 2019. At this point, I'm kind of torn on whether to sell this car and buy something cheaper outright, or try to aggressively pay the car off. I don't want to sell it then buy something for $5k-$7k that's constantly in the shop, but I also don't want to drag these car payments on longer than I have to. I need access to a pick up or at least a small SUV so I can haul outdoors stuff and go off road.
Lots of my expenses have gone down substantially. I'm paying $17/month for my part of a YMCA membership instead of the $55/month or so I was paying. No cable and my portion of the internet is about $20. Same thing with the power - we haven't had a power bill hit a $100 and I was routinely paying $125+. I haven't been on any major trips or made major purchases other than the tires. Obviously not going to any events and the associated expenses - I went to 14 NBA games last season after looking at my Facebook check ins. They were all balcony tickets, so less than $10/ea., but when you go to a game like that you're bound to get something to eat and a couple beers or something.
I've noticed a few things since I've been back.
1) My food bill/drinking bills had to have been much higher than I thought. I'm probably eating out half as much as or less as I was, and when I do eat out, it's much less. I was going to Wild Wings for $20-$30 at least once a week, the brewery on Sundays was $20-$30. Sometimes I'd go out with buddies after work and that would be $20-$30. I was eating anywhere that was new or interesting. If I went to a ball game downtown, I'd usually stop and get something decent to eat then drink. I like to eat and drink out and all my friends did as well and I lived in an affluent area.
I'd buy groceries then they'd go bad because I was eating out so much. That's not even counting when I was in a relationship and dining out for two. I had lots of food in the apartment that was expired that I meant to eat and never did.
The parents love to go out to eat and I've picked this up from them. It's just the way things were always done in our household. If I want to cook myself something at home and they eat out, they guilt trip me for it.
Around here there aren't as many nice places and most of the people I know here are not doing as well, so there is much less pressure to eat and drink out with all your friends at nice restaurants.
I go out for one nice meal a week, usually by myself on Friday nights.
2) I was going to a lot more events than I thought. This led to more meals out, drinks out, etc. I always use the Facebook check in feature and I have about 100 check ins in downtown Indy - most of those are to ball games and other events. I've been to dozens of basketball and baseball games, and probably five to ten Colts games. Obviously there is nothing like that here so I'm saving money there.
3) I'm still up in the air on this area. My family is here, there is less traffic, more outdoors stuff, etc., but especially going into the winter months there is very little to do here. Not much in the way of indoor stuff for colder months. The dating pool is practically nonexistent. Most of my friends are married or moved off. I left at 26 and most of my high school and college crowd were still in the young adult phase and here - at 30, most people are now "grown up" and those who are interested in moving off have done so.
4) I'm still trying to find things to do in the house and that don't cost a lot of money and slow down. My Facebook shows check ins in over 300 different cities since 2012. I am always on the move and have seen lots more of the country than many of my peers, but that costs money. I used to be a homebody who liked to stay in and play video games, but that changed when I moved to Iowa in 2012. I've been a travel nut ever since and have been almost obsessively going places.
The job is a much better fit overall and I'm quite a bit happier. Just getting these CCs mostly off my back has been a big relief.
You're done a great job getting yourself on the right track, congratulations! Once you pay off your debt, travel can again be an option for you. Do your time at this good job and in a couple of years, you should be more marketable should you want to move to an area where there is more going and more to do. You'll be in a much better position both economically and career-wise to establish yourself.
I did get the job and moved back to Tennessee in the middle of August. I went from $60,000 to $56,000, but I'm clearing about $200/month between the no state or county income taxes and much cheaper insurance. Net pay is $3408/monthly.
I also got an unexpected mini-windfall. My grandparents had taken out a life insurance policy on me as a baby that I was unaware of. My grandmother has been paying on that for years now and I'm 30. She cashed it out and gave it to me, which was about $8,000. The idea was that she was going to keep it a secret until I wanted to buy a house and give it to me for part of a downpayment, but that's not happening any time soon. I've saved around $1,500 of that for its taxes and put the rest on the credit cards. I feel kind of bad about not using it for a downpayment but I'm not in the shape to buy a house right now and frankly not sure I will in this area.
Right now, I'm staying with my parents and paying half the utilities for the house and buying things to fix up the house. We've cleaned up the garage and I'm going to buy some flooring, paint, and a toilet/sink for the basement. I've probably spent $1,000 on home repairs in lieu of rent since I've been back. They are wanting to sell the house in a couple of years and downsize - dad and me are doing most of the work ourselves. It's a real learning experience.
