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Is there a way out of this debt??

BronzeTrader
Valued Contributor

Re: Is there a way out of this debt??


@maiden_girl wrote:

Thanks and unfortunately no. All my APR promotional rates expired at the end of 2015 and early 2016 Smiley Sad


Maiden Girl, think, if you are on the verge of financial ruin, where and whom do you turn to? First, you need to be strong on yourself. Second, find some people who can help you. Your kins and "real friends". I know if this were my daughter or sister, I would do all I can do to help. $30K is not a huge sum for the mid-class families. But it can be huge burden to young people.

 

Do not count the CCCs for help. They are money sharks, hunting for blood. All other institutions won't help until you are wounded.

Message 41 of 87
redpat
Senior Contributor

Re: Is there a way out of this debt??

OP, if your apartment lease is almost up consider moving in w/ your parents or family member until you get some of that debt off your back.  Taking that rent payment and appying that to some of your debt would make it go down rather quickly.  That maybe a better solution than asking for money.  I don't care who you are asking for 30k is a good chunk of change to bail someone out.  

 

But I would give a family member or good friend a roof to live under and feed them, hell I would even put them on my cell plan if they showed me that they are paying debt off, I would want nothing in return.



Personal Cards: Amex Plat | Amex Delta Res | Amex Hilton | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
Message 42 of 87
lhcole77
Valued Contributor

Re: Is there a way out of this debt??

I am very impressed with this post. Kudos to OP for putting it out there and being so open minded to feedback. And bravo to MF members for supportive, informative and thoughtful replies.

 

Good luck, OP!

Message 43 of 87
CreditDunce
Valued Contributor

Re: Is there a way out of this debt??

Assuming you have the discipline, you might want to consider SP CLI requests.   Discover and Cap1 both offer SP CLIs.  It is unlikely you will give you much if any of a CLI, but it doesn't hurt to ask.  If you could get the Discover limit raised and BT the Freedom to Discover, it would give you a little bit better APR.  Plus Discover is one of the better CCC's for getting APR promos.

 

If you didn't have a balance on the Freedom, you could consider using it for essentials... as long as you PIF that card every month.

 

Good luck!

Message 44 of 87
MyLoFICO
Valued Contributor

Re: Is there a way out of this debt??

Subscribing to this thread because I am in a similar situation but I am at work and cannot read it all right now. 


Experian: 677 (28) | TransUnion: 697 (27) | Equifax: 684 (6)
Gardening as of: 1-23-2018
Updated 1-25-18
Message 45 of 87
PWDT4R
Regular Contributor

Re: Is there a way out of this debt??

Gemini101 it isn't that bad of an idea if OP isn't over spending still. Naturally one spends more on plastic than cash but, if she sticks to her exact budget still, it can help.
Message 46 of 87
Vizion
Regular Contributor

Re: Is there a way out of this debt??

I highly suggest you use the avalanche method instead of the snowball. It will save you thousands.
I also second looking into being a Uber driver for additional money to pay down debt. You could use the 5% back from Disco to fill up your car.
Message 47 of 87
Musiclover
Super Contributor

Re: Is there a way out of this debt??

Great thread! Thanks for starting it OP and being so honest about your situation. Many of us here have been in similar situations that ended in filing for bankruptcy. You have done well to see the issue and begin dealing with it before more extreme measures are needed.

 

As someone who filed for Chapter 13 and lived on only what was brought in each month for five years,  I can tell you it is hard work, but worth it.  You have many good recommendations here. I can only add to review that monthly budget often and see if you can cut anything else. It was amazing what I could cut when I had no choice. Plus the lessons learned by living on a strict budget are life lessons that will serve you well. Now I have more credit than I could ever use plus a 2% utilization. I will never forget those days and the good habits I learned.

 

Best of luck to you!Smiley Happy


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover..
Message 48 of 87
Harley14
Valued Contributor

Re: Is there a way out of this debt??

I will admit I did a little frivolous spending not long ago to the tune of 43k Smiley Sad 

I basically attacked one debt at a time, paid min on the other accounts, once that one was done i then applied that payment i was paying to the next, and so on by the time i got to the last one i was paying 4000$ payments and it was knocked out in no time. I cut out all non essential things, if i didn't need it I didnt get it, Picked up whatever overtime i could at work. I was able to knock it out in ruffly 10 months where as before i was looking at years and years. 

With the APR's being up soo I don't know if some might keep the same APR, do a APR reduction? I would say why if you ask but it wouldn't hurt to ask them. The worst they can say is no. I have had great luck with AMEX even reducing my APR reciently to 9.99 after my promotion ran out. 

 


EQ688
TU700
EX707

Message 49 of 87
humuhumunukunukuapuaa
Senior Contributor

Re: Is there a way out of this debt??


@lhcole77 wrote:

I am very impressed with this post. Kudos to OP for putting it out there and being so open minded to feedback. And bravo to MF members for supportive, informative and thoughtful replies.

 

Good luck, OP!


+1. Outstanding response, ihcole! Smiley Happy



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Message 50 of 87
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