Hello all,
I haven't posted in a while, but I have worked so hard to get my credit score to where it is (all 700s). I have maintained this for about four years; however, I moved to Miami last year, which is way more expensive than I could've fathomed. My pay on my job (teacher) has significantly been reduced, as I am no longer teaching an extra class that I taught before because the population at the school has decreased. I added an $810.00 car payment that was okay last year, but now I'm drowning. Also, I found a note on my apartment door informing me that my rent is going up $300 in 90 days, which is my renewal date. All apartments around here seem to be in the same cost range. My credit card debt is very high right now, all with Navy Federal ($47,000). My check no longer covers my bill's. Does anyone have any tips on what I could do to salvage my credit without losing everything? Any help is appreciated; I'm kind of terrified right now. Please don't scold; I just desperately need some advice.
From what you've told us the only thing i can think of is to sell the car
Unfortunately since 2020 Florida has become the most expensive state to relocate to. The only suggestions I have are:
- see if you can get rid of that new car and get something older and reliable that will do the job and not cost near as much in maintenance, gas, and insurance. An $810 car payment is way too high.
- See if you can avoid renewing and relocate with a roommate or take one on if there is space for it where you are now.
- Can you cut cable, internet, and decrease cell phone bill(s)?
- Part time work tutoring or in any other field just to bring in some extra money in the short term
I have been there and it sucks. I had a horse at the time and the stable fees, farrier, vet etc. were getting to be too much but you just can't walk away from a horse. I made a deal with the trainer to take care of the barn 4 afternoons a week feeding, watering and turning out in exchange for my board. Dumped cable and internet and got a burner cell phone. It isn't easy but in the end was worth it because when I finally rebounded I hadn't lost anything but a bit of pride.
@jazzyvar84 wrote:Hello all,
I haven't posted in a while, but I have worked so hard to get my credit score to where it is (all 700s). I have maintained this for about four years; however, I moved to Miami last year, which is way more expensive than I could've fathomed. My pay on my job (teacher) has significantly been reduced, as I am no longer teaching an extra class that I taught before because the population at the school has decreased. I added an $810.00 car payment that was okay last year, but now I'm drowning. Also, I found a note on my apartment door informing me that my rent is going up $300 in 90 days, which is my renewal date. All apartments around here seem to be in the same cost range. My credit card debt is very high right now, all with Navy Federal ($47,000). My check no longer covers my bill's. Does anyone have any tips on what I could do to salvage my credit without losing everything? Any help is appreciated; I'm kind of terrified right now. Please don't scold; I just desperately need some advice.
Lot's of love on the way. 
I've only made one year worth of payments. Would I be able to sell it? Still owe $43,000.
Thank you for responding.
@Cowboys4Life wrote:Unfortunately since 2020 Florida has become the most expensive state to relocate to. The only suggestions I have are:
- see if you can get rid of that new car and get something older and reliable that will do the job and not cost near as much in maintenance, gas, and insurance. An $810 car payment is way too high.
- See if you can avoid renewing and relocate with a roommate or take one on if there is space for it where you are now.
- Can you cut cable, internet, and decrease cell phone bill(s)?
- Part time work tutoring or in any other field just to bring in some extra money in the short term
I have been there and it sucks. I had a horse at the time and the stable fees, farrier, vet etc. were getting to be too much but you just can't walk away from a horse. I made a deal with the trainer to take care of the barn 4 afternoons a week feeding, watering and turning out in exchange for my board. Dumped cable and internet and got a burner cell phone. It isn't easy but in the end was worth it because when I finally rebounded I hadn't lost anything but a bit of pride.
Thank you! I don't feel comfortable doing a roommate because I'm here alone and don't know anyone. Can I sell the truck, while still owing so much on it?
What I would do, if it were me, and WITHOUT judgement:
1. Leave Miami. You don't know anyone, you are alone, and you've only been there a year. I would pick somewhere a lot cheaper to live.
2. Sell the car. Even at a loss. Buy a really cheap, used car.
3. Increase income (2nd job, tutoring, etc).
4. Throw EVERYTHING I can at the $47,000 credit card bill. No vacations, No going out to eat, no cable, etc.
Just my opinion.
No judgment here at all. Life happens. Others have already commented on the big ticket spend being your car, but I also think you may be able to find a roommate or basement apartment or something on Craiglist or other site that can also save on housing costs, if relocating isn't an immediate possibility.
As for picking up a second job, timing might actually be good; it's the holiday season and in my area at least in Maryland, there are still lots of retailers looking for seasonal help; maybe that's the case in Florida too? Maybe you can find a weekend/evening sidehustle for the next month or so to get some extra cash in the near term.
I wish you all the best of luck as you work on your finances. Getting started is hard but I applaud you for being honest with yourself and committed to making changes.
