Accounts and limits are being slashed by creditors due to 1 30 day late

[Alleycat2003]

Revolving-$32.5 K
Loans-$19858
Salary -98,000 with a 5k bonus
Rent-$1050 a month
Insurance -$240 a month

[Alleycat2003]

What’s killing me is the interest rates on the loans.. some were over 300 percent .. I’m set to pay off elastic by Oct and Mobil by nov. then I can focus on rise .To pay off by January. Then I’ll be in better shape

[austingal]

You owe approximately half your yearly income in debt. That's not to mention all the interest charges that are accumulating.

I think your first step here is to focus on reining in your spending habits. Or you will just dig yourself in the hole deeper. You need a strict budget pronto.

Do you still have things with tags on them that you could return? Do you have anything you could sell and put towards paying off your debt?

[Alleycat2003]

Yes, I’ve stopped using my credit cards. I’m using my atm card now for everything.
I’m sitting in the parking lot of the recently acquired second job and feel ridiculous. The shift is 6-4;30 sat and sun and I need to go to work on Monday. I can’t jeopardize my $100 k a year job for a job that will pay $1200 a month tops. I do have a Louis Vuitton for sale on eBay. I have something I can return to pier 1 or sell to put towards the debt. I can’t believe I’m in this position:-(

[austingal]

Well at least you are doing something about it. That's good. It will just take time...keep doing what you're doing and in time you will dig yourself out of this.

[Anonymous]

I've seen posts about DMP, Debt Management Plans. I don't know a lot about them. There was a post a few weeks ago by someone that really knew a lot. S/he mentioned a no charge group of ppl trained to help others. Also companies that you meet with, no charge upfront, they help you evaluate then negotiate your debt and a payment plan. S/he said to avoid the companies that charge a lot.

I can't remember the post, but the op was like $50,000 in credit card debt. Does anyone remember that thread? Hopefully someone will remember, it might be helpful.

You have a tough road ahead, but there are people/companies that can help you evaluate your options... create a plan, whether DMP or BK. You might google DMP for help in your area.

Good luck.

[Alleycat2003]

So, a very good friend is letting me borrow 10,000 so I can pay off the loans. Or I should say a majority of the loans. I’m very fortunate! My plans are to continue to pay off the remainder of the loans, about 8k and then start paying off the credit cards. I’m paying my friend as well of course, but once I start doing this, my scores will be 754 /730/737. And no more credit card debt!

[Anonymous]

Sounds like you need to get some big bucks coming in to cover each expense. Like flipping a house or renting a room via airbnb or getting a small house you can rent out. Consider renting a car on turo, or lending out some money via a reliable service like lenders or renting out your bags for profit. It seems like if you can focus on how to come up with some ways to hit down some of those full payments instead of just paying mimums youll have a better chance of success. Not sure if you have skills you could put on upwork or something like help planning a wedding something you could do quickly on the weekend but would make you alot of extra money.

I would give it a real go of trying to knock down those $1500 balances off before you consider filing bankruptcy.