Very good insight, very detailed . Kudos for taking the time to post this👍👍
Yea I could sell some of the stuff I bought over the years. If it did sell, maybe 5k. I was thinking of this as a last resort though (which I'm getting closer to every day). But on the flip side, it's kind of ridiculous I haven't had a 2nd job yet in my situation. I ultimately do think that's my main problem. I've been just trying to cruise by so far with just getting by. I should have been more aggressive.
The card with 6.5k is at 0%APR until next July, and the card with $1200 is 0% until Nov of 2021. And yes, since I opened both of those two cards recently the rates on them are pretty high. Both sitting around 22%-24%. My main card with 12k is at about 14%APR. I have another card that is at 14% APR as well, but that is the card that I took all the balance transferrs from which is why it is empty now.
The original loan I was looking at I believe was for $20K. Mainly looking at places like Lending Club, Marcus, New Egg, Sallie Mae, etc. Those generally come in around that 18% APR. I did have a smaller loan from my main bank TD Bank for 10K at 12% I think it was, but didn't pursue it, as it didn't cover all the costs and at the time I was still hoping for better interest rates. But yea, If I did take one of these loans from the others the interest actually is higher in a lot of cases than that 3rd card I have or when I had most of the debt on 2 cards before I did the balance transfers. Payment amount was very similar. I remember it being somewhere mid three hundreds to four houndred as a high.
Credit card UTI is about 63%. I do have more credit across all of my cards. I've just been pretty strict on not using it anymore. I like your idea on taking out a loan and freeing up the UTI rate if that's what your saying, for the purpose of making my profile better to then get another loan later down the line to replace the first one. To be honest though, I wasn't sure a bank would give a 2nd loan to someone like me if I had one already along with my college debt. If it's possible I do like the idea though, I just thought they would always look at it as high risk.
Things like getting a second job, selling collectibles, moving in with a roomate and/or potetially moving to aother state are understandably uncomfortable. I'm currently working three jobs and live in an RV to save on rent. It's not easy or pretty. But, it's the avenue that gave me hope for a financially independant future.
So I'm trading in comfort for hope.
I wonder if that perspective might be helpful to you? Sounds like you're in desperate need of hope. It is within your reach, it'll just take time. Hang in there, you got this!
I mean in the end, I agree I need to pick up 2nd and maybe even a 3rd job. I did spent most my summer looking for other teaching jobs even public ones, but it didn't go well. So now I'll just have to be looking at part time stuff. If my apartment was big enough I would definitely consider a roommate but there is no room for a 2nd bedrom. Hell even if I moved in with a roommate somewhere else, I feel like it won't make that much difference with how expensive apt rents are.
Hi and welcome to MyFICO
You have gotten good and very supportive advice from everyone here who posted.
So here are my thoughts. I want you to rethink the BR situation. You don’t have to have space for another bedroom. I’m willing to bet there’s another teacher struggling to make ends meet too. A roommate can sleep on a pullout couch in the LR, or the DR can be turned into a BR. If no separate DR, the open area where a table is right now can be used to setup a cot, or a cot can be placed right out in the LR. I want you to think outside of the box. Believe me, your problem has a solution.
So if your school has a bulletin board, put up an ad that you’re looking for a roommate who is also a teacher so you can help each other out. Put an ad on roommates.com. Find that roommate yesterday. This is going to be the biggest influx of income.
Second. Maybe a second job as a security guard would work. The work is nonstressful and will give you the time needed when school is back in session to grade papers, prepare for the next day, etc.
So you’re ok and you’re going to be ok. Stop being hard on yourself and start thinking positively. I hope, ”I’m going to get out of this mess” will be your mantra.
The loans are federal and is a Direct Loan. I actually had 3 months of hardship forbearance left and just put it through because I can't afford to pay them right now or my checking account would be close to $0. This gives me like 3 months to hopefully get a 2nd job and start making more money. I've looked at some of there forgiveness and cancellation problems a little, but I honestly don't think I qualify. The one you said is the public service one, but if right, I think you need to make at least 120 qualifying payments to be considered, which I'm nowhere near that. It also is tough because there are loan forgivess options there for teachers, but unless you basically teach in a low income public school district, then it's not going to be appliable. Another huge dissapointment about teaching... I don't think there are a lot of options for private school forgiveness, at least not from what I read.
And thanks for all the replies everyone, it helps. I agree and I think I know where I stand. I just have to get moving right now if I'm going to get in front of this. Tough thing is one of my options was that I wanted to ask for a raise from my current employer, but seeing as how that ended up in 2012 with my last teaching job I just couldn't risk it. Even with great testing scores and a special honorable mention in the private school organization my school is a part of, I just think I wouldn't have got the raise. I know my private school I work at isn't too lucrative of a school, and I doubt they would be eager to do anything like that. Still, I wish to god I could just find a way to clear out my 401K right now, I swear it would help put a dent and help turn the tables around. I'm even thinking of talking to my principal about it, but I'm wary because I don't want them to know how bad my financial situation is.