The move itself probably cost $700 for gas for all the vehicles and the truck, which all went on the cards - I was between $12,500 - $13,000 deep in the CCs when I moved back on top of everything else - the minimum payments were around $250/month with finance charges of $180/month or so. The Discover balance was about $5,500 initially and that's completely paid off now, and the AMEX is down to about $3,000 from $7,000. My goal is to have the AMEX paid off by the first paycheck of December as December will be a three paycheck month. All told I've paid off about $10,000 in CC debt since the last post, and I've also had to buy a new set of tires and have some maintenance done on the car.
I left the apartment with notice but told them I was losing my job and could not pay any fees. They sent me an automated bill at the new address for about $2,400 which they said would go to a collection agency in mid-September. I haven't heard anything on this and am just going to let sleeping dogs lie. The manager of the apartment complex said they had a waiting list for tenants to get in and since the apartment was left in fine condition, I'm not sure they'll even pursue it. If something does happen, I'll address it later.
The car is still about $3k-$4k underwater with payments going out to June 2019. At this point, I'm kind of torn on whether to sell this car and buy something cheaper outright, or try to aggressively pay the car off. I don't want to sell it then buy something for $5k-$7k that's constantly in the shop, but I also don't want to drag these car payments on longer than I have to. I need access to a pick up or at least a small SUV so I can haul outdoors stuff and go off road.
Lots of my expenses have gone down substantially. I'm paying $17/month for my part of a YMCA membership instead of the $55/month or so I was paying. No cable and my portion of the internet is about $20. Same thing with the power - we haven't had a power bill hit a $100 and I was routinely paying $125+. I haven't been on any major trips or made major purchases other than the tires. Obviously not going to any events and the associated expenses - I went to 14 NBA games last season after looking at my Facebook check ins. They were all balcony tickets, so less than $10/ea., but when you go to a game like that you're bound to get something to eat and a couple beers or something.
I've noticed a few things since I've been back.
1) My food bill/drinking bills had to have been much higher than I thought. I'm probably eating out half as much as or less as I was, and when I do eat out, it's much less. I was going to Wild Wings for $20-$30 at least once a week, the brewery on Sundays was $20-$30. Sometimes I'd go out with buddies after work and that would be $20-$30. I was eating anywhere that was new or interesting. If I went to a ball game downtown, I'd usually stop and get something decent to eat then drink. I like to eat and drink out and all my friends did as well and I lived in an affluent area.
I'd buy groceries then they'd go bad because I was eating out so much. That's not even counting when I was in a relationship and dining out for two. I had lots of food in the apartment that was expired that I meant to eat and never did.
The parents love to go out to eat and I've picked this up from them. It's just the way things were always done in our household. If I want to cook myself something at home and they eat out, they guilt trip me for it.
Around here there aren't as many nice places and most of the people I know here are not doing as well, so there is much less pressure to eat and drink out with all your friends at nice restaurants.
I go out for one nice meal a week, usually by myself on Friday nights.
2) I was going to a lot more events than I thought. This led to more meals out, drinks out, etc. I always use the Facebook check in feature and I have about 100 check ins in downtown Indy - most of those are to ball games and other events. I've been to dozens of basketball and baseball games, and probably five to ten Colts games. Obviously there is nothing like that here so I'm saving money there.
3) I'm still up in the air on this area. My family is here, there is less traffic, more outdoors stuff, etc., but especially going into the winter months there is very little to do here. Not much in the way of indoor stuff for colder months. The dating pool is practically nonexistent. Most of my friends are married or moved off. I left at 26 and most of my high school and college crowd were still in the young adult phase and here - at 30, most people are now "grown up" and those who are interested in moving off have done so.
4) I'm still trying to find things to do in the house and that don't cost a lot of money and slow down. My Facebook shows check ins in over 300 different cities since 2012. I am always on the move and have seen lots more of the country than many of my peers, but that costs money. I used to be a homebody who liked to stay in and play video games, but that changed when I moved to Iowa in 2012. I've been a travel nut ever since and have been almost obsessively going places.
The job is a much better fit overall and I'm quite a bit happier. Just getting these CCs mostly off my back has been a big relief.
Thanks for the update.
If you pay off the AMEX in December, you can roll that monthly payment into the personal loan, right? How long would it then take to pay that one off? I would go for that instead of worrying about the car at this point. As I said before, the car is not worth enough at this point to justify selling.
Re: eating out.
I love eating out but am a cheapo till the weekends..
(I do cook but had a phase of eating out)
Do eat out during lunch specials..
