Burn Paypal

[Anonymous]

I am trying to pay off 30k in debt with my 36k a year job, and i pay $2400 in debt each month. So I am slowly trying to pay everything, however, i only have so much in savings and its running out. So I need to possibly burn a creditor which I don't want to but I have so much going on that I can't get a 2nd job because my current job schedule wouldn't work out with a 2nd job. Anyways, I owe $5600 to Paypal Credit and my min. payment is $170, which i need to end up letting go. I never had anything in collections, so i want to know what the process is and what to expect if i don't make the payment anymore on this account? I will eventually pay them i just need time to build up a savings. 

[Anonymous]

Have you tried selling things you don't need on ebay, craiglist or yard sale? watches, shoes, electronics etc. Have you tried to minimize your bills? lower cell plan? cancel cable and keep netflix, unnecessary subscriptions? Have you tried asking family for help? I wouldn't do that just yet IMO (but that's just me). Try everything you can to make extra $$ on the side even if it's not a 2nd job.

[Anonymous]

Only thing I have is internet so no cable, and i dont pay for a cell phone because my work provides me with one. 

[Anonymous]

When is your next payment due? i would use that time to come up with something. It's easy to hurt your credit but harder to get it back to where it was. This should be your last resource. Some do ch7 only/if it is the last resource and they want to get rid of ALL credit debt and other debt to start fresh. I wouldn't recommend on your case. Good luck.

[Anonymous]

What is the breakdown of the $2400/month you pay on debt?

That number is at least double what minimum payments would be on $30k worth of debt.

[beutiful5678]

I would give them a call and explain the situation. Some lenders are flexible and willing to work with you if you are proactive about it.

[CreditCuriosity]

debt consolidation loan?  Just being curious as you certainly don't need to respond, but how does one get that much into debt I assume you are talking about CC debt with only making 35k a year?  Best of luck, although I highly suggest you dont default or you are going to be in another purgatory.

[beutiful5678]

Also, are any of these debts medical debts? Personally, I approach paying back medical debt different than I do other debts.

[Jnbmom]

What are your current rates on your other other cards? If you stop paying PayPal be prepared for your other creditors to jack up your rates and slash your limits as your score will take a nosedive and they will pounce

[Anonymous]

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@Anonymouswrote:

I am trying to pay off 30k in debt with my 36k a year job, and i pay $2400 in debt each month. So I am slowly trying to pay everything, however, i only have so much in savings and its running out. So I need to possibly burn a creditor which I don't want to but I have so much going on that I can't get a 2nd job because my current job schedule wouldn't work out with a 2nd job. Anyways, I owe $5600 to Paypal Credit and my min. payment is $170, which i need to end up letting go. I never had anything in collections, so i want to know what the process is and what to expect if i don't make the payment anymore on this account? I will eventually pay them i just need time to build up a savings. 

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You make $36,000 per year or $3000 per month and have debt of $2400 a month. that only leaves $600 a month for living expense. I don't see any way to make this work, you need more income or some way to reduce that debt. I hate to suggest this but bankruprcy may be your only choice.