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Huge Credit Card Debt

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Established Member

Re: Huge Credit Card Debt

@coreysw12, I see what you are saying and what lots of others have said, everyone doubted Rocky against Apollo or Drago, but I am going to try my best and I have been doing very good job so far now getting multiple cards payed off with multiple revenue streams coming in just from working hard. Nothing special I don't run blogs or social media accounts very Introverted just me getting up and working hard everyday, while I have cut so many expenses that I found I didn't need and feel fine without, outside of being a bit tired now only when I first get up, but once I am up I am like the engergizer bunny I just keep going and going until I am done for the day, I am 28 a 90s kid remember watching Winnie the Pooh early 90's, and the theme song, Singing "Gotta Get UP, Gotta Get Going". LOL but thats ok for now as with all the work I am doing time is flying by, which means quicker I will be out of this, with that said I am going to get my net up to that 2k a week which I am not far off now , if I can consisently get my net up to 2k a week which I am close, my rent for a year is only 6k add even another 14k for all other expenses thats only 20k a year,

 

I just grossed over 1700 on my current week paycheck full time job paid weekly netting about 1300 right there long hours but I love it, plus other jobs I am doing and plasma donations, and school, I do NET over 2k a week sometimes while sometimes only around 1300 netting a week depending on jobs I do all while paying down or off these cards 1 by 1 reducing my monthly payments and interest on those cards or eliminating a few completley. Plus I am figuring my bonuses every quarter and my tax return on this fire. You are right in that is a lot of money I could be saving, but again I would never be making this money if I hadn't been pushed to, probalby would just be doing a 9-5 making $11 an hour if everything hadn't happened as it has now, I have a live or die mindset, so I don't quit I have the heart of a lion and have been through more life trautmitizing situations then some debt, but I overcome, Not saying this is easy as I am working my ass off but I love going to work knowing, ok I am making $300 tonight then gonna make another $100 in the morning and strategizing where I will put this and where I can save a dollar or two here and there, Honestly I had know idea until a few months ago how economical shopping at dollar tree can be they have crazy good items and food and everything one needs or I need for only a $1 or less, I get 4Tp rolls, Deodarant, Toothpaste, Bodywash, Food, virtually everything I need for only a $1 or less, Plus I see these families with single moms or dads or anyone there struggling to make ends meet and whatever their situation at these dollar stores telling their kids they can't afford that item and they will try harder next week and so on or plasma donation site and they are just trying to make it by day to day with what means they have, maybe they don't have the energy or resources to get out of their situation for whatever reason but knowing kids are a lot of work and money, and here I am with once over 250k credit, again I was in that situation of having nothing in foster care and when I turned 18, so I didn't come from a rich upbringing, these creditors just trusted me I screwed up and am paying it for it now and while making this type of money, I am just as broke or on a budget as they are as I am not using my credit anymore and my money goes all to creditors now, and I talk to these people specially at the plasma site and most aren't bad people or junkies or alcholics just people who got themselves into or are into a bad situation,  and once done I'm gonna keep this mindset, and know I can save 10's or if not 100's of thousands very quick. Plus I am going to school now so hopefully I will finish a degree up I might never use it but it's something else to fall back on

 

At the very least I am going to keep pushing as I am making really good progress and again can't see myself dragging this out for more than a a couple to few years now, while netting this type of money at the moment and again I think maybe a little futher in I can get a consolidation loan which will make things even faster.

 

I just try to live in the moment right now as no day is prosmised to anyone, I could hit the lotto tomorrow, then die in an accident, who knows, but I doing my best and it going down pretty fast. 

 

 

Message 71 of 104
Senior Contributor

Re: Huge Credit Card Debt

As someone who has panic attacks so bad he no longer can work, I have got to warn you that pushing yourself so hard is unsustainable long term and can have catastrophic consequences. Is your pride really worth throwing your health away? All of these cut backs tell me that you’re likely not even getting the nutrition you need. You’re setting yourself up for the perfect storm right now. Bankruptcy protections exist for a reason. The stress always catches up to you in the end, we can only endure so much before we break. I hope you manage to be one of the few who doesn’t break but statistically speaking with the amount of debt you have and the extra strain you are putting yourself under, it really doesn’t look good. At the very least, your body and mind need the right fuel — you’re definitely not getting any of that from Dollar Tree items.

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Message 72 of 104
Regular Contributor

Re: Huge Credit Card Debt

@bdub1234, when I read your posts I smile. You are hard working, honest and just amazing!  The only concern I had as I read was for your adequate nutrition. Saeran brought up a valid point. I hope you are able to continue your remarkable progress. It's ok to stop and get a good balanced meal now and then. 

 

You mentioned that you ate the steak and now you will pay. Great attitude. Stop and have another steak, ok? Get a veggie, nice baked potato and a healthy beverage. Grab a piece of fruit or two two take along on the road. 

 

We all care for you and about you. Take care of you!

 

Warmest regards.

