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In a bind & really bummed out

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Anonymous
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Re: In a bind & really bummed out


@Anonymous wrote:

Yes-Its-Me, I had a feeling someone would ask me about my line of work. It is kind of embarassing bc I actually work in finance. I mostly do analysis on valuations for private equity firms targeting acquisitions. 


I see..  So no friends or family to bail you out?  At least, you can pay the 9k off on your 401k loan that is your answer as you have 500k.  

Message 41 of 74
Anonymous
Not applicable

Re: In a bind & really bummed out

Yes-Its-Me, my family is my last option if I have no other choice. My parents are well off financially but I just hate the thought of having to ask them for money. I really want to do this on my own without my parent's help. My parent's have no idea that I have paid almost $150K towards my girlfriend's expenses, so I don't know how they will react to that. But if it comes down to it where I have no other options, I will have to bite the bullet and ask my parents to loan me the money. I do feel very grateful that I am fortunate enough to have that option if all else fails. But that was part of the reason I was depressed today...the thought of having to go to my parents for money just makes me feel like a failure in some ways. So that is why I came here to get some advice on how I could possibly get out of this debt on my own. 

Message 42 of 74
Anonymous
Not applicable

Re: In a bind & really bummed out

By the way, I really do appreciate everyone's replies on here. It makes me feel better to just have some people to talk to about this. 

Message 43 of 74
Anonymous
Not applicable

Re: In a bind & really bummed out


@Anonymous wrote:

Yes-Its-Me, my family is my last option if I have no other choice. My parents are well off financially but I just hate the thought of having to ask them for money. I really want to do this on my own without my parent's help. My parent's have no idea that I have paid almost $150K towards my girlfriend's expenses, so I don't know how they will react to that. But if it comes down to it where I have no other options, I will have to bite the bullet and ask my parents to loan me the money. I do feel very grateful that I am fortunate enough to have that option if all else fails. But that was part of the reason I was depressed today...the thought of having to go to my parents for money just makes me feel like a failure in some ways. So that is why I came here to get some advice on how I could possibly get out of this debt on my own. 


Listen and listen carefully... There is no shame at this point asking.  Just ask for the 35k or 9k and do what you have to to get rid of the debt at all cost. Forget about pride but think strategy.  If you have to be on your knees tomorrow begging for a loan from them then off you go.  I understand what you are saying but this is the smartest move than borrowing money at a ridiculous rate.

 

Your family should be your last resort and at this point, you don't have any other options.  Sometimes, you can't win the battle alone but need a small army.  The army now is your parents.

Message 44 of 74
Anonymous
Not applicable

Re: In a bind & really bummed out


@JSS3 wrote:
Cross post Yes-its-Me.

@JSS3,

 

No biggie...

Message 45 of 74
IFtkkdx428
Regular Contributor

Re: In a bind & really bummed out


@Anonymous wrote:

I don't have a financial advisor and doubt I could afford one at this point.


I can't offer any advice, this is all way over my head. However, I work for one of the top 10 banks in the U.S. Our financial advisor will sit down with any of our clients weather you have $100 in your checking account or $250,000. Most customers don't know this service is offered. I imagine we are not the only bank that does this. I recommend you go into your bank, tell them your situation and ask to sit down with their financial advisor to make a plan. I know the first meeting with the advisor is free of charge, however I'm not sure how it would work since no products would be sold. Maybe a hourly charge? Can't hurt to ask, however if the advisor is as good as ours you wouldn't need to see him again after the first meeting, with all the eggs of knowledge he'll crack while mapping out a plan and pointing you in the right direction. Good luck!

