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| *Loan,banking and credit>>>debt loan |
I make about $51, 000, I owe $31, 000 in credit card debt, $19,000 on my car and $5, 000 in student loans....? |
Should I file for bankruptcy? I am able to make minimum payments on my my bills, but that's all. I have my own apartment so there goes more of my money and I literally live from paycheck to paycheck. I am also a shopoholic. I have recently just started considering bankruptcy. Right now my credit score is not all that bad because my bills are not late. What would be the best move for me in your opinion? I am also not able to get a large personal loan to consolidate so that's out. You made your bed, sleep in it. Your question should have read "I make more than most people, I'm not late on my bills, I'm a shopoholic ... is it okay to be greedy and pass the buck?" - IMHO Think of ur future before u shop, visit a doc to help u out. That's a tough situation. I would start by not accumulating any more debt. You cannot expect to get out of debt if you spend more than you make all the time. You have to quit spending or this will never go away. Cut up your credit cards. Do not use them any more. Ever. Saying you are a "shopoholic" is code for no self control. That's your problem, not your credit card company's. You have to fix that. Now. (Sorry about the "tough love" but it's true) Once you stop digging a hole, you can start to climb out. Keep making the minimum payments, and kick in a little more to whichever debt has the highest interest rate whenever you have a few extra bucks. Then, the next time you get a raise, put the 80% of the raise amount toward your debt EVERY MONTH. That way, you get to spend 20% of your raise, and 80% goes to getting you out of your hole. Keep in mind it is your hole to get out of, and bankruptcy hurts. A lot. For a long time. Good luck! if your credit isnt bad yet...DO NOT FILE BANKRUPTCY!!! Its such an easy way out, it seems, but it will bite you in the *** for years to come, and now that the laws have changed, you will have to pay it back eventually anway. Your debt isnt thaht bad, honey. Think about people with homes, that are 100, 000 plus. Dont give up, but you have to stop shopping. Sorry, take reponsiblity. and then you need to either move in with a roomate to share expenses, live with your parents or family til u can catch up, or find a way to cut back somewhere. Since your credit isnt bad, there has to be a way to refinace or do something to help you not pay as much interest, to make your balances go down faster. Good luck!!! And maybe even get a seconnd job!!! NO I don't think you should file bankruptcy but start paying as much as you can on the highest interest cc, oh first see if you can get any 0 interest cc if yes transfer as many as you can, then you pay the one with the higest interest, go down the line until they are all paid off. Cut the cards up but still make the payments. We all live paycheck to paycheck and I don't make 51K, sure would like to though. Maybe get a roommate, and the school loan don't they kinda give you a break as far as a low payment? Call Suzi Ortman(something like that) she will tell you what to do, good luck one word bankruptcy Assuming from now on that u will only carry 1 credit card (cc) for emergencies and that you will use something like quickento track your spending and show you ur (lack of) net worth. 1st - if ur credit is not bad then grab a couple of those 0% transfer opportunity credit cards for 12 months. (read the fine print 1st!) and then transfer ur cc balances to those. 2nd - make the min pmnts on those cc's 3rd - if you need the car for work then keep paying the mnthly due. 4th - call ur student loan holder. explain that you need a reprieve for a few months. Maybe you can just pay the interest for a few months. 5th - depending on the outcome of 4th, throw the new found money at the cc companies to pay those balances off b4 the year is up. 6th - if u can't complete th e5th step in 1 yr then be on the lookout for other similar cc offers (from different companies though) after about 6-7 months. Then you can transfer the balances again and have another 12 months to pay them off. 7th - once u get the cc paid off, then pay more on the car. b/c you can't deduct any of the interest on it. 8th - check ur net worth every now and then. u s/ gain more self esteem by watching it go from neg to pos over time and this will make you happier than buying everything under the sun. |
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