Message 73 of 104
Valued Contributor

Re: Huge Credit Card Debt

Hey, I don't know anything about BKs and I have not read but a few responses.  what I did catch is $110k and a decade to make it right.  this is an insane amount to owe, really.  taking the bk hit and spending the next decade getting whole again is a much better plan imo.  the stress of paying this down is just too much to even think about.  there are amazing rebuild stories here, it seems like some were back in play in a few months time.  as others have said you have to think big picture and of your health.  bk and move past this, we all make mistakes

Message 74 of 104
Frequent Contributor

Re: Huge Credit Card Debt


@bourgogne wrote:

Hey, I don't know anything about BKs and I have not read but a few responses.  what I did catch is $110k and a decade to make it right.  this is an insane amount to owe, really.  taking the bk hit and spending the next decade getting whole again is a much better plan imo.  the stress of paying this down is just too much to even think about.  there are amazing rebuild stories here, it seems like some were back in play in a few months time.  as others have said you have to think big picture and of your health.  bk and move past this, we all make mistakes


Great post, I agree.

 

I've made the mistake, twice in fact. Once in the 2000's, and again in the 2010's. Granted, I managed to avoid BK both times because the debt was small by comparison to OP's debt (the first time was ~$10k, the second time was ~$40k). I almost considered bankruptcy the 2nd time, but I opted to negotiate settlements with the creditors instead, ultimately paying back only about $20k which only took me about a year because interest was halted on all of them. But if my debt was $110k and still getting hit with interest, I would have for sure declared bankruptcy, I can't spend the next 6-10 years living on rice and Top Ramen - not when the alternative is to just take my punches and move on with a fresh start.

 

Like bourgogne said above, there are endless success stories after BKs, sometimes mere months after the BK. Why drag this out for the rest of your young-adult life if you don't have to?? Pride just ain't worth it. Swallow your pride, learn your lessons from it (it sounds like you already did), and enjoy your fresh start in life.

 

Scenarios like yours are precisely why the ability to declare bankruptcy was invented.

 

I would admire your dedication if you actually stuck this through to the end and paid everything off, but I would pity how much of your life you sacrificed for it. You only live once, and you only have youth once, don't waste it living in extreme poverty, selling blood plasma just so you can eat, if you don't have to.

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Message 75 of 104
Valued Contributor

Re: Huge Credit Card Debt

I would admire your dedication if you actually stuck this through to the end and paid everything off, but I would pity how much of your life you sacrificed to do it. You only live once, and you only have youth once, don't waste it living in extreme poverty if you don't have to

well said, this is not a dress rehearsal and looking back I have to say some of my best years were my early 20s to mid-30s, the idea of dealing with this this type of issue during that ripe time of youth is unfathomable to me.  all this is easy from the cheap seats and I don't pretend to know where you are with all this but the idea of a fresh start really sounds appealing at least to me.  the big mental hit would be >1 year.  you have your whole life in front of you, why kill the adventure before it even takes off.  good luck in whatever path you take.  none of us are getting out alive, might as well enjoy the journey the best we can

 

Message 76 of 104
Established Member

Re: Huge Credit Card Debt

Thank you, I have really started this journey in about Feb when I cut my living expenses in half and got my income up substantially, I was at 112k-115k then don't really know as I was still just dreading looking at my accounts, posted when I was at 110k, I am now pushing the realm of being out of the 6 figures, in 4 months I have gotten almost 10k or more off this debt, trust I have called lots of places looking at options(relief,counseling,attorney's) but some say just keep going and pay it off, while some others seem like scams and are not something I am going to consider that just see me as a great opp to make money, I looked into relief programs and from reviews with people with a fraction of my debt I will be getting sued left and right by my creditors if I just stop paying with no legal help, and depend on a negotiater after months of no payments and accumalted late fee's, and raised apr's while trying to settle these accounts of just a guess, while they will be profiting and have nothing to lose, I did get cap 1 to drop one of my cards 2 points for a year to match the other ridiculous apr on my other card as I have been loyal to them for 10yrs now (oldest account), by just talking to them and letting them know I messed up but intend on getting them paid off by all means. I may keep calling more creditors here soon.

 

Still a decent journey ahead of me but with my drive and determination, it will happen, and my payments keep getting lower as I pay off cards to put to others and pay them down while my income is still increasing.

 

Again its getting easier the lower I get this and the snowball keeps rolling hopefully I will have frosty here, as before I was just making min payments of 3k plus a month to keep up while opening and using more credit but I am down to much less without using credit now. While after I intially racked up a huge debt on a failed company I was only netting $1200 a month in the time after for some time or nothing as I wasn't working. while now I'm in the range of net 4-7k, varies a lot with my type of work/school/side jobs. I only wish I would have gotten to this path before but no point on fretting on the past. Whats done is done, Ill just keep pushing, I only like to be in the present and look forward.

 

I also have about 1k now just for emergency, not much I know but if I have already gotten about 10k off this now in 4 months with this interest, I can't again see this being a long term thing.

