I am officially going to take the plunge and do it. I am going to deplete as much of my emergency fund as I need to and pay OFF my credit cards. I have been contemplating this for awhile now, but I kept saving because I wasn't sure if I was going to have employment once my judicial clerkship ended. Well, I have found a job that starts the day after this one stops. As such, I think that it is time to let go of the money, pay off my debts, and then start rebuilding my emergency fund. In the long run, I think that I will be more satisfied knowing that the only debt I owe is on my student loans.
What's the plan after the debt is repaid?
First, I am going to snowball the money I usually pay on credit cards every month and rebuild my emergency fund back to $3000.00. Once that task is complete, I am going to snowball the money to my student loans. Some of my student loans are at 8% interest because they are private loans; thus, I want to eliminate that debt next. After that, I will have to re-evaluate my situation and determine if I want to continuing tackling my student loans or want to build a bigger emergency fund or exactly what my next goal will be.