This debt was accumulated during a horrible post relationship depression that lasted 3 years. After some amazing and expensive somatic psychotherapy the depression has lifted, I feel whole and capable of scaling back my life, and I've been doing so. I'm 37 living like a 19 year old college kid, and for good reason. This debt is a monster and I'm ready to be done with it so I can move on, save, invest in my future, travel again to see my family and just feel like a proper adult again.
Some people have said I should file for bankruptcy and start fresh. I am resistant to that, given that I don't currently qualify for Chapter 7, which is the only option I'd take (full debt removal). No kids, no property, 11 year old car that needs some work. I see the short term win, but what would the long term effects be? I'll be 38 in April... 10 years of bad credit takes me to almost 50 and that's heartbreaking... I've had enough heartbreak. I live simply and just want to get on with life.
Deets 37 yrs old. 60k per year = $3,400 take home monthly. Rent $1150 + food $250 = $1,400 per month. I'm currently looking to find a room to rent for no more than $500 per month. Really hard to find something decent in Denver, plus, I walk to work from current location. Still must move. So, $2,000 left over to pay down this monster debt. 2 x consolidation installment loans with Lending Club.
1 $9,900 remaining. $532 per month. Debt paid October 2018. 2 $18,000 remaining. $600 per month. Want to increase this payment so debt is paid October 2018 but forecast end at this pace is March 2020. 3 $16,00 personal line of credit. 9% interest. Pay minimum $300 per month, but always try for more. 4 $8,000 balance transfer CC. $80 minimum until Jan 2018. 5 $1,200 left on 2 other cards - I want these paid off a.s.a.p ($300 and $900). I have no $ left over and I want to accelerate repayments! I'm about to drive for Lyft for extra $ and have almost sold all of my belongings in an effort to get debt free. I take side jobs for cash where I can... It's tough.
I have a small $6k 401k, a $1,400 403b and a $1,200 emergency fund. That's it...
I'm desperate to get on with my life and invest in my future! I exercise at home using free YouTube videos (building covers wifi - my power bill is $8/month - I unplug everything but the fridge every day). I sew my clothes if they're damaged and don't buy anything extra ever.
My boyfriend has been suggesting I get on this feed and seek advice for a year now... I felt too vulnerable to post... I feel so much shame for accruing this debt (I never had debt until I was 33- I lived well, saved well (though for travel not retirement) and was not anchored because of debt).
Ok, that's it for now. Should I file for bankruptcy and start fresh though hindered, or should I knuckle down more, work myself into the ground BUT come out with killer credit and no debt?
Thank you
Submitted March 20, 2017 at 12:42AM by newlifeat37 http://ift.tt/2mKSR6J