Take home leftovers for dinner so you dun have to cook.
If you have places like Wegmans, Ikea etc.. or grocery with cafes..
Buy that Rotisserie chicken, get that cheap Ikea lunch or dinner.. same as eating out and you save tip money.
I share my rotisserie chicken with my dog that I cannot finish.
Take out that $5 pizza.
Take out cheap Chinese lunch.
Etc.
Then you can skip grocery or just buy fruits n snacks that won't go bad.
When there is a will.. there is always a way.
Good luck.
1) Can you sublease one of your rooms to someone and share the rent?
2) Drop the cable "only" if you are not going to go out any blow even more money on something. When you are alone you need something to keep you busy.
3) Do not eat outside. Prepare food at home - if you are not a good cook see some youtube videos. You'll prepare excellent food and it will keep you busy as well.
4) Do not even think about buying a condo.
5) If something breaks in your car google first. I know your current car is OK but if you did this with your last car you probably wouldn't have this mess. Not too late though - if something happens with your current car start fixing small things yourself.
6) Is $55 phone bill is your share? If it is you need to cut that too even though you say you can't. Use skype to talk to your parents or whoever and buy a tracfone or something that will be $10 a month.
7) Cut the Gym altogether - jog a lot it's free. or go to YMCA as you said.
8) Cut your hair yourself. Buy a kit - it'll cost you $30 and will last several years. It's easy after first few times.
I was discussing this situation in another thread on another board, but didn't want the discussion in that thread to focus on me, so I'm posting this here. Here's a breakdown of the situation.
Background: I currently make $60,000 in Indianapolis. 30 and single with no kids. No student loans. Current employment situation is tentative - it isn't going as well as I hoped after four months into it, but no PIP/imminent threat of firing, etc. Indiana certainly isn't my ideal location, but I don't hate it and it's cheap to live here. Ideally want to either move back to Tennessee (Nashville on east) or Florida to drop state income tax, or the Carolinas, and for personal reasons. Last month's FICO was 775, which really proves that it's an "I LOVE DEBT!" score. No late payments of any kind, but my "utilization percentage of revolving credit" is too high I am trying to stay as liquid as I can under the circumstances in the event I lose my job.
I graduated college in 2010 and didn't make more than $30,000 gross in any full year until the middle of 2014. I moved from TN (commute in TN was 100 miles a day) to IA in 2012 sight unseen for a job offer. I bought the second car before moving to IA (no plans of moving then), taking on a payment, then moved a few months later. I had virtually no furniture or anything to start out with, so that went on the cards and with the car payment, I fell behind every month. Some relatives died and I had to make short notice flights back to Tennessee, all on the cards. Hated Iowa and moved back to Tennessee - made at most $13/hr in 2013 while being mostly unemployed during that summer, and then got a $50,000 offer in Indiana in early 2014. Made $52,000 last year and went to $60,000 at my current job, but with a biweekly instead of semi-monthly pay schedule, county taxes paid upfront, and more expensive health insurance, I'm actually clearing less per pay period than at the prior job, but with an additional check (went to paying the cards) in April and one in September.
I've been behind the eight ball virtually the whole way. Combine the years of low income (have been in debt of some type since I graduated) with all the moving/associated expenses (furniture, trucks, fuel, deposits, incidentals, have easily been $5,000 or more - I sold virtually everything when I left IA then repurchased items when I moved to IN), as well as my own poor spending habits, and you have where I am now.
Take home: $3,008/month after FICA/federal withholding/Medicare, state/county income taxes, medical/dental/vision coverage, ADD/$50,000 life insurance policy, and a 6% employer matched 401k contribution. I'm not eligible for overtime, nor can I really take on a defined hours second job as I'm technically on call 24 x 7 x 365.
Rent/power/water/sewer/cable/internet: ~$1,025 on an average power month - will be more in the summer due to poor HVAC. Power usage in July is almost double that of January. Have tried to get the landlord to correct, but they say there is no problem with the air conditioning so I am basically stuck with high summer power bills, even though it takes four hours to drop a 900 sq ft unit four degrees.
Rent alone is $820/month for a 2BR in a comfortable suburb - current lessees actually pay more for the 1BR units. Rent has gone up $100/month since 2014. Lease is locked in through next March. I tried to get a shorter lease term, but the LL would not hear it and any other complex also wanted a year's lease,, or was even more expensive.
Dropping cable would be about a $40 savings off the Comcast bill. Taking on a roommate with my employment situation up in the air doesn't seem practical. All of these utilities are separate bills (other than water/sewer) and nothing is paid by the apartment except trash removal.
