So hard to do it

[Anonymous]

So, I've made some stupid decisions and unfortunately, can't seem to get myself out of them.

I have mastercard at 5300, discover $2500, dell $0, walmart $3200, peebles $0, visa.$1500.

I am a mother of a 3 year old and. We seem to have the worse luck when it comes to things. You name it, it has happened!

When I met my finance, we was in the mix of losing his home, as of last year, he finally had a deed in lieu. I was not tied to any of it, he was already way behind for me to help when I met him. Well, we got him past that, found a great house to rent at a decent price. So thinking we can just start over....things came up! This past year, I have spent at least 3k on my dog.., twice due to a serious medical condition.. and both that required emergency surgery... anddddd obviously... thinking about saving my dogs life.... I didn't care.. put it on my card!

This is where it all started.

Then my electricity bill was 800 dollars one month, Somehow all the windows in my house fell about an inch from the top, so I was obviously heating the town. That required me to pay it, then put groceries on the credit card to get by for the week...

The next month it was 650, then 550, and 500. I have no idea, but my small house is expensive to heat.. and it was a cold winter so obviously it was going to be expensive!

and so forth, these things have happened to me all year. Random things.  And I seem to find myself paying minimum payments and turning around buying groceries and gas on my credit card.

And I can't get my credit card payments ANYWHERE it feels like.

I only make about 34,000 and  I have a car payment of $400.  I don't ask my finance for help for any of this, because it's my problem and he pays the entire rent and half the groceries, so he's doing his share.

I'm seriously considering bankruptcy... but feel like a failure for doing so. But I pay my minimum payments/some over the payment to just go no where because all of my interest rates are ridiculous! (over 20%)..

I've looked at getting a debt consolidation loan, but their loan rates are ridiculous too and doesn't help my situation!

I just need advice...

It's a hard pill to swallow for me, but I'm considering doing this so I can have a fresh start and start saving for these events in the future, so I don't have to use the card to pay!

I'm not behind on any of my payments, but like I said. I'm getting no where and it's stressing me out! :/

[CH-7-Mission-Accomplished]

So your credit cards total $12,500 (if I added right).  That really isn't very much money in the grand scheme of things, even on 34K of income -- it's about 4 months of wages.  It will cost you $2000 to hire a BK attorney and pay the filing fee and required classes.

That $400 car payment is killing you.  You need to get rid of it.  Are you upside down on the car?  If not you should sell it.  Go out and by a junker for 2K or take the bus or walk or get a ride with friends.

You need to put away those credit cards and stop using them for "life."  People who don't have credit cards can't use them to pay for expenses they don't have cash to pay.

And you should tell your fiance what's going on and work out a budget for the two of you.  I mean come on, you are a couple now.  

In the worst case scenario, if you have no assets to take -- no bank accounts, real estate owned -- then you would be better to just default on your bills if that were the only alternative.  

At $200/month you could pay off $12,500 in about 5 years.  Get rid of that $400 car payment and use that $400/month to pay off your credit cards and they are paid off in 2.5 years.

I've been bankrupt twice, so I'm not judging you, but I'm telling you that you can work this out.  It's not hopeless.

Do a yard sale.  You can probably sell 2K worth of stuff.  Get a part-time night/evening job.  Take in roommates.  

And once you play the BK wildcard you are locked out for 7 years, so if you have some medical catastrophe that costs you 100K in bills, you won't be able to get out of them.

Good luck!

[Anonymous]

I was thinking along the same lines.   If you have a fiance then you are planning on spending your lives together.   Get together and see where you both are with your finances.   You alluded to the fact that he may not be  good with his either.   Even if you just file, it will affect both of you in the long run.

I've been there feeling overwhelmed with the debt.  I put off filing until last year.    I'm glad that I did it but now that is on my credit for the next 10 years.   Like the other poster said it is manageable,  i know you said you have a 3 year old but could you get a second job?  If so you could put all of that towards the cc bills.   The good thing is that you are not behind yet.  That is why  I think you should try to pay down the debt.   No point in having that bk on your cr for 10 years if you don't have to.

[Anonymous]

I I would love to get a clunker. Only thing is I live in the middle of no where, it takes me an hour to get to work. and there is no public transportation where i live and the roads i take are very dangerous, especially if I were to break down. I only have a year and half left on my car. So I really don't want to start over with that.  Roomates, I don't have the room for and i'm an extreme introvert. Having roommates would seriously make me go crazy. lol. Thank you for telling me my situation is very much doable though. I had a lot of thinking about it. If I can at least get 6k down by next tax season, I could probably pay off the rest with my tax return. :/ it just sucks feeling stuck. I just need to learn to sacrifice, stop the cable/etc..... grrr. the other job sounds good. but i think i'm much better at doing overtime my job versus parttime.Thank you for the advice.

[Anonymous]

Im thinking i'm just really overwhelmed is all. :/

[Anonymous]

If you could get overtime that would be great. Much better than the second job idea. And anywhere you could cut some expenses would help a lot too. Try to not be overwhelmed and if you need more advice just ask! Best of luck to you!