There are also wait staff/bartending jobs out there -- again, maybe not ideal, but would offer flexible and expanded scheduling and add much needed additional income.
Many years ago I found myself in a similar situation. Hindsight is always 20/20, but I later wished I had gone to my local bank where I had an established history and great relationship with the people that worked there, and asked about loan options to pay off my credit card debt. I found out that I would have qualified for a loan that would have almost paid off my cc debt, and my montly loan payments would have been 1/4 of what my monthly cc payments were.
I know the loan/banking industry has dramatically changed over the years, but if you or your parents have a good banking relationship (especially with a credit union), you may wish to go in and talk to someone about consolidation loans, etc. You may have to increase your income with another part-time job before you would qualify (or ask your parents to help secure the loan if they're able and/or willing), but it might be worth considering.
Wishing you the best of outcomes...and as someone else mentioned, this too shall pass (even if it is difficult to see any light at the end of the tunnel at this time).
Starting Score January 1, 2010: 640
@haulingthescoreup wrote:
@cantretire wrote:Thanks, Hauling. I was making slow, but steady progress getting my CCs paid down. I was supposed to have them paid off by the end of 2012, (if not earlier), then would start making triple payments on my student loans. My goal was to be completely debt-free around 2020, at age 57.
Then January 30, 2009 came around and I lost my job. I don't know what to do. I had a complete breakdown about a week ago, my first one since losing my job. I feel like I'll never make a decent living again, never get things paid off, never build enough retirement.
What's really, really sad is, I'm one of about 25 million.
What a revealing, and heartbreaking, summary of what has happened in our country over the last several years.
Like so many other people, I used to think that bankruptcy was a tactic employed by losers and cheaters. No more. I've read too many stories here on the boards by people who did what research and HR seminars and financial magazines and "experts" in general told them to do, and then the rug was yanked out from under their feet. It might have been extended unemployment, it might have been devastating medical bills that weren't covered by insurance, it might have been a truly nasty divorce, it might have been a little bit of all three.
You're a bit less than 20 years away from retirement age. You shouldn't have to write off your future at this point. In your position, I would seriously consider bankruptcy. Your student loans can't be discharged (this is only possible in very, very rare circumstances), but there's a lot to be said for starting with a clean slate otherwise. If you do go this route, it would take either 7 or 10 years for it to fall off your reports, but if you read around here, you'll find that people are able to buy cars and even houses before this point. In the meantime, they're back working again, contributing to society, and they're not crushed by debt.
I never thought the day would come when I would nod my head up and down when someone was contemplating filing bankruptcy. But then, I never thought the day would come when I would see that many of the corporations --and corporate executives --who were largely responsible for this devastation would be rescued by taxpayer dollars and are already back to business as usual, with apparently no repercussions.
Your situation might not be right for BK. I don't know if your debts are bad enough to go through all this. But if you have no realistic expectations of your income returning soon, you might not have a choice. If you haven't already, do some reading over on the Bankruptcy forum.
I wish you luck with whatever you decide to do!
I've never had to go through the extreme of bankruptcy, but I agree with everything that you've said. This was a very thoughtful post to a very serious issue that our society is currently facing.
BTW, I may not have gone through bankruptcy, but I have had to deal with charge-offs. This was in the wake of being hit by hurricanes two years in a row -- 2004 and 2005 -- and these really wrecked havoc on my financial life. Some creditors were willing to work with me and I was able to keep the accounts open. Some offered a reduced settlement, so even though I have a CO on my record from them, at least they are paid and done with. But, I had an Orchard Bank card, and they would not work with me AT ALL. I explained that I was the victim of a natural disaster, but they wouldn't budge. No reduced or deferred payments, no settlment offers, nothing. After the 2004 hurricane, it was all I could do to make the minimum payments, and with the interest factored in, the debt never seemed to go down. Then came the 2005 hurricane. With only so much money available to me while I was getting back on my feet yet again, they went the bottom of my priorty list for payment and became a CO. I'm not happy about it, I'm not proud of it, but the fact is that things do, indeed happen; life can throw curveballs.
Sorry for the ramble. But, I just wanted to point out that I do understand what it's like to go through financial hard times due to unexpected life events. So yes, I'm not judgemental about someone deciding to take bankruptcy... for the very reasons that you so eloquently described.
To the OP... please know that my thoughts go out to you and I wish you well. I hope that something turns up for you soon and you are able to get back on solid financial footing.
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