I’m an avid Reddit user but am using a throwaway for obvious reasons. PLEASE go easy on me- I know my mistakes and have beaten myself up for it more than enough.
I inadvertently became a social media influencer and for my first brand relationship in college. It grew from there and I left college in the middle of my sophomore year. I was pulling in about 7k per month through brand relationships and was actively trying to up my followers and earning potential. A big part of that is through travel, buying new things, etc. I wasn’t big enough where brands were paying my way- instead they would pay me for posts which I had to curate through expensive means. Like I said my goal was to eventually be sponsored and not just be paid for individual posts. This meant I spent almost everything I made on the next “exciting” thing to post.
I made a big mistake which was a breach of contract with all my brands. This means that everything from individual posts to 6-month commitments (a guarantee I would be compensated for posting X amount for that time) were canceled.
The problem is that not only do I not have a savings, I have student debt AND unrefundable travel (one was specifically requested by a company but my responsibility to pay for). I also got paid half upfront by one company and now need to repay it immediately.
Here is the breakdown:
Debt Student Loans - $26,000 @ 4%
Amount to be repaid to brand: $15,000
Credit Card Debt: $30,000 20-25% APR. ($18,000 on upcoming but non refundable trips, stays, events. I called the airlines and hotels and I was offered a travel credit (not even for full value) but will in no way receive it in cash. It is also nontransferable so I can’t sell it to family or friends at a discount).
Minimum Expenses Rent: $2,500 Utilities/phone/food/transportation: 700
Income now is ZERO. I have $6,000 in the bank and that’s it. I spent some of the $15,000 on new items- another problem being that there is a 2 week return window that I have now passed.
I started posting my items on eBay and poshmark but not getting fair offers and don’t know what to do. I also applied to jobs and have 3 interviews this week but very low paying (2 for minimum wage retail, 1 for serving). I don’t have a degree but can return to school (but that would require more student loans).
If I sell all my valuables, I could get 20 MAX (even though what I paid was upwards 40k). I used some rental services for some products so that money obviously can’t be recouped.
My parents aren’t an option to help or even let me live with them. My boyfriend also isn’t an option to stay with (we basically are broken up I think). My lease has 4 more months on it and I cannot break or sublet it. I can decrease my rent to 800 in 4 months.
I don’t know what to do. I’m only 22 and I feel like I’ve ruined my life and credit. Please tell me my options. I’ve considered bankruptcy but don’t even know how to begin that process or I should since I’m still young.
Submitted March 18, 2018 at 04:35PM by calicacation http://ift.tt/2plwqID