Message 46 of 74
Anonymous
Not applicable

Re: In a bind & really bummed out


@Anonymous wrote:

@Anonymous wrote:

Yes-Its-Me, my family is my last option if I have no other choice. My parents are well off financially but I just hate the thought of having to ask them for money. I really want to do this on my own without my parent's help. My parent's have no idea that I have paid almost $150K towards my girlfriend's expenses, so I don't know how they will react to that. But if it comes down to it where I have no other options, I will have to bite the bullet and ask my parents to loan me the money. I do feel very grateful that I am fortunate enough to have that option if all else fails. But that was part of the reason I was depressed today...the thought of having to go to my parents for money just makes me feel like a failure in some ways. So that is why I came here to get some advice on how I could possibly get out of this debt on my own. 


Listen and listen carefully... There is no shame at this point asking.  Just ask for the 35k or 9k and do what you have to to get rid of the debt at all cost. Forget about pride but think strategy.  If you have to be on your knees tomorrow begging for a loan from them then off you go.  I understand what you are saying but this is the smartest move than borrowing money at a ridiculous rate.

 

Your family should be your last resort and at this point, you don't have any other options.  Sometimes, you can't win the battle alone but need a small army.  The army now is your parents.


I would defer here to the OP's instincts rather than being quite so directive!.   Sometimes families are sufficiently toxic that ridiculous rate loans are the smarter move.  But it sounds like  in this case it's not that bad.

Message 47 of 74
Anonymous
Not applicable

Re: In a bind & really bummed out


@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

Yes-Its-Me, my family is my last option if I have no other choice. My parents are well off financially but I just hate the thought of having to ask them for money. I really want to do this on my own without my parent's help. My parent's have no idea that I have paid almost $150K towards my girlfriend's expenses, so I don't know how they will react to that. But if it comes down to it where I have no other options, I will have to bite the bullet and ask my parents to loan me the money. I do feel very grateful that I am fortunate enough to have that option if all else fails. But that was part of the reason I was depressed today...the thought of having to go to my parents for money just makes me feel like a failure in some ways. So that is why I came here to get some advice on how I could possibly get out of this debt on my own. 


Listen and listen carefully... There is no shame at this point asking.  Just ask for the 35k or 9k and do what you have to to get rid of the debt at all cost. Forget about pride but think strategy.  If you have to be on your knees tomorrow begging for a loan from them then off you go.  I understand what you are saying but this is the smartest move than borrowing money at a ridiculous rate.

 

Your family should be your last resort and at this point, you don't have any other options.  Sometimes, you can't win the battle alone but need a small army.  The army now is your parents.


I would defer here to the OP's instincts rather than being quite so directive!.   Sometimes families are sufficiently toxic that ridiculous rate loans are the smarter move.  But it sounds like  in this case it's not that bad.


I wasn't being directive.. He himself said his parents are the last resort. OP is out looking for high interest rates so if the parents can help then why not? There is not shame in asking your parents for help if it comes down to pride.  Also, he hasn't stated his family is toxic but the last resort..

Message 48 of 74
Anonymous
Not applicable

Re: In a bind & really bummed out

So I've been in a very similar situation...actually it's really weird because it's almost identical including the 401k loan and total amounts owed and invested. Here is what I did...I got a loan from one main financial (ridiculous interest rate) and paid my 401k loan with it. I then was able to take out a 401k loan large enough to pay the one main financial immediately (therefore very little actual interest paid even though it was a stupid rate) and all my cards plus a little extra just in case. Then my 4% interest rate on the entire amount was actually being paid back to me in my 401k and all my debt was erased and the 401k loan doesn't report to the crb's so my score was immediately restored. Trust me if you can get a loan, any loan, from anywhere to pay back the 9k 401k to allow you to actually borrow enough to take care of the issue...do it regardless of interest rate, just make sure they don't have some sort of prepayment penalty and you'll be good


Good luck!
Message 49 of 74
Anonymous
Not applicable

Re: In a bind & really bummed out

It sounds like if he could get a short term loan from somewhere, personal banker, family, etc., he could pay off the 401k loan then take out a larger 401k loan to pay off the CCs at a much lower interest rate.

Message 50 of 74
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