I just had my car repossessed, but this post is less about that and more about correcting my overall poor financial state and habits.
As I lay in bed after confronting the repo agent at 3am, I thought about writing a post here because clearly I need some help. I'm hoping this sub can set me straight.
Here's some general information:
- 29 M
- I live in the San Francisco Bay Area
- Income is about $380 weekly
- I have 2 credit cards with a $5000 limit - One has an APR of 29.99% - The other has an APR of 21.05% Both are over limit and I'm having trouble keeping up with the them these days
- By some miracle rent is currently $0
- I have no funds in savings
- My credit score is not pretty
So, I was let go of a job in February and spent a month or so unemployed. Debt started stacking and I couldn't keep up with it. I eventually found employment, but they only offered me less than 30 hours a week up until just recently. I was actually making about $245 weekly during that time. I had another brief non-financial hardship and I was focused on that and not my money.
Now that I'm clear of that hardship, it feels everything is collapsing. Fastrak (bridge tolls) is waiting for payment, my cards need payment, medical insurance needs payment, and old phone transfer deal that went bad hangs over my head (I owe $500 to Verizon, went to collections), but I'm also trying to recover my car. Of course, most of these are incurring fees for late payments as well.
Some general info about the auto loan: * $309 / month * 4.84% APR * I still owed about $11000 / $19270 at the time of repossession * $1100 to reinstate (not counting fees) * I have about 20 days from this post to recover the vehicle from an auction
I'm luckily enough that I'm working close to where my girlfriend lives so I can still generate income while my car is gone, but not having one is making me nervous. If I got a second job somewhere to help with finance, how would I get there? What if my girlfriend's car breaks or needs work?
I feel like I've dug a financial grave that's going to be extremely hard to recover from. I'm ready to take the steps necessary to turn this all around and build a strong financial future.
I'm not sure where to go from here so I'm hoping you kind folks can start steering me in the right direction. Feel free to ask more questions if you need clarification.
Submitted August 06, 2018 at 05:05AM by luckyaura https://ift.tt/2KwenHA