 

And also I know I am young but I am social introvert, I couldn't see myself doing much more then I am doing now anyways, I live in a studio and on an air mattress but just a place to relax for a few hours, I just work and work and then sleep and try to get through life easy without much hassle, basically like most other people, its not really that hard and I enjoy my job, and the side jobs make up for all the inactivity of me sitting long hours keeping me in shape.  Win win.

 

Also as I am living very cheap I still treat myself with whatever I want here and there, I can still go enjoy a nice meal or go see a movie but I know thats in my budget,.  All in all millions and millions probalby billions live far worse than I do across the globe and still work much harder than I am now, I still have my health a great mind set, and heart drive and determination, People are having panic attacks over 5-50k debt. Don't give up and as lots have told me here on this forum its your life and you decide what path you want to take, look at different options and how to decrease living expenses and up income and stay focused.

 

Also to address my diet trust me I eat pretty healthy I, I do eat junk food sometimes and latley frozen macncheese,noodles,/dinners but I eat fruit and vegetables all the time and a men's health multiple vitamin, I am in good shape and all my vitals and blood are excellent when I go to donate plasma and the VA

 

Whether I make it to the end of this or not is not known just yet like "RED in the Shawshank Redemption this is only the excitement of a freeman at the start of a long journey whose conclusion is uncertain", but I can say I am making very good progress, and do appreciate the support I have been getting as it keeps me going and motivates me even more, As I said I am Rocky and the Terminator combined and won't stop and as someone else said "no one can live like that" well I am not just anyone and have low standards and have been through worse, but again I have a plan and if I continue with it, I don't see myself not completing it.

 

Thanks again everyone, you'll keep hearing from me till this is done.

Message 77 of 104
Regular Contributor

Re: Huge Credit Card Debt

You can try places like Consumer Credit Couseling. It will require basically your accounts to be closed but they will call and negotiate with the creditors on your behalf. They aim to get your interest rate cut and a affordable payment that works for you and them. This will suck for your credit at first but in the end you will have paid in WHOLE all of your creditors which they naturally will be very appreciative of. The door will be WIDE open for you at that point to join AMEX, Chase, whomever at a future date. Look into it. They are a non profit.

Message 78 of 104
Established Member

Huge Credit Card Debt update

Hello, Just keeping everyone posted, I have talked to many of my creditors now, actually was very easy when I explained my whole situation and got them to switch my payments so almost all are on same week date, and I read a post about someone else doing it themselves without a DMP, Yes it is possible I have talked to my creditors, most are willing to give me a very low reduced interest rate for a year or 2 around 6-10percent then just back to my original while also saying I could waiver a payment a month or 2. Or a lot around 2-4 percent but with my accounts being closed, the 6-10 percent with no negative affect such as closing my accounts and also offering I can waiver a month or 2 of payments but while the really low interest being I could do that but my accounts will be closed still saying paid as agreed as long as I make my payments but my utilization would go up as these accounts will be closed, but yes not sure anyone elses situation but you can talk to your creditors. I still have not decided yet where I want to go with these options yet just doing due dillengece before I make a decison with anything.

 

my goal at this point is to be at 80k-85k by New Years/tax time if near or at that point its terminated. I will make it happen.

 

Still pushing strong, almost got another card paid off now, like clockwork I promise I am working very hard night and day and don't stop grinding somedays I have made over $800 full time job plus in crawl spaces, gutters, basements, mowing, furniture,...everything, but I don't stop, while working full time and going to school but I still can relax a few hours a week (lol mainly when I post here) I guess this is my family now with all the good and bad remarks, I just keep an upbeat optimistic mindset, but once I set my mind to a goal, I never stop until finished/fulfilled I am gonna make it happen. and by the way I am right at the 6 figure mark now of my debt, daunting yet maybe, yes but manageble, and figurable, absolutely. lol my hands are like sandpaper from working, people ask why are your hands so rough lol. I just tell them those are man hands, lol, always have a sense of humor.

 

I know I still have a ways to go but I am making it happen everyday which I love because I don't like being at my place to long, and can't wait to get in that home stretch of saying now I am debt free!! mainly because I do want to show when the odds are stacked up against someone you can do whatever you put your mind to.

 

I feel better everyday, knowing I am going in the opposite direction of before, and I know in no time a couple or few years I will be out of this, and can push forward with whatever life has in store for me. I have been pushed to my best just as before in past circumstances when I feel against the wall with no purpose, no family, no friends, no nothing, sometimes you feel empty but I like challenges and working towards them. Again I am not your normal person. when you hit me you have to knock me out or kill me or I'll keep coming back stronger and stronger.

Message 79 of 104
Regular Contributor

Re: Huge Credit Card Debt update

bdub1234, it's good to read your post. I'm happy you are getting consideration from your creditors on interest rates. The debt will be retired faster with more favorable rates. I'm honored to be considered a family member. Thank you for that. I look for you frequently understanding that you can't spend a lot of time online with your busy schedule. 

 

You have me convinced that you will be able to do this. Hang in there!

Message 80 of 104