I've decided that if I'm still in Indiana by the first of the year - I'm going to try to get a cheap condo or SFH in the $50k - $70k range. This would protect me from future rent increases, give me some cash flow, and allow me to control my living situation better.
Car Payment: 2013 Hyundai Elantra - $489/month Remaining balance: $17,080 Valued about $11k in a private sale. Negative equity is $6,000-$7,000. Payoff date 6/2019. Originally had an old car, traded that for a slightly newer used model and was underwater on that. The second used car cost me several thousand dollars in repairs over a year, which basically went on the cards due to my low income at the time. It kept giving problems and I rolled negative equity from the prior loans into this one. The car was purchased in 2013.
I drive about 20,000 miles a year, so I don't think a lease would work. Being underwater, not sure how that would even work. If I lived in Tennessee or the Carolinas, it would be a much shorter drive to see family.
What are my options here? I could try to refinance it (currently at 4% APR - unlikely to reduce) to buy myself some cash flow. If I sell it and buy a cheaper car, I am going to be paying a higher interest rate for an older, less reliable vehicle, and will still have a deficiency on the current loan.
I'm thinking of just waiting it out until the negative equity clears itself up. I'm halfway through the payment schedule by now. I don't see any good options here.
Car Insurance/Registration: ~$88/month. Insurance was $415/six months through State Farm and last year's registration was $266. Registration should drop nominally this year. Bodily injury/uninsured motorist is at $100k/$300k coverage, property at $50k. This seems wasteful as the only claim I've ever had was for about $1,000 on a bumper five years ago. Registration is unavoidable.
Personal loan: $23,000 balance @ ~12% APR. $517/month. A personal loan at either $10,000 or $15,000 was taken out with Prosper to consolidate existing CC debt back in the summer of 2014. I took out a ~$25,000 line with Lending Club to pay that loan off and most of my other cards in December 2015. I've been hit double on the funding fee.
AMEX/Discover: ~$125 minimum - $4,600 on AMEX, about $1,700 on Discover. I have two other Visa cards, but those are now paid off.
Verizon: $55 - can't really cut this as it is my only phone and having text and mobile email is mandatory for my job. I do not get any stipend for having to use my personal phone/plan for work. Parents and I share a 12GB data plan with unlimited talk/text. Bill is split three ways.
Gym: $55 - I am looking at going back to the YMCA which is about $25 cheaper. I'm a Lifetime Fitness member, but it's extremely crowded in the evening and expensive.
Gas: $100-$125 - unavoidable.
Food: $150-$200/month in what I eat at home. I dine out/drink out at least a few times a week. I'm going to cut most of that out.
Haircut: $20
Using the high end of those amounts, that comes to roughly $2,600, leaving me less than $100/week. I'm probably underestimating the food/household items ("Walmart") bill. I'm locked into the apartment lease for another nine months. Count other household items, clothing, a doctor's visit, or any unexpected expenses, and I'm definitely going in the red each month.
I've already canceled Netflix and a couple other subscription services I had, totaling about $45/month, but that's really negligible compared to the hole I'm in.
With the way the debt it is now, I can't even reliably pay for necessities like food or rent in cash. This month's rent went on the Discover card to pay for the car payment and personal loan with what cash I do have. This is just adding to the pile every month. If something unusual happens (had a staph infection in my arm last month which was cut out - no idea what the urgent care bill will run me), it keeps adding to the pile. If I have to pay for anything unexpected in cash, someone is not getting paid.
So far, I've been able to juggle the balls well enough to keep everything current, but I don't have a lot of faith that will continue. What would you do in this situation?
If you pay off the AMEX in December, you can roll that monthly payment into the personal loan, right? How long would it then take to pay that one off? I would go for that instead of worrying about the car at this point. As I said before, the car is not worth enough at this point to justify selling.
This advice would make DAVE RAMSET cry! Borrow to get out of debt---REALLY?
This advice would make DAVE RAMSET cry! Borrow to get out of debt---REALLY?
Nowhere in his post is ncole advocating that the OP borrow money. He's suggesting getting the credit card debt payed off ASAP, then using that monthly payment to speed up the repayment of the personal loan.
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I am trying to stay as liquid as I can under the circumstances in the event I lose my job. 
Nowhere in his post is ncole advocating that the OP borrow money. He's suggesting getting the credit card debt payed off ASAP, then using that monthly payment to speed up the repayment of the personal loan.
