Overwhelming Debt

[Remedios]

Please keep your responses FSR and  in accordance with TOS

Thank you. 

[SEAlifer]

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@Anonymous wrote:
Hello,

I have quite a few collections and I don’t know what to do…

I bring home about $590 a week.

My bills are:
Car note $473 (28% apr)
Phone: $207
Cable: $147
Workers credit union: $130 (worked out a deal to avoid garnishment)

My collections:

sprint $1128 (2018)
ATT $2021 (2018)
Synchrony $550 (2019)
Capitalone $1700 (2018)
Macy’s $1200 (2018)

My scores are

Ex: 587

TU and EQ are below 580…

Should I give up?

I have AMEX, new capitalone secured and I’m an au on another Capita one.

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So part of my day job is helping people figure out how to repay a debt so I went ahead just did the math based on what you've described. $590 take home a month comes out to $2,360 a month. Your total bills are $957, so that leaves you with $1,403 a month, right? All of your collections are total $6,599. So if you really tightened your belt, you say in other posts you live at home so aren't currently paying rent, and put half of your monthly leftover takehome pay towards your collections, you could pay it all off in under a year. That's not too bad. Then if you got that paid off and taken off of your credit report as part of the deal, you could get a better deal on your car loan.

I like the other advice on here as well regarding your current car loan and taking on new credit. @ImTheDevil was very succint and on point, I thought.

[randomguy1]

Phone bill is way too high. Cable is excessive with that debt IMO. I would look to getting out of that car payment.

When paying back my bills, I cut the cable completely, was able to share Netflix and other services with friends from my phone. I even cut my WIFI and work in tech. When I needed to use my laptop, I did so tethered to my phone. LTE/4G are pretty decent and I didn't experience many issues. If I didn't feel like tethering to my phone, I went to our various community centers with wifi or a local coffee shop.